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United States Business Travel Market Size, Share, Growth: By Type: Managed Business Travel, Unmanaged Business Travel; By Purpose Type: Internal Meetings, Marketing, Product Launch, Trade Shows, Others; By Age Group; By Travel Type; By Expenditure; By Service; By End Use; Regional Analysis; Competitive Landscape; 2024-2032
United States Business Travel Market Size
The United States business travel market value reached approximately USD 258.66 billion in 2023. The market is further projected to grow at a CAGR of 9.8% between 2024 and 2032, reaching a value of USD 546.41 billion by 2032.
| United States Business Travel Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 258.66 |
| Market Size 2032 | USD Billion | 546.41 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 9.8% |
| CAGR 2024-2032 - Market by Region | Southeast | 11.2% |
| CAGR 2024-2032 - Market by Region | Great Lakes | 10.5% |
| CAGR 2024-2032 - Market by Type | Managed Business Travel | 10.4% |
| CAGR 2024-2032 - Market by Expenditure | Travel Fare | 10.8% |
| 2023 Market Share by Region | Mideast | 18.2% |
United States Business Travel Market Growth
Business travel refers to travelling activities that are specifically undertaken for work purposes. The different purposes of business travel include networking, attending events and meetings, assessment of products or services before investing, and travelling for client and vendor meetings.
The rising emphasis on employee well-being is supporting the United States business travel industry growth. To encourage employees and foster team cohesion, many companies are actively investing in leisure activities. These activities help alleviate stress and enhance work productivity.
United States Business Travel Market Analysis
The growing initiatives by various companies to embrace sustainable travel practices and increasing consciousness about their carbon footprint are supporting the market expansion. These initiatives motivate environmentally conscious employees to engage in business travel, which in turn boosts the United States business travel industry revenue.
The expansion of the travel and tourism sector and the increasing penetration of Airbnb have resulted in the availability of enhanced travel experiences for individuals, providing lucrative growth. These initiatives inspire environmentally conscious employees to participate in business travel, thereby enhancing revenue and creating the United States business travel market opportunities.
United States Business Travel Industry Outlook
According to Tourism Economics, internal meetings saw high participation among business travellers, with 85% taking at least one trip in both Q2 and Q4 of 2022, and 80% in Q3 of 2022. Similarly, customer, supplier, or stakeholder meetings maintained strong figures, with 80% in Q2 2022, 75% in Q3 2022, and 78% in Q4 2022. Conferences, conventions, or trade shows showed consistent participation, with 83% pre-pandemic, 81% in Q2 2022, 78% in Q3 2022, and 80% in Q4 2022. In Q1 2023, 82% of business travellers took at least one trip for internal meetings, 74% planned trips for customer, supplier, or other stakeholder meetings, and 79% attended conferences, conventions, or trade shows.
According to Industry reports, corporate travel spending in H2 2020 was at 3%, rising to 7% in H1 2021 and 11% in H2 2021. In H1 2022, spending saw a significant increase to 27% and continued to grow to 42% in H2 2022. The upward trend continued in 2023, with corporate travel spending hitting 57% in the first half and 71% in the second half. It is anticipated to recover significantly, with projections of 85% in the first half and 95% in the second half of 2024, boosting the United States business travel market revenue.
The United States business travel market dynamics and trends are being strengthened during to the growing tourism sector. The U.S. is leading the Americas in inbound leisure travel, with spending hitting USD 83 billion in 2023, signalling a robust recovery. In Q2 2023, 42% of US consumers earning below USD 50k planned to travel within six months. This percentage increased to 67% for those earning between USD 50k and USD 99k. For households with incomes between USD 100k and USD 149k, 78% intended to travel within the same period. The trend is even more pronounced in higher income brackets, with 81% of individuals earning between USD 150k and USD 249k and 82% of those earning over USD 250k planning to travel, showing the highest travel intentions among all income groups.
A robust corporate sector in the U.S. drives high demand for business travel, supporting the growth of the United States business travel market through frequent meetings, conferences, and client interactions.
- The U.S. boasts well-developed transportation and accommodation infrastructure, facilitating seamless business travel experiences.
- Adopting advanced technology, such as travel management software and mobile apps, enhances efficiency and convenience for business travellers.
Business travel can be expensive, with high costs for flights, accommodations, and services potentially limiting company budget flexibility.
- Unpredictable weather, political events, or security issues can cause travel disruptions, impacting business schedules and productivity.
- The market is sensitive to economic fluctuations, with downturns potentially leading to reduced travel budgets and lower demand.
Increasing international business activities offers opportunities for expanding the business travel market as companies seek global connections.
- Enhanced travel management programs and policies can provide cost savings and efficiency improvements for businesses, driving the United States business travel market demand for travel solutions.
- Growing emphasis on sustainable travel practices presents opportunities to develop eco-friendly travel options and attract environmentally conscious corporate clients.
Ongoing or future health crises, like pandemics, can severely impact business travel by restricting travel and altering business practices.
- Changes in travel regulations, visa policies, or security measures can create barriers and complicate travel arrangements.
- Intense competition among travel service providers can lead to price wars and reduced profit margins for companies in the business travel sector.
Key Players in the United States Business Travel Market and Their Key Initiatives
Expedia, Inc.
- Introduced advanced AI-driven tools for personalized travel planning.
- Introduced the Open World™ Accelerator to empower startups and SMBs to meet the growing demand of the United States business travel market.
TravelPerk S.L.U.
- Launched "FlexiPerk," offering flexible travel bookings.
- Implemented "GreenPerk" for carbon offsetting.
Navan, Inc.
- Launched an AI-powered travel booking platform.
- Introduced a next-generation corporate booking experience to capture the United States business travel market opportunities.
BCD Travel Services B.V.
- Recognised with multiple awards at the 2024 BTN Sustainability Summit.
- Launched innovative tools to streamline guest travel management.
United States Business Travel Industry Segmentation
“United States Business Travel Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
- Managed Business Travel
- Unmanaged Business Travel
Market Breakup by Purpose Type
- Internal Meetings
- Marketing
- Product Launch
- Trade Shows
- Others
Market Breakup by Age Group
- Travellers Below 40 Years
- Travellers Above 40 Years
Market Breakup by Travel Type
- Solo Travel
- Group Travel
Market Breakup by Expenditure
- Lodging
- Dining
- Travel Fare
- Others
Market Breakup by Service
- Transportation
- Food and Lodging
- Recreation Activity
Market Breakup by End Use
- Corporate
- Government
- Others
Market Breakup by Region
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
| CAGR 2024-2032 - Market by | Region |
| Southeast | 11.2% |
| Great Lakes | 10.5% |
| New England | XX% |
| Mideast | XX% |
| Plains | XX% |
| Others | XX% |
United States Business Travel Market Share
The corporate sector drives substantial United States business travel demand growth due to the essential role of corporate travel in strengthening professional relationships, forging new partnerships, and supporting global company expansion.
The growing awareness about the various benefits associated with business travel including the development of decision-making skills and exposure to newer environments are bolstering the United States business travel market demand.
Leading Companies in the United States Business Travel Market
The companies are travel management firms delivering extensive business travel solutions. They offer services such as travel booking, expense management, and policy compliance, utilising advanced technology and global expertise to improve efficiency and streamline corporate travel experiences for clients.
- Expedia, Inc.
- TravelPerk S.L.U.
- American Express Global Business Travel (GBT)
- Navan, Inc.
- Booking Holdings Inc.
- BCD Travel Services B.V.
- World Travel, Inc
- Corporate Travel Management
- Travel Leaders Group
- CLC Lodging
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Purpose Type |
|
| Breakup by Age Group |
|
| Breakup by Travel Type |
|
| Breakup by Expenditure |
|
| Breakup by Service |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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United States Business Market Report Snapshots
United States Business Market Size
United States Business Market Growth
United States Business Market Analysis
United States Business Market Share
United States Business Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Business Travel Market Overview
8.1 Key Industry Highlights
8.2 North America Business Travel Historical Market (2018-2023)
8.3 North America Business Travel Market Forecast (2024-2032)
8.4 North America Business Travel Market Share by Country
8.4.1 United States
8.4.2 Canada
9 United States Business Travel Market Overview
9.1 Key Industry Highlights
9.2 United States Business Travel Historical Market (2018-2023)
9.3 United States Business Travel Market Forecast (2024-2032)
10 United States Business Travel Market by Type
10.1 Managed Business Travel
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Unmanaged Business Travel
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 United States Business Travel Market by Purpose Type
11.1 Internal Meetings
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Marketing
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Product Launch
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Trade Shows
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 United States Business Travel Market by Age Group
12.1 Travellers Below 40 Years
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Travellers Above 40 Years
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 United States Business Travel Market by Travel Type
13.1 Solo Travel
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Group Travel
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 United States Business Travel Market by Expenditure
14.1 Lodging
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Dining
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Travel Fare
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Others
15 United States Business Travel Market by Service
15.1 Transportation
15.1.1 Historical Trend (2018-2023)
15.1.2 Forecast Trend (2024-2032)
15.2 Food and Lodging
15.2.1 Historical Trend (2018-2023)
15.2.2 Forecast Trend (2024-2032)
15.3 Recreation Activity
15.3.1 Historical Trend (2018-2023)
15.3.2 Forecast Trend (2024-2032)
16 United States Business Travel Market by End Use
16.1 Corporate
16.1.1 Historical Trend (2018-2023)
16.1.2 Forecast Trend (2024-2032)
16.2 Government
16.2.1 Historical Trend (2018-2023)
16.2.2 Forecast Trend (2024-2032)
16.3 Others
17 United States Business Travel Market by Region
17.1 New England
17.1.1 Historical Trend (2018-2023)
17.1.2 Forecast Trend (2024-2032)
17.2 Mideast
17.2.1 Historical Trend (2018-2023)
17.2.2 Forecast Trend (2024-2032)
17.3 Great Lakes
17.3.1 Historical Trend (2018-2023)
17.3.2 Forecast Trend (2024-2032)
17.4 Plains
17.4.1 Historical Trend (2018-2023)
17.4.2 Forecast Trend (2024-2032)
17.5 Southeast
17.5.1 Historical Trend (2018-2023)
17.5.2 Forecast Trend (2024-2032)
17.6 Southwest
17.6.1 Historical Trend (2018-2023)
17.6.2 Forecast Trend (2024-2032)
17.7 Rocky Mountain
17.7.1 Historical Trend (2018-2023)
17.7.2 Forecast Trend (2024-2032)
17.8 Far West
17.8.1 Historical Trend (2018-2023)
17.8.2 Forecast Trend (2024-2032)
18 Market Dynamics
18.1 SWOT Analysis
18.1.1 Strengths
18.1.2 Weaknesses
18.1.3 Opportunities
18.1.4 Threats
18.2 Porter’s Five Forces Analysis
18.2.1 Supplier’s Power
18.2.2 Buyer’s Power
18.2.3 Threat of New Entrants
18.2.4 Degree of Rivalry
18.2.5 Threat of Substitutes
18.3 Key Indicators for Demand
18.4 Key Indicators for Price
19 Competitive Landscape
19.1 Market Structure
19.2 Company Profiles
19.2.1 Expedia, Inc.
19.2.1.1 Company Overview
19.2.1.2 Product Portfolio
19.2.1.3 Demographic Reach and Achievements
19.2.1.4 Certifications
19.2.2 TravelPerk S.L.U.
19.2.2.1 Company Overview
19.2.2.2 Product Portfolio
19.2.2.3 Demographic Reach and Achievements
19.2.2.4 Certifications
19.2.3 American Express Global Business Travel (GBT)
19.2.3.1 Company Overview
19.2.3.2 Product Portfolio
19.2.3.3 Demographic Reach and Achievements
19.2.3.4 Certifications
19.2.4 Navan, Inc.
19.2.4.1 Company Overview
19.2.4.2 Product Portfolio
19.2.4.3 Demographic Reach and Achievements
19.2.4.4 Certifications
19.2.5 Booking Holdings Inc.
19.2.5.1 Company Overview
19.2.5.2 Product Portfolio
19.2.5.3 Demographic Reach and Achievements
19.2.5.4 Certifications
19.2.6 BCD Travel Services B.V.
19.2.6.1 Company Overview
19.2.6.2 Product Portfolio
19.2.6.3 Demographic Reach and Achievements
19.2.6.4 Certifications
19.2.7 World Travel, Inc
19.2.7.1 Company Overview
19.2.7.2 Product Portfolio
19.2.7.3 Demographic Reach and Achievements
19.2.7.4 Certifications
19.2.8 Corporate Travel Management
19.2.8.1 Company Overview
19.2.8.2 Product Portfolio
19.2.8.3 Demographic Reach and Achievements
19.2.8.4 Certifications
19.2.9 Travel Leaders Group
19.2.9.1 Company Overview
19.2.9.2 Product Portfolio
19.2.9.3 Demographic Reach and Achievements
19.2.9.4 Certifications
19.2.10 CLC Lodging
19.2.10.1 Company Overview
19.2.10.2 Product Portfolio
19.2.10.3 Demographic Reach and Achievements
19.2.10.4 Certifications
19.2.11 Others
20 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Business Travel Market: Key Industry Highlights, 2018 and 2032
2. United States Business Travel Market: Key Industry Highlights, 2018 and 2032
3. United States Business Travel Historical Market: Breakup by Type (USD Billion), 2018-2023
4. United States Business Travel Market Forecast: Breakup by Type (USD Billion), 2024-2032
5. United States Business Travel Historical Market: Breakup by Purpose Type (USD Billion), 2018-2023
6. United States Business Travel Market Forecast: Breakup by Purpose Type (USD Billion), 2024-2032
7. United States Business Travel Historical Market: Breakup by Age Group (USD Billion), 2018-2023
8. United States Business Travel Market Forecast: Breakup by Age Group (USD Billion), 2024-2032
9. United States Business Travel Historical Market: Breakup by Expenditure (USD Billion), 2018-2023
10. United States Business Travel Market Forecast: Breakup by Expenditure (USD Billion), 2024-2032
11. United States Business Travel Historical Market: Breakup by Travel Type (USD Billion), 2018-2023
12. United States Business Travel Market Forecast: Breakup by Travel Type (USD Billion), 2024-2032
13. United States Business Travel Historical Market: Breakup by Service (USD Billion), 2018-2023
14. United States Business Travel Market Forecast: Breakup by Service (USD Billion), 2024-2032
15. United States Business Travel Historical Market: Breakup by End Use (USD Billion), 2018-2023
16. United States Business Travel Market Forecast: Breakup by End Use (USD Billion), 2024-2032
17. United States Business Travel Historical Market: Breakup by Region (USD Billion), 2018-2023
18. United States Business Travel Market Forecast: Breakup by Region (USD Billion), 2024-2032
19. United States Business Travel Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 258.66 billion in 2023.
The market is projected to grow at a CAGR of 9.8% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 546.41 billion by 2032.
The major market drivers include growing awareness about the various benefits associated with business travel including development of decision-making skills and expansion of the travel and tourism sector.
The key trends fuelling the growth of the market include rising emphasis on employee wellbeing and adoption of sustainable business travel practices.
The market is broken down into New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The services include transportation, food and lodging, and recreation activity.
The competitive landscape consists of Expedia, Inc., TravelPerk S.L.U., American Express Global Business Travel (GBT), Navan, Inc., Booking Holdings Inc., BCD Travel Services B.V., World Travel, Inc, Corporate Travel Management, Travel Leaders Group, and CLC Lodging, among others.
The market is categorised according to its type, which includes managed business travel and unmanaged business travel.
The market is categorised according to its travel type, which includes solo travel and group travel.
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