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the business travel market and it is poised to grow by $ 268.83 bn during 2020-2024, progressing at a CAGR of over 3% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. Technavio’s in-depth research has all your needs covered as our research reports include all foreseeable market scenarios, including pre- & post-COVID-19 analysis. Download a Free Sample Report on COVID-19 Impacts

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ADTRAV Corp., Airbnb Inc., BCD Group, Booking Holdings Inc., CWT Global BV, Egencia LLC, FROSCH International Travel Inc., GBT Travel Services UK Limited d/b/a/ American Express Global Business Travel, Ovation Travel Group, and Travel Leaders Group LLC are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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The growing technological advances have been instrumental in driving the growth of the market. However, rising number of pandemics might hamper the market growth.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Business Travel Market 2020-2024: Segmentation

Business Travel Market is segmented as below:

  • Expenditure
    • Travel Fare
    • Lodging
    • Dining
    • Other Expenditure
  • Geography
    • APAC
    • Europe
    • North America
    • South America
    • MEA

Business Travel Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The business travel market report covers the following areas:

  • Business Travel Market Size
  • Business Travel Market Trends
  • Business Travel Market Industry Analysis

This study identifies the digitalization of travel payments as one of the prime reasons driving the business travel market growth during the next few years.

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