Business tourism involves traveling primarily for business-related purposes, such as corporate meetings, conferences, trade shows, sales trips, product launches or training sessions. It includes activities like meetings, conventions, trade shows and exhibitions which corporations or government entities organize to conduct business or networking. Business Tourism Market Growth provides face-to-face interaction among key stakeholders which is vital for maintaining and developing existing business relationships. It enables companies to demonstrate, discuss and sell their products and services to potential customers. Business tourism also facilitates networking, knowledge sharing and collaboration which is important for corporate growth and development.

The global business tourism market is estimated to be valued at US$ 2,897.85 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period from 2024 to 2031.

Growth in the service sector and increasing emphasis on experiential marketing are fueling demand for business travel. Additionally, rising corporate expense budgets and growing number of SMEs are also propelling market expansion.

Key Takeaways

Key players operating in the business tourism market are 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.

Business tourism has been witnessing steadily rising demand driven by growing number of trade shows, meetings, incentive travels and conferences worldwide. According to the Global Business Travel Association, global business travel spend reached $1.4 trillion in 2019 and is expected to surpass pre-COVID levels by 2024. Sectors such as transportation, hospitality, F&B and retail industries have significantly benefitted from the rising business tourism demand over the years.

Major players in the business tourism market are focusing on global expansion into high growth markets through strategic partnerships and mergers & acquisitions. They are also investing in digital technologies to offer seamless booking and travel experiences to corporate clients. Business tourism destinations are leveraging MICE (meetings, incentives, conferences and exhibitions) tourism to boost regional economies through job creation and infrastructure development.

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