Business travel industry trends today and through to 2029

07-02-23

Data Bridge Market Research shows how the business travel market was valued at €1355 million in 2021 and is expected to reach €2284 million by 2029.

New technologies, the business-leisure mix and the rise of emerging markets are behind the good health of this segment.

Within business tourism, market consultant Data Bridge Market Research highlights the rise of emerging markets around the world, as well as increased product innovations, greater use of robotic technology and a growth in government initiative and government investment in infrastructure.

On the other hand, it highlights the rise of bleisure travel. This is where business and leisure are combined, incorporating leisure business offerings or recreational activities with elements of pleasure to improve work efficiency and relieve stress.

As we say, the growth of government initiatives is also being a major factor in business travel. Governments around the world are driving this market through the expansion of MICE and SME events. Their investment in infrastructure, coupled with rapid expansion in the travel retail industry, is proving crucial for the Sector and for increasing market opportunities.

The influence of technology

The development of virtual reality for hotel booking, smart hotels and hotel personalisation has also played a major role in the growth of business travel. In this regard, the increased penetration of the Internet of Things (IoT) has enabled both travel operators and travellers to make their travel arrangements faster and easier.

Continuing with technology, the report points to robotic technology as a source of support for this type of travel. In this case, it can help reduce person-to-person contact, being used to handle luggage, clean rooms, greet guests and provide information. Alongside this, robots can be useful in food preparation and food service positions in restaurants.

Finally, Date Bridge Market Research highlights the current key players in this business travel market and those expected to be in the coming years. Airbnb, American Express, BCD Group, Booking Holdings and CWT Solutions are identified as the most important. Expedia, Wexas Travel, Flight Center Travel Group Limited and Egencia LLC also stand out.