Analysis Business travel industry market value ($bn)
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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 In-store vs online market value of business travel ($bn)
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2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Source: GlobalData, ‘Key Trends in Business Travel 2025’ In-Store
developed infrastructures. Interestingly, while China was the pre-pandemic leader, the pandemic allowed other countries like France and Italy to gain prominence. This shift highlights the dynamic nature of the business travel market, where geopolitical and health-related factors can rapidly alter travel patterns. The emergence of new business hubs and the diversification of travel destinations may also reflect changing corporate strategies as companies seek to explore emerging markets and opportunities.
Online vs in-store travel sales A significant trend emerging from the report is the dominance of online travel sales, which have outpaced in-store transactions. In 2024, online business travel reached $173.96bn, compared with $106.87bn for in-store sales. The faster growth rate of online sales (CAGR of 9.5% vs 5.8% for in-store) reflects changing consumer preferences towards convenience and accessibility. The integration of technology and social media in marketing strategies has further propelled online sales, catering to a tech-savvy consumer base. However, the report also acknowledges
the enduring appeal of in-store transactions, particularly for complex travel arrangements where personalised service is valued. This duality in consumer preferences suggests that while online
www.hmi-online.com Online
platforms will continue to dominate, there remains a significant market for traditional travel agencies, especially for high-value transactions. The ability to provide tailored solutions and expert advice can differentiate in-store services in a competitive landscape increasingly driven by technology.
Future projections Looking ahead, the global business travel market is projected to reach $385.36bn by 2028, with a CAGR of 8.19% from 2024 to 2028. This optimistic forecast is contingent on several factors, including the continued recovery from the pandemic, the evolution of corporate travel policies, and the integration of technology in travel planning and execution. As businesses increasingly adopt hybrid models, the demand for both in-person and virtual interactions will shape the future of business travel, necessitating a flexible approach to travel management. For hotel operators, the business travel sector
is on a recovery path, demonstrating resilience in the face of previous unprecedented challenges. As globalisation continues to drive demand for in-person interactions, the sector is poised for growth, albeit at a more measured pace. ●
For the full report, visit
www.globaldata.com/ store/report/business-travel-market-analysis
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