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  • Published In : Apr 2024
  • Code : CMI6860
  • Pages :134
  • Formats :
      Excel and PDF
  • Industry : Consumer Goods

Market Size and Trends

Global business tourism market is estimated to be valued at USD 900.58 Bn in 2024 and is expected to reach USD 1,678.27 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.3% from 2024 to 2031.

Business tourism market Key Factors

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The business tourism market has witnessed a positive growth trajectory over the past few years. The ease of travel restrictions globally post the COVID-19 pandemic has led to a surge in cross-border travel for business purposes. Furthermore, rising globalization of business activities and increasing investments in international trade shows and conferences are supporting the growth of the market. However, geopolitical tensions pose a challenge, while factors such as the economic slowdown and heightened security concerns in some regions may limit the market growth to some extent over the forecast period. Initiatives focused on promoting business travel among small and medium enterprises are expected to pave new opportunities for market players.

Global Business Meetings and Events

Business tourism is an important segment of the overall tourism market that is driven by the growth of global business meetings and events. More companies across the world are organizing various business events such as conferences, seminars, product launches, workshops, and exhibitions to showcase their products and services as well as network with other businesses. This growth is particularly seen in emerging markets that are witnessing rapid economic development. The business travel and events industry has witnessed significant transformation over the past few years due to rising globalization and digitalization. Companies are collaborating with global partners and establishing offices in different parts of the world. This has increased the need for employees to travel abroad frequently to attend meetings, conferences, and trade shows to interact, share knowledge and forge new partnerships. The emergence of affordable video-conferencing technologies and work-from-home culture during the pandemic has pushed many companies to conduct virtual meetings and webinars. However, virtual meets cannot entirely replace in-person interactions for networking opportunities and experience sharing. The trend is expected to continue in the near future. For instance, according to the UNWTO World Tourism Barometer in 2022, the number of domestic business trips are increased between 2022-2023 in countries such as the U.S., China and India as COVID restrictions ease and economic activities resume. This will boost the MICE tourism in these nations. Similarly, countries like UAE, Singapore and Malaysia that host several global exhibitions, conventions and trade shows every year have witnessed significant rise in business tourism arrivals post the pandemic compared to 2020 levels. Mega business events such as Expo 2020 Dubai and world exhibitions in future are likely to drive more short-term business visitors to these nations.

Market Concentration and Competitive Landscape

Business tourism market Concentration By Players

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Growing Use of Incentive Travel

Another major factor propelling the business tourism industry is increasing use of incentive travel programs by companies. These are designed to motivate, reward and recognize sales teams, top performers, channel partners or other employees. Incentive travel provides the perfect avenue for companies to express appreciation for goals achieved in memorable ways. Destinations offering unique experiences help capture attention and generate positive feeling, and this drives higher engagement and performance. International trips especially leave a strong, lifelong impression on participants. Many organizations now structure their annual sales conferences, reward programs, and long-service celebrations around carefully planned incentive travel. This approach has proven more impactful than static monetary bonuses. As corporations continue prioritizing employee motivation and loyalty-building, well-designed incentive trips will remain a core component of business tourism portfolios. Their ability to foster team cohesion while offering memorable rewards makes them hugely valuable for both companies and their talent pools.

Business tourism market Key Takeaways From Lead Analyst

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Market Challenges: The Impact of Video Conferencing Technology

One of the main challenges faced by the business tourism market is the impact of video conferencing technology. As virtual meetings become more prevalent, the need for face-to-face business trips is reduced. This can negatively impact revenues for hotels, convention centers, restaurants and other businesses that cater to traveling executives and event planners. Another challenge is global economic uncertainty. When budgets are tight, discretionary spending on conferences, trade shows and corporate off-sites is often reduced.

 Market Opportunities: Growing investment in business development activities

As the global economy recovers, companies are investing more in business development activities like networking events and client meetings. New markets are also emerging as developing regions see rising corporate profits and an expanding middle class. Partnerships between private companies and destination marketing organizations can help boost a region's profile as a business events locale.

Business Tourism market By Service

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Insights, By Service: Convenience and catering drive demand for food and lodging

 In terms of service, food & lodging segment is estimated to contribute the 51.4% share of the market in 2024, owing to the convenience it provides to business travelers. Staying in hotels and eating at restaurants allows travelers to maximize their time in meetings and minimize distractions from daily chores like cooking and cleaning. The variety of cuisines and amenities offered by hotels and restaurants also cater well to the diverse needs of domestic and international clients. Business travelers often dine out not just for nourishment but also for networking opportunities, and thus, hotel restaurants are well-suited for casual meetings over meals or drinks.

Insights, By Industry: Corporates fuel growth through frequent travel

In terms of industry, the corporate segment is estimated to contribute 61.6% share of the market. Regular travel is integral to many modern corporate functions like client management, business development, and workforce coordination across multiple locations. Large enterprises in particular rely heavily on travel to integrate nationwide or global operations. Frequent internal meetings and off-sites also drive travel within companies. As digital technologies continue merging physical and virtual workspaces, in-person interactions remain important for collaborative planning, training, and culture-building among corporate teams.

 Insights, By Traveler Type: Efficiency gains from group coordination

Among traveler type, groups segment is estimated to contribute 67.8% share of the market owing to convenience and efficiency gains from group coordination. Planning travel for multiple individuals at once allows companies and event organizers to negotiate advantageous rates with hotels, airlines, and venues. It also simplifies logistics like transportation through bulk booking. Groups enjoy added perks like complimentary rooms that reduce overall costs. Travelers also appreciate the camaraderie and shared experience of group trips. Organizing schedules, activities and accommodation together creates a seamless itinerary leveraging shared resources.

Regional Insights

Business tourism market Regional Insights

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North America has dominated the business tourism market for decades with estimated 38.9% share in 2024. The U.S. alone accounts for a massive portion of the overall market. This is largely due to the prominent presence of American multinationals and large corporations across all major industries. Many of these companies routinely conduct international conferences, trade shows, board meetings, and other business events that require travel. American cities like New York, Los Angeles, Chicago, and Las Vegas have become hubs for both domestic and international business travel. The infrastructure and accommodation capacity in these cities easily support large business events and conventions throughout the year.

Asia Pacific is currently the fastest growing regional market for business tourism. Countries like China, India, and Indonesia have seen explosive economic growth in recent decades which has fueled demand. As their local companies expand globally and multinationals increasingly tap into domestic opportunities, inter- and intra-regional business travel has significantly increased. Cities such as Shanghai, Beijing, Singapore, Mumbai, and Jakarta now regularly host major industry expos and leadership summits that bring huge delegations.

Market Report Scope

Business Tourism market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2024: US$ 900.58 Bn
Historical Data for: 2019 to 2023 Forecast Period: 2024 to 2031
Forecast Period 2024 to 2031 CAGR: 9.3% 2031 Value Projection: US$ 1,678.27 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, Israel, and Rest of Middle East & Africa
Segments covered:
  • By Service: Transport, Food & Lodging, Recreation activity, Others
  • By Industry: Corporate and Government
  • By Traveler Type: Solo and Groups
Companies covered:

Adelman Travel Group, Wexas Travel, American Express Global Business Travel, BCD Travel, Carlson Wagonlit Travel (CWT), Expedia Group, Flight Centre Travel Group, Hogg Robinson Group (HRG), HRG North America, Corporate Travel Management (CTM), Egencia, FCM Travel Solutions, HRG Nordic, Omega World Travel, Sabre Corporation, Thomas Cook Group, Travel Leaders Group, Travel and Transport, TUI Group, World Travel, Inc.

Growth Drivers:
  • Global Business Meetings and Events
  • Growing Use of Incentive Travel
Restraints & Challenges:
  • The impact of video conferencing technology
  • Political instability and security issues

Key Developments

  • In December 2022, CWT Global B.V. expanded global partnership with Paramount Global, an multinational media and entertainment conglomerate. Through this partnership, ithe company will manage Paramount's expanded travel business.
  • In July 2022, BCD Group (BCD Travel) partnered with Airbus, an aerospace products manufacturing company, in order to service four European home markets namely, France, Germany, Spain and the U.K.
  • In July 2022, CWT Global B.V., launched car rental and train booking capabilities to the mobile and web channels on its myCWT platform.
  • In August 2020, Flight Centre Travel Group Limited acquired WhereTo, a U.S.-based enterprise travel platform and technology company.
  • *Definition: Business tourism market consists of domestic and international business travelers who visit destinations for meetings, incentives, conferences, and exhibitions. This market includes travelers attending corporate off-sites, seminars and training programs, trade shows, product launches, sales conferences, and large conventions. Business tourists contribute significantly to local economies through spending on accommodation, food and beverage, transportation, retail, entertainment and other services during their trips for work purposes. Their visits help promote business and commerce both within and outside their own organizations.

Market Segmentation

  •  Service Insights (Revenue, USD Bn, 2019 - 2031)
    • Transport
    • Food & Lodging
    • Recreation activity
    • Others
  •  Industry Insights (Revenue, USD Bn, 2019 - 2031)
    • Corporate
    • Government
  •  Traveler Type Insights (Revenue, USD Bn, 2019 - 2031)
    • Solo
    • Groups
  • Regional Insights (Revenue, USD Bn, 2019 - 2031)
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
    • Europe
      • Germany
      • U.K.
      • Spain
      • France
      • Italy
      • Russia
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia
      • South Korea
      • ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa
      • GCC Countries
      • Israel
      • Rest of Middle East & Africa
  • Key Players Insights
    • Adelman Travel Group
    • Wexas Travel
    • American Express Global Business Travel
    • BCD Travel
    • Carlson Wagonlit Travel (CWT)
    • Expedia Group
    • Flight Centre Travel Group
    • Hogg Robinson Group (HRG)
    • HRG North America
    • Corporate Travel Management (CTM)
    • Egencia
    • FCM Travel Solutions
    • HRG Nordic
    • Omega World Travel
    • Sabre Corporation
    • Thomas Cook Group
    • Travel Leaders Group
    • Travel and Transport
    • TUI Group
    • World Travel, Inc.

Frequently Asked Questions

The CAGR of global business tourism market is projected to be 9.3% from 2024 to 2031.

Global business meetings and events and growing use of incentive travel are the major factor driving the growth of global business tourism market.

The impact of video conferencing technology and political instability and security issues are the major factor hampering the growth of global business tourism market.

In terms of service, food & lodging segment is estimated to dominate the market in 2024.

Adelman Travel Group, Wexas Travel, American Express Global Business Travel, BCD Travel, Carlson Wagonlit Travel (CWT), Expedia Group, Flight Centre Travel Group, Hogg Robinson Group (HRG), HRG North America, Corporate Travel Management (CTM), Egencia, FCM Travel Solutions, HRG Nordic, Omega World Travel, Sabre Corporation, Thomas Cook Group, Travel Leaders Group, Travel and Transport, TUI Group, World Travel, Inc. are the major players.

North America is expected to lead the global business tourism market.

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