Business Travel News EuropeBusiness Travel News Europe
Business Travel News Europe
  • NEWSOpen Menu
    • Accommodation
    • Air Travel
    • Ground Transport
    • Management
    • Meetings
    • On the Move
    • Payment & Expense
    • Technology
    • TMC & Distribution
    • Travel Procurement
    • Recent Issues
  • FEATURESOpen Menu
    • View All Features
  • CONVERSATIONSOpen Menu
    • Interviews
    • Q&As
    • Columnists
    • Podcasts
    • VIEW ALL CONVERSATIONS
  • RESOURCESOpen Menu
    • Europe's Leading TMCs 2022
    • Diversity, Equity & Inclusion in business travel
    • Business Travel Rebooted
    • Corporate Travel Index Europe
    • New Horizons – the 2022 sourcing guide
    • Online booking tools – the essential guide
    • The 2022 Hotlist
    • Safety First
    • Travel entry requirements
    • Sustaining the Future
    • BTN Europe podcasts
    • Wheels in Motion
    • BTSEKO - CEO Interviews
  • EVENTSOpen Menu
    • Webinars
    • Business Travel Show Europe
    • Business Travel Awards Europe
    • Business Travel Accommodation Summit
    • Business Travel Tech Talk
    • Global Travel Risk Summit
    • Strategic Meetings Summit
    • VIEW ALL EVENTS
  • SUBSCRIBE
  • NEWSOpen Menu
    • Accommodation
    • Air Travel
    • Ground Transport
    • Management
    • Meetings
    • On the Move
    • Payment & Expense
    • Technology
    • TMC & Distribution
    • Travel Procurement
    • Recent Issues
  • FEATURESOpen Menu
    • View All Features
  • CONVERSATIONSOpen Menu
    • Interviews
    • Q&As
    • Columnists
    • Podcasts
    • VIEW ALL CONVERSATIONS
  • RESOURCESOpen Menu
    • Europe's Leading TMCs 2022
    • Diversity, Equity & Inclusion in business travel
    • Business Travel Rebooted
    • Corporate Travel Index Europe
    • New Horizons – the 2022 sourcing guide
    • Online booking tools – the essential guide
    • The 2022 Hotlist
    • Safety First
    • Travel entry requirements
    • Sustaining the Future
    • BTN Europe podcasts
    • Wheels in Motion
    • BTSEKO - CEO Interviews
  • EVENTSOpen Menu
    • Webinars
    • Business Travel Show Europe
    • Business Travel Awards Europe
    • Business Travel Accommodation Summit
    • Business Travel Tech Talk
    • Global Travel Risk Summit
    • Strategic Meetings Summit
    • VIEW ALL EVENTS
  • SUBSCRIBE
Business Travel News Europe
  • Business Travel News Europe on Twitter
  • BTN Europe on LinkedIn
  • BTN Europe on Facebook
  • NEWS
    • Accommodation
    • Air Travel
    • Ground Transport
    • Management
    • Meetings
    • On the Move
    • Payment & Expense
    • Technology
    • TMC & Distribution
    • Travel Procurement
    • Recent Issues
    SubscribeBTN Europe NewsletterBTN Europe Magazine
  • FEATURES
    • View All Features
    airport aircraft passengerAir fares angst
    BTN Europe leading travel management companies 2022Europe's Leading TMCs 2022
    Business Travel Awards Europe 2022 finalistsThe Finalists

  • CONVERSATIONS
    • Interviews
    • Q&As
    • Columnists
    • Podcasts
    • VIEW ALL CONVERSATIONS
    Emma EatonTwo minutes with... Emma Eaton
    Steve Reynolds TripbamWhy trip avoidance is the top travel management tactic for 2022
    Clive Chalmers Air PartnerAfter private jets' moment in the sun, what happens now?
  • RESOURCES
    • Europe's Leading TMCs 2022
    • Diversity, Equity & Inclusion in business travel
    • Business Travel Rebooted
    • Corporate Travel Index Europe
    • New Horizons – the 2022 sourcing guide
    • Online booking tools – the essential guide
    • The 2022 Hotlist
    • Safety First
    • Travel entry requirements
    • Sustaining the Future
    • BTN Europe podcasts
    • Wheels in Motion
    • BTSEKO - CEO Interviews
  • EVENTS
    • Webinars
    • Business Travel Show Europe
    • Business Travel Awards Europe
    • Business Travel Accommodation Summit
    • Business Travel Tech Talk
    • Global Travel Risk Summit
    • Strategic Meetings Summit
    • VIEW ALL EVENTS
    Business Travel Accommodation Summit Europe

    September 2022, Virtual

    Entertainment Travel Summit London

    September 29 2022, Virtual

    Business Travel Awards Europe

    Now in its 27th year, the Business Travel Awards

  • SUBSCRIBE

Management

Business travel market set to reach $1.7 trillion by 2023

By Molly Dyson / 19 November 2018 / Contact Reporter
Share

A new report featuring in-depth analysis predicts that the global business travel industry will be worth nearly US$1.7 trillion (about £1.3 trillion) by 2023, registering growth of 4.1 per cent.

The report, titled Business Travel Market by Service (Transportation, Food & Lodging, and Business Activity), Industry (Government and Corporate), and Traveler (Group and Solo): Global Opportunity Analysis and Industry Forecast, 2017-2023 by Allied Market Research, monitors the key industry trends, drivers and opportunities within the business travel industry.

According to the report, the global business travel market was worth more than $1.3 trillion (£1.01 trillion) in 2017. With the estimated increase in worth expected through 2023, the industry will register a growth rate of 4.1 per cent during 2017-2023.

The report’s findings reflect a similar prediction by the Global Business Travel Association (GBTA), which said the market will reach $1.7 trillion a year earlier in 2022.

Allied Market Research says an increase in travel and tourism and “rapid globalisation of businesses” have boosted this growth.

In particular, a boom in the food and lodging segment contributed about half of the market share in 2017, owing to the increasing involvement of accommodation booking services such as Airbnb. According to the report, this segment is expected to see the fastest growth rate at 4.7 per cent.

The corporate industry segment garnered the largest market share in 2017, contributing about 64.61 per cent of the total revenue. It will also register a growth rate of 4.7 per cent due to an increase in activities such as client meetings, as well as brand and product promotions.

The Asia Pacific region is predicted to govern the market through 2023, with Allied Market Research projecting it will contribute 42 per cent of revenue. The region could see a growth rate of 5.5 per cent owing to strong economic growth, which creates opportunities for investors.

Allied Market Research says the major companies analysed in the report, which include the likes of Expedia, American Express Global Business Travel – and its newly-acquired HRG – Carlson Wagonlit Travel, BCD Travel, Airbnb, Flight Centre Travel Group, the Priceline Group and Wexas Travel.

View highlights from the report here

More Travel Management
Related
LNER reportFace-to-face meetings will continue to drive business
Quiet airportTravellers more ‘environmentally conscious’ after pandemic
Riskline launches ‘risk alert’ platform for travellersRiskline launches ‘risk alert’ service for travellers

SPONSORED CONTENT

Don't let NDC take a backseat in 2022
Don't let NDC take a backseat in 2022By FCM Travel Solutions

Does New Distribution Capability have the power to deliver on new corporate travel priorities and... KEEP READING

More Travel Management

Face-to-face meetings will continue to drive business
Travellers more ‘environmentally conscious’ after pandemic
Riskline launches ‘risk alert’ service for travellers
Aon becomes first Amex GBT client to join SAF initiative

VIEW ALL
  • Most Read
  • Most Shared
  1. Amex GBT and Shell team up to create SAF buying platform
  2. Lufthansa cancels 2,200 flights as staff shortages worsen
  3. New report: Europe's Leading TMCs 2022
  4. Why trip avoidance is the top travel management tactic for 2022
  5. Airline completes ‘milestone’ test flight using 100 per cent SAF
  1. UK rail users warned to expect ‘very limited’ trains during strike
  2. Amex GBT and Shell team up to create SAF buying platform
  3. Business travellers unhappy with current schedules, says new report
  4. Dutch government plans to cut flights from Amsterdam
  5. Advantage study shows travel ‘bouncing back’ from Covid
Business Travel News EuropeBusiness Travel News Europe
  • About us
  • Contact us
  • Advertise
  • EDITORIAL CALENDAR
  • Business Travel Show Europe
  • Business Travel News Europe on Twitter
  • BTN Europe on LinkedIn
  • BTN Europe on Facebook
BUSINESS TRAVEL NEWS EUROPE
NORTHSTAR TRAVEL GROUP
Business Travel News
  • About us
  • Contact us
  • Advertise
  • Editorial calendar
  • Editorial guidelines
  • Subscribe to BTN Europe
  • Subscribe to BTN U.S.
  • Subscribe to Travel Procurement
  • Privacy policy
  • Terms & conditions
Northstar Travel Group
  • Corporate travel
  • Business Travel Show
  • Business Travel Awards
  • BTN U.S.
  • The Beat
  • Travel Procurement

  • Travel Technology
  • Travel Tech Show
  • Phocuswire
  • Phocuswright
  • Intelliguide
  • Meetings & incentives
  • M&IT
  • AMI
  • ConventionSource
  • M&IT Awards

  • Retail travel
  • Travel Weekly
  • Travel Pulse

  • Northstar Travel Group
  • View all Northstar brands
BTNGroup
Business Travel News EuropeBusiness Travel NewsTravel ProcurementThe BeatBusiness Travel Show Europe
Northstar Travel Group
Copyright ©2022, Northstar Travel Media Ltd, The Epworth, 25 City Road, London EC1Y 1AA, UK
RRManagement rrtestprocurement