The global business travel market is projected to soar to US$2.1 trillion by 2031, according to a report by Allied Market Research.
This marks a significant increase from its 2021 valuation of US$689.7 billion, with a compound annual growth rate (CAGR) of 9.5% over the decade. The surge is attributed to factors such as the globalisation of enterprises, a resurgence in in-person meetings, and the expansion of the Meetings, Incentives, Conferences, and Exhibitions (MICE) sector.
The report highlights the mainstreaming of "bleisure" travel, where business trips are combined with leisure activities, as a key trend. In 2024, 74% of business professionals incorporated personal activities into their business travel. Additionally, the adoption of artificial intelligence (AI) across the travel value chain is transforming corporate travel management, from booking to policy compliance.
North America currently leads the market, with the US expected to reach US$3.7 trillion by 2031. Meanwhile, Asia-Pacific is the fastest-growing region, driven by China's Belt and Road Initiative and India's burgeoning technology sector. Europe is witnessing a shift towards sustainability, with the EU's Green Deal influencing travel behaviour.
The competitive landscape features major players like American Express Global Business Travel and Expedia Group, who are investing in AI-driven personalisation and sustainable travel programmes. As the market evolves, the integration of return-on-investment metrics and carbon accountability into travel management frameworks is becoming increasingly crucial
This story was selected and published by a human editor, with content adapted from original press material using AI tools. Spot an error? Report it here.
