B2B Travel Market Size
The B2B travel market was worth $30.7 billion in 2023 and is expected to grow at a rate of more than 10.6% each year from 2024 to 2032. More and more businesses depend on B2B travel services to help them plan their trips, keep track of their expenses, and follow travel rules. As companies' travel budgets grow, they frequently make it easier for employees to travel for business more often and for longer periods of time. This makes more people want to use travel services like flights, hotels, auto rentals, and business travel management tools.
Face-to-face meetings are also still very important for creating solid relationships with clients and partners. A lot of businesses have begun to see how important in-person meetings, conferences, and site visits are for building trust and working together. For example, in June 2023, the Global Business Travel Association (GBTA) issued information that showed a big increase in corporate travel expenses. The survey says that businesses in a wide range of industries raised their travel spending by an average of 15 to 20 percent compared to 2022. The need to rebuild commercial relationships, look for new market prospects, and go to industry conferences and events has led to this rise.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| B2B Travel Market Size in 2023 | USD 30.7 Billion |
| Forecast Period | 2024-2032 |
| Forecast Period 2024-2032 CAGR | 10.6% |
| 032 Value Projection | USD 73.5 Billion |
| Historical Data for | 2021-2023 |
| No. of Pages | 240 |
| Tables, Charts & Figures | 360 |
| Segments covered | Service Type, Enterprise Size, Booking Method, End User |
| Growth Drivers |
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| Pitfalls & Challenges |
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Also, when travel management firms work together with other groups, it leads to new ideas and gives them an edge over their competitors. Travel companies can reach more people and get new customers by working with regional travel agencies or online booking sites that already have a lot of customers. Also, working with technology companies helps the growth of new B2B travel markets. This means either connecting travel booking sites with tools for managing expenses or making AI-powered technologies that make travel more personal.
For example, in February 2021, Amadeus, a top travel technology business, said it was teaming up with Microsoft to produce new travel technology solutions. The goal of this alliance was to make business trips more personal and connected. It also makes Amadeus' travel platform work better with Microsoft's cloud-based tools. The whole B2B travel ecosystem will profit from this new idea.
There are a lot of different organizations in the B2B travel space, from big travel management companies to small online booking sites. This makes it hard for businesses to identify the best solutions for their needs and get the best deals. Also, B2B travel solutions deal with sensitive travel information about employees and companies, and security breaches and data leaks are a big risk to the market.
Also, it might be hard and take a long time to put together different trip booking systems, expenditure management software, and company travel regulations. This lack of smooth integration makes things harder and less efficient for travel managers, which is a big problem for the market.
B2B Travel Market Trends
New ideas make the B2B travel experience easier. It takes care of things like helping people apply for visas, signing up for medical insurance, and setting up emergency notification systems. Also, emerging technologies like AI-powered booking platforms and smartphone apps make booking travel easier and give you real-time updates on your trip. Machine learning algorithms look at trip data to make personalized travel plans and suggest the best airlines and hotels. Also, businesses are always coming up with new tools and platforms to make travel management easier. They give business travelers real-time information and make their trips better overall.
For example, in May 2024, SAP Concur, a top provider of cloud-based business travel and expense management systems, said it would debut its new "TripIt for Corporate" platform. This technology, which uses AI, works with current trip booking platforms. It also uses machine learning to make trip plans more personal, guess when things may go wrong, and keep track of expenses in real time for businesses. This also lets business travelers get travel suggestions that are tailored to their needs and past behavior. This made the booking process easier, cut down on the time needed to arrange a trip, and made users happier.
Also, business travelers want to look for experiences that are personalized to their needs and wants. They want experiences that are seamless and tailored to their own requirements and wants. The B2B travel companies meet this need by providing flexible itineraries, reward programs, and support around the clock. Also, passengers who have personalized itineraries with their favorite airlines, accommodations, and amenities are more likely to be comfortable and get things done on their journeys. Also, personalized travel solutions automate chores like booking flights and hotels that you want.
For example, a research by the Global Business Travel Association (GBTA) in March 2024 found that almost 78% of travel managers think that personalized travel alternatives are a vital consideration when choosing a B2B travel management. It showed that more and more businesses are interested in B2B travel solutions that let employees create their own travel profiles and link them to loyalty programs.
B2B Travel Market Analysis
The market is split into many types of services, such as transportation, lodging, meetings, incentives, conferences, and exhibitions (MICE), travel insurance, and other services. Transportation made for more than 52% of the market in 2023. Air travel, train travel, automobile rentals, and corporate cab services are all types of transportation services in the B2B travel sector. In the business-to-business (B2B) world, flying is popular because it is quick and efficient. This service lets you travel quickly to business meetings, conferences, and other corporate events in different parts of the country.
Rail travel is also generally cheaper for short to medium distances. It is a good option for businesses that want to keep travel costs down. Also, automobile rentals and corporate cabs give business travelers more freedom when they travel. They can simply get from one meeting to another without having to rely on set public transportation schedules. For example, in June 2023, Uber for Business added new features just for business customers. It has better tools for managing rides and works with systems for managing expenses. The goal is to make transportation logistics easier for businesses and make travel more efficient for workers as a whole.
The B2B travel market is split into two groups based on the size of the businessmajor businesses and small and medium-sized businesses (SMEs). By 2032, big companies are predicted to have more than $47.9 billion. These businesses generally have a presence all over the world, which means that their employees have to travel a lot for meetings, conferences, and to keep an eye on operations. This makes people want full travel management solutions that can handle complicated travel plans and foreign logistics. Also, big companies usually set aside a lot of money for business trips. It lets consumers take advantage of discounts for booking a lot of rooms and premium services.
Further, it prioritizes the safety and well-being of its employees, especially during travel. They invest in travel risk management services that provide real-time alerts, emergency support, and health and safety information. Moreover, they are early adopters of advanced technologies such as AI, machine learning, and big data analytics to optimize travel plans, manage expenses, and enhance traveler experience.
For instance, in April 2024, IBM announced the integration of advanced AI and machine learning into its travel management system. It enhances travel policy compliance, expense management, and personalized travel experiences for employees. This move aims to streamline the travel process and ensure better cost control and efficiency.?
North America captured a substantial portion of the B2B travel market, holding approximately 37% of the total revenue share in 2023. The strong economic performance in countries such as the U.S. and Canada fuels business activities and corporate travel in the region. In addition, enterprises in North America invest heavily in comprehensive travel programs. It includes a wide range of services from transportation and accommodation to travel risk management and employee well-being initiatives. Further, many companies in the region incorporate eco-friendly travel options into their corporate travel policies.
Companies across these countries are early adopters of advanced travel management technologies, such as AI, machine learning, and data analytics, to optimize travel plans and enhance efficiency. For instance, in May 2023, American Express GBT enhanced its AI capabilities to offer more personalized travel experiences and improve travel policy compliance for its corporate clients. The new features include predictive analytics for travel expenses and automated booking systems. These technologies enable personalized travel experiences and streamline expense management.
B2B Travel Market Share
When it comes to booking business trips, a few big names stand outCarlson Wagonlit Travel, BCD Travel, and American Express Global Business Travel. They control a whopping 10.6% of the business travel market. Among them, American Express Global Business Travel (GBT) is a major force. They're not just about booking flights and hotels; they've got your back with a full range of travel services. Need help with expenses or planning a big meeting? They've got you covered. GBT caters to businesses of all shapes and sizes, from one-person startups to multi-national giants. They tap into their extensive network of travel providers to get you the best deals on flights, hotels, and rental cars. Their online platform makes booking a breeze, tracks your expenses, and gives you real-time updates on your trips. Plus, they offer expert advice to help you streamline your travel program and stay on top of your duty of care responsibilities.
BCD Travel offers corporate travel booking, expense management, and meeting & event solutions. The company has a strong global presence with a focus on serving mid-sized companies. They are known for their innovative technology solutions, including an AI-powered chatbot that assists travelers with booking and itinerary management. Additionally, the company emphasizes sustainability initiatives and offers programs to help companies reduce their travel footprint.
Carlson Wagonlit Travel (CWT), recently acquired by American Express Global Business Travel, was a well-established provider of corporate travel management services. They offer a wide range of solutions for businesses, including travel booking tools, expense management systems, and visa application support. The company’s expertise and client base contribute significantly to the merged entity's position in the market.
B2B Travel Market Companies
Major players operating in the B2B travel industry are
- Carlson Wagonlit Travel (CWT)
- BCD Travel
- American Express Global Business Travel (GBT)
- Sabre Corporation
- Flight Centre Travel Group
- AMEX GBT Egencia
- CTM (Corporate Travel Management)
- ATPI
- Frosch
- Altour
B2B Travel Industry News
- In March 2024, Google launched a new sustainable travel initiative, encouraging its employees to opt for eco-friendly travel options. The company has partnered with several airlines and hotels to provide green travel alternatives. It aligns with its sustainability goals and reduces the carbon footprint of its business travel.
- In April 2023, Cisco Systems introduced a hybrid work travel model that supports remote work while ensuring employees can travel for essential business meetings. This model includes flexible travel policies and enhanced travel safety measures. It reflects the evolving needs of modern business travel.
The B2B travel market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments
Market, By Service Type
- Transportation
- Accommodation
- Meetings, Incentives, Conferences, and Exhibitions (MICE)
- Travel insurance
- Other services
- Visa services
- Concierge services
- Travel consulting
Market, By Enterprise Size
- Large enterprises
- Small and Medium Enterprises (SMEs)
Market, By Booking Method
- Online booking
- Offline booking
Market, By End user
- Financial services & consulting
- Technology & manufacturing
- Healthcare & pharmaceuticals
- Government & education
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- MEA
- UAE
- South Africa
- Saudi Arabia
- Rest of MEA
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