B2B Travel Market Size - By Service Type (Transportation, Accommodation, Meetings, Incentives, Conferences, and Exhibitions (MICE), Travel Insurance, Other Services), Enterprise Size (Large Enterprises, SMEs), Booking Method, End User & Forecast, 2024 - 2032

B2B Travel Market Size - By Service Type (Transportation, Accommodation, Meetings, Incentives, Conferences, and Exhibitions (MICE), Travel Insurance, Other Services), Enterprise Size (Large Enterprises, SMEs), Booking Method, End User & Forecast, 2024 - 2032

B2B Travel Market Size

B2B Travel Market size was valued at USD 30.7 billion in 2023 and is estimated to register a CAGR of over 10.6% between 2024 and 2032. An increased number of companies are reliant on B2B travel services for efficient travel management such as itinerary planning, expense management, and compliance with travel policies. With the rising travel budgets across enterprises, they often facilitate more frequent and extensive business travel. This boosts demand for travel-related services such as flights, hotels, car rentals, and corporate travel management solutions.

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In addition, face-to-face interactions remain crucial for building strong client and partner relationships. Many companies have started recognizing the value of in-person meetings, conferences, and site visits for fostering trust and collaboration. For instance, in June 2023, insights released by the Global Business Travel Association (GBTA) highlighted a significant uptick in corporate travel budgets. According to the report, companies across various sectors increased their travel budgets by an average of 15-20% compared to 2022. This growth has been driven by the rising need to rebuild business relationships, explore new market opportunities, and participate in industry conferences and events.
 

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Moreover, collaboration between travel management companies and other stakeholders fosters innovation and competitive advantage. By partnering with regional travel agencies or online booking platforms with established networks, travel companies can expand their reach and access new customer segments. In addition, partnerships with technology providers enhance the development of new B2B travel market?. This involves integrating travel booking platforms with expense management tools or developing AI-powered solutions to personalize travel experiences.

For instance, in February 2021, Amadeus, a leading travel technology company, announced a strategic partnership with Microsoft to develop new travel technology solutions. This partnership aimed to create more personalized and connected travel experiences for corporate travelers. It further integrates Amadeus’ travel platform with Microsoft’s cloud-based solutions. This innovative solution benefits the entire B2B travel ecosystem.

The B2B travel landscape is fragmented, with numerous providers ranging from large travel management companies to niche online booking platforms. This makes it difficult for companies to find the best solutions for their specific needs and negotiate competitive rates. In addition, B2B travel solutions handle sensitive corporate and employee travel data, and security breaches and data leaks pose a significant risk to the market.

Moreover, integrating various travel booking systems, expense management tools, and corporate travel policies can be complex and time-consuming. This lack of seamless integration creates inefficiencies and administrative burdens for travel managers, thus creating significant challenges for the market.

B2B Travel Market Trends

Innovative solutions streamline the B2B travel experience. It automates tasks such as visa application support, medical insurance enrollment, and emergency notification systems. In addition, new technologies such as AI-powered booking platforms and mobile apps simplify the travel booking process and provide real-time travel updates. Machine learning algorithms analyze travel data to personalize itineraries and recommend suitable hotels and flights. Further, companies are continuously developing new tools and platforms to streamline travel management. They provide real-time insights and enhance the overall travel experience for business travelers.

For instance, in May 2024, SAP Concur, a leading provider of cloud-based business travel and expense management solutions, announced the launch of its new "TripIt for Corporate" platform. This AI-powered platform integrates with existing travel booking systems. It further leverages machine learning to personalize itineraries, predict travel disruptions, and provide real-time expense tracking for corporations. This also allows business travelers to receive personalized travel recommendations based on their preferences and past behavior. This streamlined the booking process, reduced time spent on travel planning, and increased user satisfaction.

Moreover, business travelers prefer to seek experiences tailored to their preferences and needs. They are focused on seeking seamless, customized experiences that cater to their individual preferences and needs. The B2B travel providers cater to this by offering customizable itineraries, loyalty programs, and 24/7 support. Further, travelers who have personalized itineraries with preferred airlines, hotels, and amenities are more likely to be comfortable and productive during their trips. Furthermore, personalized travel solutions automate various tasks such as booking preferred hotels and flights.

For instance, in March 2024, a study by the Global Business Travel Association (GBTA), around 78% of travel managers consider personalized travel options as a key factor when choosing a B2B travel management. It highlighted the rising focus of companies on B2B travel solutions that offer features like custom travel profiles and loyalty program integration for employees.

B2B Travel Market Analysis

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Based on service type, the market is divided into transportation, accommodation, meetings, incentives, conferences, and exhibitions (MICE), travel insurance, and other services. In 2023, transportation accounted for a market share of over 52%. The transportation service type within the B2B travel market encompasses air travel, rail travel, car rentals, and corporate cab services. Air travel in the B2B sector is popular, due to its speed and efficiency. This service enables quick travel for business meetings, conferences, and other corporate events across different regions.

In addition, rail travel is often a more cost-effective option for short to medium distances. It acts as an attractive choice for companies aiming to manage travel expenses. Further, car rentals and corporate cabs offer flexibility in travel and allow business travelers to move easily between meetings and locations without relying on fixed public transport schedules. For instance, in June 2023, Uber for Business introduced new features tailored for corporate clients. It includes enhanced ride management tools and integration with expense management systems. This aims to streamline transportation logistics for companies and improve overall travel efficiency for employees.

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Based on enterprise size, the B2B travel market is categorized into large enterprises and SMEs. Large enterprises are expected to hold over USD 47.9 billion by 2032.  These enterprises often have a global footprint, requiring frequent international travel for meetings, conferences, and overseeing operations. This drives demand for comprehensive travel management solutions that can handle complex itineraries and international logistics?. In addition, large enterprises typically allocate substantial budgets for business travel. It allows them to leverage bulk booking discounts and premium services.

Further, it prioritizes the safety and well-being of its employees, especially during travel. They invest in travel risk management services that provide real-time alerts, emergency support, and health and safety information. Moreover, they are early adopters of advanced technologies such as AI, machine learning, and big data analytics to optimize travel plans, manage expenses, and enhance traveler experience.

For instance, in April 2024, IBM announced the integration of advanced AI and machine learning into its travel management system. It enhances travel policy compliance, expense management, and personalized travel experiences for employees. This move aims to streamline the travel process and ensure better cost control and efficiency.?

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North America captured a substantial portion of the B2B travel market, holding approximately 37% of the total revenue share in 2023. The strong economic performance in countries such as the U.S. and Canada fuels business activities and corporate travel in the region. In addition, enterprises in North America invest heavily in comprehensive travel programs. It includes a wide range of services from transportation and accommodation to travel risk management and employee well-being initiatives. Further, many companies in the region incorporate eco-friendly travel options into their corporate travel policies.

Companies across these countries are early adopters of advanced travel management technologies, such as AI, machine learning, and data analytics, to optimize travel plans and enhance efficiency. For instance, in May 2023, American Express GBT enhanced its AI capabilities to offer more personalized travel experiences and improve travel policy compliance for its corporate clients. The new features include predictive analytics for travel expenses and automated booking systems. These technologies enable personalized travel experiences and streamline expense management.

B2B Travel Market Share

Carlson Wagonlit Travel (CWT), BCD Travel, and American Express Global Business Travel (GBT) dominate the market with around 10.6% of the market share. American Express Global Business Travel (GBT) is a leading player in the B2B travel market. It offers a comprehensive suite of travel, expense, and meeting & event management solutions. They cater to businesses of all sizes and leverage their vast network and partnerships to secure competitive rates for flights, hotels, and car rentals. The company’s platform streamlines booking processes, manages travel expenses, and provides real-time travel updates. Additionally, they offer consulting services to help companies optimize their travel programs and ensure duty of care compliance.

BCD Travel offers corporate travel booking, expense management, and meeting & event solutions. The company has a strong global presence with a focus on serving mid-sized companies. They are known for their innovative technology solutions, including an AI-powered chatbot that assists travelers with booking and itinerary management. Additionally, the company emphasizes sustainability initiatives and offers programs to help companies reduce their travel footprint.

Carlson Wagonlit Travel (CWT), recently acquired by American Express Global Business Travel, was a well-established provider of corporate travel management services. They offer a wide range of solutions for businesses, including travel booking tools, expense management systems, and visa application support. The company’s expertise and client base contribute significantly to the merged entity's position in the market.

B2B Travel Market Companies

Major players operating in the B2B travel industry are

• Carlson Wagonlit Travel (CWT)
• BCD Travel
• American Express Global Business Travel (GBT)
• Sabre Corporation
• Flight Centre Travel Group
• AMEX GBT Egencia
• CTM (Corporate Travel Management)
• ATPI
• Frosch
• Altour

B2B Travel Industry News

• In March 2024, Google launched a new sustainable travel initiative, encouraging its employees to opt for eco-friendly travel options. The company has partnered with several airlines and hotels to provide green travel alternatives. It aligns with its sustainability goals and reduces the carbon footprint of its business travel. 
• In April 2023, Cisco Systems introduced a hybrid work travel model that supports remote work while ensuring employees can travel for essential business meetings. This model includes flexible travel policies and enhanced travel safety measures. It reflects the evolving needs of modern business travel.

The B2B travel market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments

Market, By Service Type

• Transportation
• Accommodation
• Meetings, Incentives, Conferences, and Exhibitions (MICE)
• Travel insurance
• Other services
  • Visa services
  • Concierge services
  • Travel consulting

Market, By Enterprise Size

• Large enterprises
• Small and Medium Enterprises (SMEs)

Market, By Booking Method

• Online booking
• Offline booking

Market, By End user

• Financial services & consulting
• Technology & manufacturing
• Healthcare & pharmaceuticals
• Government & education
• Others

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA