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India Travel & Tourism Market, By Product/Service Offering, By Type (Domestic, Inbound, etc.), By Purpose of Visit, By Tourist Profile, By Average Duration of Stay, By Mode of Travel, Competition Forecast and Opportunities, 2013 – 2023

• Industry : Consumer Goods and Retail
• Pages : 121
• Published Date : March, 2018

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Report Description

Table of content, frequently asked questions, related reports.

India travel & tourism market stood at $ 56 billion in 2017 and is projected to grow at a CAGR of over 7.5% to reach $ 86 billion by 2023, on account of growing domestic and foreign tourist footfall and increasing number of religious and leisure trips. Rising infrastructural developments, increasing standards of living, and growing regional and central government’s focus on promoting tourism sector are some of the other major factors expected to aid the country’s travel & tourism market in the coming years. Growth in the market is also anticipated to be backed by increasing interest in the country’s culture and heritage among domestic travelers coupled with booming rural tourism across India.

Years considered for this report:

Historical Years: 2013-2016

Base Year: 2017

Estimated Year: 2018

Forecast Period: 2019–2023

Objective of the Study:

• To analyze and forecast the India travel & tourism market size, in terms of value as well as volume.
• To define, classify and forecast India travel & tourism market by product/service offering, type, purpose of visit, tourist profile, and average duration of stay.
• To scrutinize the detailed market segmentation and forecast the market size in terms of value, by segmenting India travel & tourism market into four regions namely, North, West, East and South.
• To identify tailwinds and headwinds for India travel & tourism market.
• To examine competitive developments such as expansions, new offerings and mergers & acquisitions in India travel & tourism market.
• To strategically profile the leading players operating in travel & tourism sector of India.

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Some of the major players operating in India travel & tourism market are MakeMyTrip (India) Private Limited, SOTC Travel Services Pvt. Ltd., Yatra Online Private Limited, Indian Railway Catering and Tourism Corporation Ltd., Cleartrip Pvt. Ltd., Jet Airways (India) Limited, Air India Ltd., Indian Hotels Company Limited, Cox & Kings Ltd., Travel Corporation (India) Ltd., etc.

TechSci Research performed primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of travel & tourism companies in India. Subsequently, we conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include companies that could not be identified due to the limitations of secondary research. TechSci Research analyzed product offerings, end use sector/s, and regional presence of all major travel & tourism service providers across the country.

TechSci Research calculated the India travel & tourism market size using a bottom-up approach, where companies’ value & volume sales data for different types (Domestic, Inbound and Outbound) was recorded and forecast for future years. TechSci Research sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective companies to arrive at the overall market size. Various secondary sources such as company annual reports, white papers, investor presentations, financial reports, Ministry of Tourism, World Travel & Tourism Council, World Bank, were also used by TechSci Research.

Key Target Audience:

• Travel & tourism companies operating in India
• Associations, organizations, associations and alliances related to travel & tourism
• Government bodies such as regulating authorities and policy makers
• Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for industry stakeholders such as travel & tourism service providers, agents and policymakers. The report provides vital insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.

Report Scope:

In this report, India travel & tourism market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

• Market, by Product/Service Offering:
• Ticket Reservation
• Hotel Booking
• Holiday/Tour Packages
• Travel Insurance
• Foreign Exchange
• Conference/ Trade Fair Service/MICE
• Visa Services
• Market, by Type:
• Market, by Purpose of Visit:
• Leisure & Recreation
• Social Activity
• Market, by Tourist Profile:
• Foreign Nationals 
• Market, by Average Duration of Stay: Number of Days
• Market, by Geography:

Competitive Landscape

Competition Benchmarking: Benchmarking of leading 10 players on the basis of product & service offerings, etc.

Company Profiles:  Detailed analysis of the major companies present in India travel & tourism market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Channel Partner Analysis

• Detailed list of service providers and travel agents across the country.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Product Information

• Detailed analysis of new products in the market and their driving forces in the market.

In case you don’t find what you are looking for, please get in touch with our custom research team at [email protected]

1.        Travel & Tourism - An Introduction

2.        Research Methodology

3.        Executive Summary

4.        Voice of Customer 

4.1.     Frequency of Travel

4.2.     Brand Awareness

4.3.     Brand Preference

4.4.     Challenges faced by Customers

5.        Global Travel & Tourism Market Overview

6.        India Travel & Tourism Market Outlook

6.1.     Market Size & Forecast

6.1.1. By Value & Volume (Number of Tourists)

6.2.     Market Share & Forecast

6.2.1. By Product/Service Offering (Ticket Reservation, Hotel Booking, Holiday/Tour Packages, Travel Insurance, Foreign Exchange, Foreign Exchange, Conference/ Trade Fair/MICE and Others)

6.2.2. By Type (Domestic, Inbound and Outbound)

6.2.3. By Purpose of Visit (Business, Leisure & Recreation, Education, Medical, Social Activity and Others)

6.2.4. By Tourist Profile (Indians and Foreign Nationals)

6.2.5. By Average Duration of Stay (Number of Days)

6.2.6. By Region

6.2.6.1.    By Tourist Profile (Nationality)

6.2.6.2.    By Purpose of Visit (Business, Leisure & Recreation, Education, Medical, Social Activity and Others)

6.2.6.3.    By Average Duration of Stay (Number of Days)

6.2.6.4.    By Urban Vs Rural Tourism

6.2.6.5.    By Leading City

6.3.     Market Attractiveness Index

6.3.1. By Type

6.3.2. By Purpose of Visit

6.3.3. By Region

7.        India Leisure & Recreation Travel & Tourism Market Outlook

7.1.     Market Size & Forecast

7.1.1. By Value & Volume

7.2.     Market Share & Forecast

7.2.1. By Average Duration of Stay

7.2.2. By Type

7.2.3. By Tourist Profile

8.        India Religious Travel & Tourism Market Outlook

8.1.     Market Size & Forecast

8.1.1. By Value & Volume

8.2.     Market Share & Forecast

8.2.1. By Average Duration of Stay

8.2.2. By Type

8.2.3. By Tourist Profile

9.        India Business Travel & Tourism Market Outlook

9.1.     Market Size & Forecast

9.1.1. By Value & Volume

9.2.     Market Share & Forecast

9.2.1. By Average Duration of Stay

9.2.2. By Type

9.2.3. By Tourist Profile

10.    India Social Travel & Tourism Market Outlook

10.1.   Market Size & Forecast

10.1.1.     By Value & Volume

10.2.   Market Share & Forecast

10.2.1.     By Average Duration of Stay

10.2.2.     By Type

10.2.3.     By Tourist Profile

11.    India Medical Travel & Tourism Market Outlook

11.1.   Market Size & Forecast

11.1.1.     By Value & Volume

11.2.   Market Share & Forecast

11.2.1.     By Average Duration of Stay

11.2.2.     By Type

11.2.3.     By Tourist Profile

12.    India Education Travel & Tourism Market Outlook

12.1.   Market Size & Forecast

12.1.1.     By Value & Volume

12.2.   Market Share & Forecast

12.2.1.     By Average Duration of Stay

12.2.2.     By Type

12.2.3.     By Tourist Profile

13.    Market Dynamics

13.1.   Drivers

13.2.   Challenges

14.    Market Trends & Developments

14.1.   Emergence of Online Travel Services

14.2.   Growth of Wellness Tourism

14.3.   Rising Concept of B-leisure

14.4.   Visa on Arrival Policy

14.5.   Increasing Rural Tourism

15.    SWOT Analysis

16.    Policy & Regulatory Landscape

17.    India Economic Profile

18.    Competitive Landscape

18.1.   Competitive Benchmarking & Margin Analysis

18.2.   Company Profiles

18.2.1.     MakeMyTrip (India) Private Limited

18.2.2.     SOTC Travel Services Pvt. Ltd.

18.2.3.     Yatra Online Private Limited, India

18.2.4.     Indian Railway Catering and Tourism Corporation Ltd.

18.2.5.     Cleartrip Pvt. Ltd.

18.2.6.     Jet Airways (India) Limited 

18.2.7.     Air India Limited

18.2.8.     Indian Hotels Company Limited 

18.2.9.     Cox & Kings Ltd.

18.2.10.     Travel Corporation (India) Ltd.

18.2.11.     Thomas Cook (India) Ltd.

18.2.12.     Fairfax India Holdings Corporation

19.    Strategic Recommendations

Figures and Tables

List of Figures

Figure 1: Frequency of People Travelling, By Income Group, 2016 (Base=100)

Figure 2: Frequency of People Travelling, By Age Group, 2016 (Base=100)

Figure 3: Percentage of People Travelling, By Age Group, 2016 (Base=100)

Figure 4: Frequency of People Travelling, By Gender, 2016 (Base=100)

Figure 5: Percentage of People Travelling, By Income Group, 2016 (Base=100)

Figure 6: Brand Awareness Level, By Company, 2016 (Base=100)

Figure 7: Brand Preference Level, By Company, 2016 (Base=100)

Figure 8: India Travel & Tourism Market Major Challenges/Customer Pain Points (Base=100)

Figure 9: India Travel & Tourism Market Size, By Value (USD Billion), By Volume (Million Tourist), 2013-2023F

Figure 10: India Travel & Tourism Market Share, By Product/Service Offering, By Value, 2017 & 2023F

Figure 11: India Travel & Tourism Market Share, By Type, By Volume, 2013-2023F

Figure 12: India National Departures, 2011-2016 (Million)

Figure 13: India Foreign Tourist Arrivals, 2011-2016 (Million)

Figure 14: India Travel & Tourism Market Share, By Purpose of Visit, By Value, 2013-2023F

Figure 15: India Travel & Tourism Market Share, By Tourist Profile, By Volume, 2013-2023F

Figure 16: India Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2013-2023F

Figure 17: India Travel & Tourism Market Share, By Region, By Volume, 2013-2023F

Figure 18: North India Travel & Tourism Market Share, By Tourist Profile, By Volume, 2017

Figure 19: North India Travel & Tourism Market Share, By Tourist Profile, By Volume, 2023F

Figure 20: North India Travel & Tourism Market Share, By Purpose of Visit, By Value, 2017

Figure 21: North India Travel & Tourism Market Share, By Purpose of Visit, By Value, 2023F

Figure 22: North India Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2017

Figure 23: North India Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2023F

Figure 24: North India Travel & Tourism Market Share, By Urban Vs Rural Tourism, By Value, 2017

Figure 25: North India Travel & Tourism Market Share, By Urban Vs Rural Tourism, By Value, 2023F

Figure 26: North India Travel & Tourism Market Share, By Leading City, By Volume, 2017

Figure 27: North India Travel & Tourism Market Share, By Leading City, By Volume, 2023F

Figure 28: South India Travel & Tourism Market Share, By Tourist Profile, By Volume, 2017

Figure 29: South India Travel & Tourism Market Share, By Tourist Profile, By Volume, 2023F

Figure 30: South India Travel & Tourism Market Share, By Purpose of Visit, By Value, 2017

Figure 31: South India Travel & Tourism Market Share, By Purpose of Visit, By Value, 2023F

Figure 32: South India Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2017

Figure 33: South India Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2023F

Figure 34: South India Travel & Tourism Market Share, By Urban Vs Rural Tourism, By Value, 2017

Figure 35: South India Travel & Tourism Market Share, By Urban Vs Rural Tourism, By Value, 2023F

Figure 36: South India Travel & Tourism Market Share, By Leading City, By Volume, 2017

Figure 37: South India Travel & Tourism Market Share, By Leading City, By Volume, 2023F

Figure 38: West India Travel & Tourism Market Share, By Tourist Profile, By Volume, 2017

Figure 39: West India Travel & Tourism Market Share, By Tourist Profile, By Volume, 2023F

Figure 40: West India Travel & Tourism Market Share, By Purpose of Visit, By Value, 2017

Figure 41: West India Travel & Tourism Market Share, By Purpose of Visit, By Value, 2023F

Figure 42: West India Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2017

Figure 43: West India Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2023F

Figure 44: West India Travel & Tourism Market Share, By Urban Vs Rural Tourism, By Value, 2017

Figure 45: West India Travel & Tourism Market Share, By Urban Vs Rural Tourism, By Value, 2023F

Figure 46: West India Travel & Tourism Market Share, By Leading City, By Volume, 2017

Figure 47: West India Travel & Tourism Market Share, By Leading City, By Volume, 2023F

Figure 48: East India Travel & Tourism Market Share, By Tourist Profile, By Volume, 2017

Figure 49: East India Travel & Tourism Market Share, By Tourist Profile, By Volume, 2023F

Figure 50: East India Travel & Tourism Market Share, By Purpose of Visit, By Value, 2017

Figure 51: East India Travel & Tourism Market Share, By Purpose of Visit, By Value, 2023F

Figure 52: East India Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2017

Figure 53: East India Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2023F

Figure 54: East India Travel & Tourism Market Share, By Urban Vs Rural Tourism, By Value, 2017

Figure 55: East India Travel & Tourism Market Share, By Urban Vs Rural Tourism, By Value, 2023F

Figure 56: East India Travel & Tourism Market Share, By Leading City, By Volume, 2017

Figure 57: East India Travel & Tourism Market Share, By Leading City, By Volume, 2023F

Figure 58: India Travel & Tourism Market Attractiveness Index, By Type, By Volume, 2018E-2023F

Figure 59: India Travel & Tourism Market Attractiveness Index, By Purpose of Visit, By Value, 2018E-2023F

Figure 60: India Travel & Tourism Market Attractiveness Index, By Region, By Volume, 2018E-2023F

Figure 61: India Leisure & Recreation Travel & Tourism Market Size, By Value (USD Billion), By Volume (Million Tourist), 2013-2023F

Figure 62: India Leisure & Recreation Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2013-2023F

Figure 63: India Leisure & Recreation Travel & Tourism Market Share, By Type, By Volume, 2013-2023F

Figure 64: India Leisure & Recreation Travel & Tourism Market Share, By Tourist Profile, By Volume, 2013-2023F

Figure 65: India Religious Travel & Tourism Market Size, By Value (USD Billion), By Volume (Million Tourist), 2013-2023F

Figure 66: India Religious Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2013-2023F

Figure 67: India Religious Travel & Tourism Market Share, By Type, By Volume, 2013-2023F

Figure 68: India Religious Travel & Tourism Market Share, By Tourist Profile, By Volume, 2013-2023F

Figure 69: India Business Travel & Tourism Market Size, By Value (USD Billion), By Volume (Million Tourist), 2013-2023F

Figure 70: India Business Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2013-2023F

Figure 71: India Business Travel & Tourism Market Share, By Type, By Volume, 2013-2023F

Figure 72: India Business Travel & Tourism Market Share, By Tourist Profile, By Volume, 2013-2023F

Figure 73: India Social Travel & Tourism Market Size, By Value (USD Billion), By Volume (Million Tourist), 2013-2023F

Figure 74: India Social Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2013-2023F

Figure 75: India Social Travel & Tourism Market Share, By Type, By Volume, 2013-2023F

Figure 76: India Social Travel & Tourism Market Share, By Tourist Profile, By Volume, 2013-2023F

Figure 77: India Medical Travel & Tourism Market Size, By Value (USD Billion), By Volume (Million Tourist), 2013-2023F

Figure 78: India Medical Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2013-2023F

Figure 79: India Medical Travel & Tourism Market Share, By Type, By Volume, 2013-2023F

Figure 80: India Medical Travel & Tourism Market Share, By Tourist Profile, By Volume, 2013-2023F

Figure 81: India Education Travel & Tourism Market Size, By Value (USD Billion), By Volume (Million Tourist), 2013-2023F

Figure 82: India Education Travel & Tourism Market Share, By Average Duration of Stay, By Value, 2013-2023F

Figure 83: India Education Travel & Tourism Market Share, By Type, By Volume, 2013-2023F

Figure 84: India Education Travel & Tourism Market Share, By Tourist Profile, By Volume, 2013-2023F

Figure 85: Indian National Domestic Expenditure on Tourism, 2008-2016E & 2025F (USD Billion)

Figure 86: Number of Middle Class Households in India, 2011, 2015 & 2025F (Million)

Figure 87: India GDP per Capita, 2012-2016 (USD Thousand)

Figure 88: India Government Spending on Tourism Sector, 2008-2015 & 2025F (USD Billion)

Figure 89: India Government Capital Investments in Tourism Sector, 2008-2015 & 2025F (USD Billion)

Figure 90: India Ayurvedic Products Market Size, By Value, 2011, 2015 & 2021F (USD Million)

Figure 91: India Tourist Arrival by E-Tourist Visa on Arrival Facility, From January to May 2015 & 2016

List of Tables

Table 1: Frequency of People Traveling, By Gender, By Age Group, 2018 (Base=100)

Table 2: Share of People Traveling in a Year, By Frequency, 2018 (Base=100)

Table 3: Brand Preference Level, By Age Group, By Approximate Annual Income (INR Lacs per Annum), 2018 (Base=100)

Table 4: India Travel & Tourism Market Product/Service Benchmarking, By Booking Medium, By Revenue Component, As of December 2017

Table 5: Percentage Share of Foreign Tourist Arrival in India, By Top Ten Countries, 2011-2016

Table 6: India Domestic Tourist Visit Share of Top Ten States/UTs, By Volume, 2016

Table 7: India Foreign Tourist Visit Share of Top Ten States/UTs, By Volume, 2016

Table 8: India Number of Government Approved Tour Operators, 2014 & 2015

Table 9: Infrastructure Development Plans Announced by Government of India, By State/UT,

As of March 2016

Table 10: India Internet Users (Million) & Internet Penetration (%), 2012-2016

Table 11: India Number of Smartphone Users, 2011-2017 (Million)

Table 12: Commissioned Rural Tourism Sites for Select States in India

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Southern India Continues to Dominate Travel & Tourism Market

Increasing foreign tourist footfall, robust medical infrastructure, rising government initiatives, and increasing trend towards recreational tourism to drive India travel & tourism market through 202

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India Business Travel Market: Prospects, Trends Analysis, Market Size and Forecasts up to 2025

• January 2020
• Region: India
• Infinium Global Research
• ID: 4988248
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India Travel & Tourism Market Value - By Travel Days (Within 7 Days, 7-15 Days, and More Than 15 Days), By Service Offering (Hotel Booking, Ticket Reservation, Holiday/Tour Packages, Travel Insurance, Foreign Exchange), By Type (Domestic, Inbound, and Outbound), By Purpose of Visit (Business, Leisure & Recreation, Education, Medical, Social Activity), By Tourist Profile (Indians and Foreign Nationals), By Industry Analysis, Size, Share & Forecast, 2023 – 2032

• ID: 482 |  
• Published date: June, 2023  |  
• Report Format: PDF

Recent update: Our research team is keeping a close eye on the potential impact of COVID-19 and other global crises on various industries worldwide, allowing us to stay ahead of the competition.

MVI Statistics and Viewpoints:

• India Travel & Tourism Market size exceeded USD 15.78 Billion in 2022. 
• The market is expected to showcase a CAGR of over 12.2% from 2023 to 2032. 
• By the end of the forecast period, the market is anticipated to reach a valuation of around USD 49.91 Billion.

The India travel & tourism industy is a vibrant and evolving industry, with key manufacturers contributing to its growth and diversification. As India's tourism sector continues to adapt to changing traveler preferences and market dynamics, it offers promising opportunities for both domestic and international tourists.

To get more info about this report - 

Market Overview:

The India Travel & Tourism Market is a dynamic and multifaceted sector that encompasses a wide spectrum of experiences and services within the travel industry. It represents the totality of activities and businesses involved in facilitating travel, exploration, and leisure experiences within the diverse and culturally rich landscape of India. This market is a significant contributor to the country's economy and plays a vital role in showcasing India's cultural heritage, natural beauty, and historical significance to the world. At its core, the Indian travel & tourism market comprises a diverse range of services, including transportation (airlines, railways, roadways), accommodation (hotels, resorts, homestays), tour operators, travel agencies, adventure tourism providers, cultural attractions, and more. It caters to a broad spectrum of travelers, from those seeking spiritual and wellness retreats to adventure enthusiasts, heritage explorers, and leisure tourists. As a vital contributor to India's GDP and employment, the travel & tourism market is poised for continuous growth, driven by factors such as government initiatives to promote tourism, the expansion of infrastructure, and the growing interest of both domestic and international travelers in exploring the myriad wonders of India. Additionally, emerging trends in sustainable and responsible tourism are reshaping the industry's future, positioning India as a compelling destination for travelers seeking authenticity and cultural immersion.

Growth Drivers:

• Cultural Heritage and a Wide Range of Attractions: India is well-known for its diverse attractions and rich cultural heritage. The country has a diverse range of experiences to offer, including UNESCO World Heritage Sites, ancient temples, palaces, wildlife sanctuaries, and scenic landscapes. These attractions' cultural and historical significance, combined with India's vibrant festivals and traditional arts, draws tourists from all over the world. The desire to explore and experience India's unique cultural heritage drives the travel and tourism market.  
• Online Travel Platforms and Growing Digital Influence: The growing internet penetration and the rise of online travel platforms have transformed the way people plan and book their vacations. Online travel platforms make information, booking options, and personalised travel experiences easily accessible. These platforms' convenience and transparency have encouraged more people to travel and explore destinations within India. The digital influence and availability of online travel services have both contributed significantly to the growth of the travel and tourism market.  
• Rising Disposable Incomes and a Growing Middle-Class Population: The middle-class population in India is rapidly growing, as are disposable incomes. This increase in purchasing power has resulted in an increase in domestic travel. Indian tourists are exploring different parts of the country, increasing demand for transportation, lodging, and other travel-related services. The growing middle-class segment provides a strong customer base for the travel and tourism industry, which helps it to grow.

Restraints:

• Limited Marketing and Awareness: Although India has a diverse range of attractions and experiences, limited awareness and marketing efforts limit the industry's potential. Due to insufficient promotional activities, a lack of brand positioning, or inadequate representation in travel itineraries, some regions and lesser-known destinations struggle to attract tourists. Effective domestic and international marketing campaigns are essential for highlighting India's diverse offerings and capturing the attention of potential tourists.

By Service Offering Synopsys:    

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The market is classified by service offering into ticket reservation, hotel booking, holiday/tour packages, travel insurance, foreign exchange, and others. Among these segments, the ticket reservation segment is expected to hold the largest share of the India Travel & Tourism Market during the study period. The ticket reservation segment deals with the purchase of transportation tickets such as flights, trains, buses, and cruises. Travellers can now easily search for available options, compare prices, and make reservations using online booking platforms. The segment is being driven by the increasing adoption of digital platforms that provide convenience and flexibility when booking transport tickets. In India, online travel agencies and airline websites are popular channels for making ticket reservations.

By Purpose of Visit Synopsys:    

The India Travel & Tourism Market is segmented by purpose of visit into business, leisure & recreation, education, medical, social activity and others. Among these segments, the leisure & recreation segment is estimated to hold the largest share of the India Travel & Tourism Industry  during the forecast period. Leisure and recreation travellers participate in tourism activities for relaxation, entertainment, and personal enjoyment. Individuals and families taking vacations, visiting tourist attractions, participating in recreational activities, and exploring new destinations are included in this segment. Leisure travellers increase demand for lodging, transportation, dining, and entertainment services. The desire for leisure and recreational experiences, cultural exploration, and vacation getaways drives this segment.

Top Companies Includes In The India Travel & Tourism Market:

• MakeMyTrip (India) Private Limited
• Yatra Online Private Limited, India, 
• Cleartrip Pvt. Ltd.,
• Indian Railway Catering and Tourism Corporation Ltd.
• Thomas Cook (India) Ltd. 
• Travel Corporation (India) Ltd.
• SOTC Travel Services Pvt. Ltd.
• Air India Limite
• Mahindra Holidays and Resorts India Limited (MHRIL)
• Jet Airways (India) Limited, Cox & Kings Ltd.
• Indian Hotels Company Limited (IHCL)

In-depth analysis of India Travel & Tourism Market along with industry coverage and forecasting for the following segments:

Market size, by travel days.

• Within 7 Days
• More Than 15 Days

Market Size, By Service Offering

• Ticket Reservation
• Hotel Booking
• Holiday/Tour Packages
• Travel Insurance
• Foreign Exchange

Market Size, By Type

Market size, by purpose of visit.

• Leisure & Recreation
• Social Activity

Market Size, By Tourist Profile

• Foreign Nationals

Frequently Asked Questions (FAQ):

The market size of Indian travel & tourism was surpassed USD 15.78 Billion in 2022 and is poised to record a valuation of around USD 49.91 Billion by 2032.

The market is predicted to attain 12.2% growth rate from 2023 to 2032.

MakeMyTrip (India) Private Limited, Yatra Online Private Limited, Cleartrip Pvt. Ltd., Indian Railway Catering and Tourism Corporation Ltd., Thomas Cook (India) Ltd., Travel Corporation (India) Ltd., SOTC Travel Services Pvt. Ltd., Air India Limited, Mahindra Holidays and Resorts India Limited (MHRIL), Jet Airways (India) Limited, Cox & Kings Ltd., Indian Hotels Company Limited (IHCL) and others are the key manufacturers in the travel & tourism industry.

Publisher: Market Value Insights

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India has emerged as the largest source market for outbound travelers in Asia in 2022, surpassing China, South Korea, and Japan. The latest report published at ITB Berlin 2024 indicates an impressive year-on-year rise of 190% for Indian outbound travelers, a sharp recovery from the depths of the COVID-19 pandemic.

Dubai, the United States, Thailand, Saudi Arabia, and Singapore remain the top destinations for Indian travelers, with predictions for continued interest in going abroad. As of May 2023, India became the second-largest international source of tourist arrivals in the U.S. Total expenditure by Indian tourists in the U.S. stood at approximately $13 billion in 2022.

According to the State of the Travel Industry fact sheet issued by the U.S. Travel Association (USTA), travel accounted for $1.2 trillion in direct spending in 2022, creating an economic footprint of $2.6 trillion. In 2022, travel supported nearly 15 million American workers and directly employed 8 million.

Overall economic growth, the large and increasingly affluent middle class, increasing amounts of disposable income and the increased availability of air transportation have driven an increase in outbound international travel from India. Additional interest in niche tourism sectors such as medical, wellness, and adventure tourism has also contributed to growth. With an increasing number of students choosing the United States as their study destination, direct and indirect destination tourism in the form of student and family travel is a segment that is also expected to see growth.

The USFCS team in India has also noted an increase in demand among Indian travelers for unique experiences when they visit the United States. Many travel agents indicate that their clients have already visited the best-known attractions in the United States and now seek new experiences when visiting the country. These include shopping, sightseeing, national parks, art galleries/museums, fine dining, small towns, and historical locations, adventure, visiting friends and family, shopping, food, and cuisine, and connecting with nature.

Indian Travel and Tourism Sector

Data Sources: World Travel and Tourism Council; The Indian Ministry of Tourism; India Brand Equity Foundation and USDOC National Travel and Tourism Office.

Recognizing the immense potential of outbound travel from India, more than 70 National Tourist Organizations (NTOs) from around the world have set up local offices in India and are aggressively marketing their destinations.

The U.S. Department of Commerce has developed the National Travel and Tourism Strategy which focuses on U.S. government efforts to promote the United States as a premier travel destination and to foster a travel and tourism sector that drives economic growth, creates good jobs, and bolsters conservation and sustainability. The National Travel and Tourism Strategy identifies inbound travel as an economic priority and sets a national goal of welcoming 90 million international visitors by 2027.

Leading Subsectors

Meetings, Incentives, Conferences and Exhibitions (MICE): India is poised to become the world’s fastest growing source of MICE tourism, exceeding $45 billion by 2025. It is already the largest source for Dubai and Singapore.

MICE groups are considered high spenders as travel and on-ground arrangements are most often paid for by employers. Such groups mostly use high-end hotels with an average group size consisting of 30-700 pax. Typically, itineraries consist of 2-3 destinations spread across 6-7 days, with outdoor activities, soft adventure activities, gala evenings, and shopping trips.

The most popular destinations in the U.S. for MICE tourism are Los Angeles, San Francisco, Las Vegas, New York, Washington DC, Niagara Falls, Miami, and Orlando.

Recognizing the immense potential in MICE travel, the U.S. Commercial Service is prioritizing the promotion of the United States as a top destination. However, in India MICE travel to the United States is perceived to be difficult due to visa requirements, travel costs, and distance versus destinations in Asia, Europe, or the Middle East. To counter these perceptions and to stimulate interest in the United States as a top choice for MICE groups, the U.S. Commercial Service, Brand USA, destination representatives, and hotel and airline representatives have made a concerted effort to provide accurate information to Indian travel agents and corporate travel planners.

Opportunities

The U.S. Commercial Service works closely with BrandUSA to promote travel and tourism from India to the United States. The team is actively involved in organizing virtual and in-person events as the sector recovers from the pandemic. U.S. destinations interested in participating in the programs should contact BrandUSA .

The U.S. Embassy and Consulates have taken several steps to streamline the visa application process for Indian travelers. Initiatives such as the Interview Waiver Program and the Global Entry Program have been implemented to facilitate smoother travel for eligible individuals. In addition, there are currently over 3 million Indians who have a valid 10-year U.S. visa and constitute a major share of repeat travelers.

Media outlets across India publish content about U.S. destinations on an ongoing basis. Airline magazines, travel magazines and newspapers, and online media outlets include industry-focused as well as consumer-facing content in their publications.

The U.S. Commercial Service can provide advice and assistance to U.S. destination representatives, tour operators, and other industry stakeholders on the tourism media ecosphere in India to maximize exposure and facilitate communication with specific publications.

India presents a significant market opportunity for U.S. travel and tourism destinations, and there is much that U.S. destination marketing organizations can do to gain market share and become the destination of choice for Indian travelers. Considering increased competition from tourism promotion organizations around the world, U.S. destinations, attractions, service providers, and tourism marketing organizations should include India in their marketing and outreach strategies.

For more information about current travel trends in India, please visit Travel and Tourism Market Intelligence Report: India and contact U.S. & Foreign Commercial Service Commercial Specialist Ruma Chatterjee .

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Business Travel Market

Global Business Travel Market Size, Share, Trends, Forecast: By Service: Transportation, Food and Lodging, Recreation; By Industry: Government, Corporate, Others; By Traveller: Group, Solo, Others; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Regional Analysis; Competitive Landscape; 2024-2032

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Global Business Travel Market Outlook

The global business travel market size reached a value of approximately USD 915.57 billion in 2023. The market is further projected to grow at a CAGR of 12% between 2024 and 2032, reaching a value of USD 2,538.94 billion by 2032.

Key Trends in the Market

Business travel refers to travelling activities undertaken for business- or work-related purposes. The various types of business travel include travelling to different locations to meet business partners and suppliers, travelling to a different branch of the company, or travelling for business and conference events.

• Increasing popularity of bleisure travel is a key trend propelling the growth of the global business travel market. The business travelling demographic often engages in leisure activities and participates in sight seeing. Engaging in such activities improves work efficiency and relieves stress and also provides travellers novel experience and opportunities to explore new destinations.
• Rising developments in travel and tourism sector and increasing presence of small and medium sized enterprises along with rapid globalisation have resulted in an increase in number of business travellers.
• Growing popularity of alternative accommodation facilities including Airbnb and home stays, among others due to unique customer experience, flexibility, and cost savings offered by them is further aiding the global business travel market expansion.

Market Analysis

On the basis of service, the market is divided into transportation, food and lodging, and recreation. Based on industry, the market is segregated into government and corporate, among others. By traveller, the market is classified into group and solo, among others. On the basis of region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global business travel market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Airbnb Inc.
• GBT Travel Services UK Limited
• Booking Holdings Inc.
• CWT Global B.V.
• Corporate Travel Management Limited
• Expedia Group, Inc.
• Fareportal, Inc.
• Flight Centre Travel Group Ltd.

Market Share by Service

The food and lodging segment is expected to witness significant growth over the forecast period. This growth can be attributed to the increasing availability of affordable hotel and guest houses and growing popularity of online booking. Increasing demand for hygienic food and convenient lodgings and increasing penetration of Airbnb and home stays is further aiding the segment growth. The business travel market expansion is further being aided by the increasing frequency of domestic and international business trips for attending conferences and meeting clients, among others.

Market Share by Region

The Asia Pacific is anticipated to account for a significant portion of the market in the coming years. This is due to the increasing government initiatives and policies to attract foreign investments, rapid infrastructural development, and availability of various sources such as skilled workforce to support business development. Increasing awareness about the various advantages associated with business travel such as exposure to newer environments and work culture and development of decision making and leadership skills is further aiding the business travel market growth in the region.

Competitive Landscape

Airbnb, Inc. was founded in 2007 and is based in California, United States. The company operates an online marketplace for long- and short-term homestays. Their unique experiences enable guests to connect with communities in an authentic manner.

BCD Group is a global corporate travel management company that was founded in 1975 and is headquartered in Utrecht, Netherlands. The company is known for providing support, advice, and travel services, including off-airport parking.

Expedia Group, Inc. is a technology, information, and internet company that was established in 1996 and is headquartered in Washington, United States. Their specialities include hospitality, travel, airfare, and business development, among others.

Other market players include GBT Travel Services UK Limited, Booking Holdings Inc., CWT Global B.V., Corporate Travel Management Limited, Fareportal, Inc., Flight Centre Travel Group Ltd., and Wexas Ltd., among others.

Key Highlights of the Report

*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     6.1    Global     6.2    Regional 7    Opportunities and Challenges in the Market 8    Global Business Travel Market Analysis     8.1    Key Industry Highlights     8.2    Global Business Travel Historical Market (2018-2023)      8.3    Global Business Travel Market Forecast (2024-2032)     8.4    Global Business Travel Market by Service         8.4.1    Transportation             8.4.1.1    Historical Trend (2018-2023)             8.4.1.2    Forecast Trend (2024-2032)         8.4.2    Food and Lodging             8.4.2.1    Historical Trend (2018-2023)             8.4.2.2    Forecast Trend (2024-2032)         8.4.3    Recreation             8.4.3.1    Historical Trend (2018-2023)             8.4.3.2    Forecast Trend (2024-2032)     8.5    Global Business Travel Market by Industry         8.5.1    Government             8.5.1.1    Historical Trend (2018-2023)             8.5.1.2    Forecast Trend (2024-2032)         8.5.2    Corporate             8.5.2.1    Historical Trend (2018-2023)             8.5.2.2    Forecast Trend (2024-2032)         8.5.3    Others       8.6    Global Business Travel Market by Traveller         8.6.1    Group             8.6.1.1    Historical Trend (2018-2023)             8.6.1.2    Forecast Trend (2024-2032)         8.6.2    Solo             8.6.2.1    Historical Trend (2018-2023)             8.6.2.2    Forecast Trend (2024-2032)         8.6.3    Others       8.7    Global Business Travel Market by Region         8.7.1    North America             8.7.1.1    Historical Trend (2018-2023)              8.7.1.2    Forecast Trend (2024-2032)         8.7.2    Europe             8.7.2.1    Historical Trend (2018-2023)              8.7.2.2    Forecast Trend (2024-2032)         8.7.3    Asia Pacific             8.7.3.1    Historical Trend (2018-2023)              8.7.3.2    Forecast Trend (2024-2032)         8.7.4    Latin America             8.7.4.1    Historical Trend (2018-2023)              8.7.4.2    Forecast Trend (2024-2032)         8.7.5    Middle East and Africa             8.7.5.1    Historical Trend (2018-2023)              8.7.5.2    Forecast Trend (2024-2032) 9    North America Business Travel Market Analysis     9.1    United States of America          9.1.1    Historical Trend (2018-2023)          9.1.2    Forecast Trend (2024-2032)     9.2    Canada         9.2.1    Historical Trend (2018-2023)          9.2.2    Forecast Trend (2024-2032) 10    Europe Business Travel Market Analysis     10.1    United Kingdom         10.1.1    Historical Trend (2018-2023)          10.1.2    Forecast Trend (2024-2032)     10.2    Germany         10.2.1    Historical Trend (2018-2023)          10.2.2    Forecast Trend (2024-2032)     10.3    France         10.3.1    Historical Trend (2018-2023)          10.3.2    Forecast Trend (2024-2032)     10.4    Italy         10.4.1    Historical Trend (2018-2023)          10.4.2    Forecast Trend (2024-2032)     10.5    Others 11    Asia Pacific Business Travel Market Analysis     11.1    China         11.1.1    Historical Trend (2018-2023)          11.1.2    Forecast Trend (2024-2032)     11.2    Japan         11.2.1    Historical Trend (2018-2023)          11.2.2    Forecast Trend (2024-2032)     11.3    India         11.3.1    Historical Trend (2018-2023)          11.3.2    Forecast Trend (2024-2032)     11.4    ASEAN         11.4.1    Historical Trend (2018-2023)          11.4.2    Forecast Trend (2024-2032)     11.5    Australia         11.5.1    Historical Trend (2018-2023)          11.5.2    Forecast Trend (2024-2032)     11.6    Others 12    Latin America Business Travel Market Analysis     12.1    Brazil         12.1.1    Historical Trend (2018-2023)          12.1.2    Forecast Trend (2024-2032)     12.2    Argentina         12.2.1    Historical Trend (2018-2023)          12.2.2    Forecast Trend (2024-2032)     12.3    Mexico         12.3.1    Historical Trend (2018-2023)          12.3.2    Forecast Trend (2024-2032)     12.4    Others 13    Middle East and Africa Business Travel Market Analysis     13.1    Saudi Arabia         13.1.1    Historical Trend (2018-2023)          13.1.2    Forecast Trend (2024-2032)     13.2    United Arab Emirates         13.2.1    Historical Trend (2018-2023)          13.2.2    Forecast Trend (2024-2032)     13.3    Nigeria         13.3.1    Historical Trend (2018-2023)          13.3.2    Forecast Trend (2024-2032)     13.4    South Africa         13.4.1    Historical Trend (2018-2023)          13.4.2    Forecast Trend (2024-2032)     13.5    Others 14    Market Dynamics     14.1    SWOT Analysis         14.1.1    Strengths         14.1.2    Weaknesses         14.1.3    Opportunities         14.1.4    Threats     14.2    Porter’s Five Forces Analysis           14.2.1    Supplier’s Power         14.2.2    Buyer’s Power         14.2.3    Threat of New Entrants         14.2.4    Degree of Rivalry         14.2.5    Threat of Substitutes     14.3    Key Indicators for Demand     14.4    Key Indicators for Price   15    Competitive Landscape     15.1    Market Structure     15.2    Company Profiles         15.2.1    Airbnb Inc.             15.2.1.1    Company Overview             15.2.1.2    Product Portfolio             15.2.1.3    Demographic Reach and Achievements             15.2.1.4    Certifications         15.2.2    GBT Travel Services UK Limited             15.2.2.1    Company Overview             15.2.2.2    Product Portfolio             15.2.2.3    Demographic Reach and Achievements             15.2.2.4    Certifications         15.2.3    BCD Group             15.2.3.1    Company Overview             15.2.3.2    Product Portfolio             15.2.3.3    Demographic Reach and Achievements             15.2.3.4    Certifications         15.2.4    Booking Holdings Inc.             15.2.4.1    Company Overview             15.2.4.2    Product Portfolio             15.2.4.3    Demographic Reach and Achievements             15.2.4.4    Certifications         15.2.5    CWT Global B.V.             15.2.5.1    Company Overview             15.2.5.2    Product Portfolio             15.2.5.3    Demographic Reach and Achievements             15.2.5.4    Certifications         15.2.6    Corporate Travel Management Limited             15.2.6.1    Company Overview             15.2.6.2    Product Portfolio             15.2.6.3    Demographic Reach and Achievements             15.2.6.4    Certifications         15.2.7    Expedia Group, Inc.             15.2.7.1    Company Overview             15.2.7.2    Product Portfolio             15.2.7.3    Demographic Reach and Achievements             15.2.7.4    Certifications         15.2.8    Fareportal, Inc.             15.2.8.1    Company Overview             15.2.8.2    Product Portfolio             15.2.8.3    Demographic Reach and Achievements             15.2.8.4    Certifications         15.2.9    Flight Centre Travel Group Ltd.             15.2.9.1    Company Overview             15.2.9.2    Product Portfolio             15.2.9.3    Demographic Reach and Achievements             15.2.9.4    Certifications         15.2.10    Wexas Ltd.             15.2.10.1    Company Overview             15.2.10.2    Product Portfolio             15.2.10.3    Demographic Reach and Achievements             15.2.10.4    Certifications         15.2.11    Others   16    Key Trends and Developments in the Market

List of Key Figures and Tables

1.    Global Business Travel Market: Key Industry Highlights, 2018 and 2032  2.    Global Business Travel Historical Market: Breakup by Service (USD Billion), 2018-2023 3.    Global Business Travel Market Forecast: Breakup by Service (USD Billion), 2024-2032 4.    Global Business Travel Historical Market: Breakup by Industry (USD Billion), 2018-2023 5.    Global Business Travel Market Forecast: Breakup by Industry (USD Billion), 2024-2032 6.    Global Business Travel Historical Market: Breakup by Traveler Type (USD Billion), 2018-2023 7.    Global Business Travel Market Forecast: Breakup by Traveler Type (USD Billion), 2024-2032 8.    Global Business Travel Historical Market: Breakup by Region (USD Billion), 2018-2023 9.    Global Business Travel Market Forecast: Breakup by Region (USD Billion), 2024-2032 10.    North America Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 11.    North America Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 12.    Europe Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 13.    Europe Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 14.    Asia Pacific Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 15.    Asia Pacific Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 16.    Latin America Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 17.    Latin America Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 18.    Middle East and Africa Business Travel Historical Market: Breakup by Country (USD Billion), 2018-2023 19.    Middle East and Africa Business Travel Market Forecast: Breakup by Country (USD Billion), 2024-2032 20.    Global Business Travel Market Structure

What was the global business travel market size in 2023?

The market reached a value of approximately USD 915.57 billion in 2023.

What is the growth rate of the business travel market?

The market is projected to grow at a CAGR of 12% between 2024 and 2032.

What is the forecast outlook of the business travel market for 2024-2032?

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2,538.94 billion by 2032.

What are the major market drivers?

The major market drivers include growing requirement for business travel for brand and product promotion and rising adoption of green transportation and sustainable accommodations.

What are the key trends of the market?

The key trends fuelling the growth of the market include increasing popularity of bleisure travel, development of the travel and tourism sector, and growing popularity of Airbnb and home stays.

What are the major regions in the market for business travel, according to the EMR report?

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

What are the various services available in the market?

The various services available in the market include transportation, food and lodging, and recreation.

Who are the key market players, according to the report?

The key players in the business travel market are Airbnb Inc., GBT Travel Services UK Limited, BCD Group, Booking Holdings Inc., CWT Global B.V., Corporate Travel Management Limited, Expedia Group, Inc., Fareportal, Inc., Flight Centre Travel Group Ltd., and Wexas Ltd., among others.

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Business Travel Market Report

Business travel market report by type (managed business travel, unmanaged business travel), purpose type (marketing, internal meetings, trade shows, product launch, and others), expenditure (travel fare, lodging, dining, and others), age group (travelers below 40 years, travelers above 40 years), service type (transportation, food and lodging, recreational activities, and others), travel type (group travel, solo travel), end-user (government, corporate, and others), and region 2024-2032.

• Report Description
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Business Travel Market Size:

The global business travel market size reached US$ 1.1 Trillion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1.9 Trillion by 2032, exhibiting a growth rate (CAGR) of 6.6% during 2024-2032.  Increasing globalization of businesses, advancements in technology facilitating remote communication, the rise of multinational corporations necessitating cross-border travel, the growing importance of emerging markets, evolution of travel management solutions, adoption of flexible work arrangements, and government initiatives promoting tourism are factors some of the factors facilitating the business travel market growth.

Business Travel Market Analysis:

• Major Market Drivers:  The key drivers propelling the global business travel market include the need for more face-to-face interactions due to the expansion of multinational corporations to form beneficial international partnerships. Moreover, globalization has increased the need for greater cross-border cooperation, thereby increasing travel demand, which is further supporting the market growth. Apart from this, technological innovations in reservations and itinerary management are enhancing accessibility and convenience, contributing to a positive business travel market outlook. The surge in international economic summits and trade deals makes the need for international travel mandatory, which is further accelerating the market growth. In line with this, the development of travel-friendly policies by countries seeking to increase economic activity through business tourism is another factor supporting the market growth.
• Key Market Trends:  The business travel market has been characterized by several trends in recent years, such as many freelance specialists and employees have begun to prefer leisure travel. This term involves trading and recreational activities, when possible, to combine business trips with tourism. In line with this, the use of artificial intelligence (AI) and machine learning (ML) to create perfect itineraries while also boosting customer service is providing a thrust to the business travel market share. Furthermore, the need for more environmentally and budget-friendly travel and development of mobile technology and app- based options are providing an impetus to the market growth. Apart from this, there is an increase in the use of shared economy services like Airbnb for more authentic travel experiences, which is another growth-inducing factor for the business travel demand. 
• Geographical Trends:  At present, the United States is the leader in the global business travel market. The position of the American market is driven by a developed corporate segment, strong international trade relations, and significant investments in MICE events. Moreover, the headquarters of many transnational companies is located in the U.S., which also affects high domestic and long-haul commuter traffic, which is further positively driving the revenue. Asia-Pacific is a dynamically developing region where China and India are the major rapidly growing markets. These countries have dynamically developing economies with expanding transnational corporations and the rise of the middle class. Europe is one of the leading markets.
• Competitive Landscape:  As per the business travel market recent developments, some of the key business travel market companies include Airbnb Inc., American Express Company, BCD Travel, Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group, Hogg Robinson Group, Travel Leaders Group LLC, Wexas Ltd., etc.
• Challenges and Opportunities:  The business travel market faces several challenges, including fluctuating economic conditions globally which can affect travel budgets. Additionally, security concerns, health risks such as pandemics, and geopolitical tensions also pose significant challenges to the continuity and safety of business travel. However, these challenges present opportunities for growth and innovation. There is a rising demand for more resilient and flexible travel arrangements that can adapt to changing circumstances. Advancements in technology offer the potential to enhance travel safety, streamline processes, and improve the overall traveler experience, making travel more efficient and appealing. The push towards sustainability also opens avenues for eco-friendly travel solutions, aligning with global environmental goals, which is further driving the business travel market revenue.

Business Travel Market Trends:

Rapid globalization of businesses

The prominent reason for the development of the global business travel market is the growing globalization of businesses. With the expansion of corporate activities internationally, there is an increased need for personal communication of business associates. Despite the availability of modern communication technologies facilitating remote communication, in-person meetings remain crucial for fostering trust relationships and gaining insights into new business environments. Additionally, executives and business managers travel to look for new business development possibilities, create networks, and manage activities across different geographical regions, which is providing a thrust to the business travel market overview. The increasing interdependence of the world economies leads businesses to take advantages of growing markets and abundant resources abroad, which is stimulating the market growth.

Surging Advancement in technology 

Technological advancements have significantly impacted the manner in which companies organize travel operations, reshaping the nature of the global business travel market. The implementation of more advanced communication tools, ranging from video conferencing to virtual collaborative platforms, has allowed companies to communicate with their clients, partners, and employees from any part of the world without traveling. Thus, it determined the movement toward the permanence of remote work and telecommuting, eliminating the necessity to arrange regular meetings and discussions with business partners to secure cooperation. In addition to this, the launch of travel management solutions, such as corporate booking systems, and programs that facilitate the monitoring of business travel expenditures, has made this process more efficient for businesses, which is further boosting the business travel market forecast.

Expansion of multinational corporations

The rapid expansion of multinational corporations is driving the global business travel market as companies expand their business operations and activities across borders to enter new markets, access new resources, and expand their talent pool, the need for executive mobility has surged significantly. Multinational corporations typically have regional headquarters, branch offices, and production plants spread among different countries, which necessitates mobility among corporate leadership and management. In addition, the outsourcing of business functions to foreign countries drives the demand for executive mobility in overseas markets. Apart from this, multinational corporations are involved in transnational mergers, acquisitions, joint ventures, and other strategic initiatives, which is fueling the business travel market recent opportunities.

Business Travel Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on type, purpose type, expenditure, age group, service type, travel type, and end-user.

Breakup by Type:

• Managed Business Travel
• Unmanaged Business Travel  

Managed business travel represents the leading market segment  

 The report has provided a detailed breakup and analysis of the market based on the type. This includes managed business travel and unmanaged business travel. According to the report, managed business travel represented the largest segment.

The managed business travel segment is driven by several key factors that shape its dynamics and growth trajectory. Firstly, the segment is driven by the increasing demand for comprehensive travel management solutions among businesses of all sizes. As companies expand their global footprint and seek to optimize their travel budgets, there is a growing need for professional services that can effectively manage all aspects of business travel, including booking, expense management, policy compliance, and traveler safety. Additionally, the segment is fueled by advancements in technology, particularly the emergence of sophisticated travel management platforms and software solutions that offer automation, customization, and real-time data analytics capabilities. These technologies enable businesses to streamline their travel processes, improve efficiency, and gain better visibility and control over their travel expenses. Moreover, the segment is propelled by the rising importance of duty of care obligations, as businesses prioritize the safety and well-being of their employees during travel. Managed travel service providers offer comprehensive risk management services, including traveler tracking, emergency assistance, and crisis management support, helping businesses fulfill their duty of care responsibilities and mitigate travel-related risks, which is further business travel market statistics.

Breakup by Purpose Type:

• Internal Meetings
• Trade Shows
• Product Launch
• Others  

  Marketing represents the leading market segment  

 The report has provided a detailed breakup and analysis of the market based on the purpose type. This includes marketing, internal meetings, trade shows, product launch, and others. According to the report, marketing represented the largest segment.

The marketing segment in the business travel market is driven by several key factors that shape its dynamics and growth trajectory. Firstly, the increasing emphasis on digital marketing strategies is a significant driver. As consumers increasingly rely on online channels for information and shopping, businesses are compelled to invest in digital marketing efforts to reach and engage their target audience effectively. This includes tactics such as search engine optimization (SEO), social media marketing, email marketing, and content marketing, which enable companies to enhance their online visibility, build brand awareness, and drive customer engagement and conversions. Moreover, the proliferation of mobile devices and the widespread adoption of mobile internet further underscore the importance of digital marketing, as businesses strive to optimize their strategies for mobile users and capitalize on the opportunities presented by the mobile-first consumer landscape. Furthermore, the growing significance of data-driven marketing is driving innovation and transformation within the marketing segment. With the advent of big data analytics and marketing automation technologies, businesses now have access to vast amounts of customer data and insights that can inform their marketing strategies and decision-making processes.

Breakup by Expenditure:

• Travel Fare

Travel fare represents the leading market segment  

 The report has provided a detailed breakup and analysis of the market based on the expenditure. This includes travel fare, lodging, dining, and others. According to the report, travel fare represented the largest segment.

The travel fare segment in business travel market is driven by several key factors that shape its dynamics and growth trajectory. Firstly, the increasing competition among airlines, hotels, and other travel service providers drives the need for competitive pricing strategies to attract customers. As a result, the travel fare segment is influenced by the constant pressure to offer competitive rates and discounts to remain relevant in the market. In line with this, the rising demand for budget travel options among cost-conscious consumers fuels the growth of the travel fare segment. With an increasing number of travelers seeking affordable travel options, airlines and other travel providers are compelled to offer discounted fares and promotional deals to cater to this segment of the market. Additionally, the advent of online travel agencies (OTAs) and price comparison websites has revolutionized the way consumers search for and book travel fares, further intensifying competition in the segment. These platforms provide travelers with easy access to a wide range of fare options, encouraging price transparency and fostering price-sensitive consumer behavior.

Breakup by Age Group:

• Travelers Below 40 Years
• Travelers Above 40 Years  

Travelers below 40 years represents the leading market segment  

 The report has provided a detailed breakup and analysis of the market based on the age group. This includes travelers below 40 years and travelers above 40 years. According to the report, travelers below 40 years represented the largest segment.

The segment of travelers below 40 years in business travel market is driven by several key factors. Firstly, the increasing emphasis on experiential travel and unique experiences motivates younger travelers to explore new destinations and immerse themselves in different cultures. This demographic seeks authenticity and adventure, driving demand for off-the-beaten-path destinations, adventure activities, and cultural experiences. Additionally, the rise of social media and the sharing economy influences the travel preferences of younger generations, as they seek Instagram-worthy moments and seek out unique accommodations and experiences that can be shared with their online networks. Furthermore, the growing importance of work-life balance among younger professionals drives the demand for leisure travel, as they prioritize taking time off to recharge and explore the world. Flexible work arrangements and remote work opportunities also enable younger travelers to combine work and travel, leading to the rise of digital nomadism and long-term travel experiences.

Breakup by Service Type:

• Transportation
• Food and Lodging
• Recreational Activities

Food and lodging represents the leading market segment  

 The report has provided a detailed breakup and analysis of the market based on the service type. This includes transportation, food and lodging, recreational activities, and others. According to the report, food and lodging represented the largest segment.

The food and lodging segment in business travel market is driven by the increasing demand for unique culinary experiences and accommodation options that cater to diverse consumer preferences. As travelers seek authentic and immersive dining experiences, the food segment is propelled by the rising interest in local cuisines, farm-to-table dining, and culinary tourism. This trend is further fueled by the growing awareness of health and wellness, as consumers prioritize fresh, organic, and sustainably sourced ingredients in their meals. Moreover, the emergence of food delivery services and mobile dining apps has revolutionized the way consumers access food, providing convenience and flexibility while driving the growth of the food segment. On the other hand, the lodging segment is driven by the increasing need for personalized and experiential accommodation choices that offer comfort, convenience, and value for money. With the rise of online booking platforms and peer-to-peer lodging services, consumers have access to a wide range of lodging options, including hotels, vacation rentals, hostels, and boutique accommodations. This has led to intense competition among lodging providers, prompting them to differentiate their offerings through unique amenities, personalized services, and immersive experiences.

Breakup by Travel Type:

• Group Travel
• Solo Travel  

Group travel represents the leading market segment  

 The report has provided a detailed breakup and analysis of the market based on the travel type. This includes group travel and solo travel. According to the report, group travel represented the largest segment.

The group travel segment is driven by several key factors that shape its dynamics and growth trajectory. Firstly, the corporate group travel segment is propelled by the increasing trend among businesses to organize team-building activities, conferences, and corporate retreats as part of their employee engagement and development initiatives. As companies recognize the importance of fostering a cohesive team culture and nurturing talent, they invest in group travel experiences to strengthen bonds among employees and enhance collaboration within teams. Moreover, corporate group travel serves as a platform for networking, knowledge sharing, and professional development, as employees have the opportunity to interact with colleagues from different departments and offices. Additionally, the leisure group travel segment is driven by the growing preference among travelers to explore destinations with family, friends, or like-minded individuals. With busy lifestyles and limited vacation time, travelers opt for group tours and packages offered by tour operators and travel agencies, which provide convenience, affordability, and a sense of security.

Breakup by End-User:

Corporate represents the leading market segment  

 The report has provided a detailed breakup and analysis of the market based on the end-user. This includes government, corporate, and others. According to the report, corporate represented the largest segment.

The corporate segment is driven by several key factors that shape its dynamics and growth trajectory. Firstly, the increasing globalization of businesses fuels demand within this segment as companies expand their operations across international borders, necessitating frequent corporate travel for face-to-face meetings, negotiations, and market exploration. Additionally, the evolution of technology plays a pivotal role in driving the corporate segment, with advancements enabling seamless communication and collaboration across geographies, thereby reducing the barriers to conducting business remotely. This has led to a shift towards virtual meetings and remote work, impacting the nature and frequency of corporate travel. Moreover, the rise of multinational corporations intensifies demand within the corporate segment, as these entities establish regional headquarters, branch offices, and production facilities in different countries, requiring executives and managers to travel for coordination, supervision, and strategic decision-making. Furthermore, the outsourcing of business functions to offshore locations contributes to the growth of the corporate segment, as companies engage in cross-border collaborations and oversee operations abroad.

Breakup by Region:

United States

• South Korea

United Kingdom

• Middle East and Africa  

Asia Pacific leads the market, accounting for the business travel market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific represents the largest regional market for business travel.

The Asia Pacific region is driven by the increasing globalization of businesses, as companies expand their operations across borders to tap into the region's diverse and rapidly growing markets. With Asia Pacific emerging as a key hub for trade and investment, the demand for business travel continues to rise, fueled by the need for face-to-face interactions and relationship-building activities. Additionally, advancements in technology play a significant role in shaping the region's business travel landscape, with businesses leveraging digital tools and platforms to enhance communication, collaboration, and productivity. As the region embraces digital transformation, remote work, and virtual meetings become more prevalent, influencing the patterns and frequency of business travel. Moreover, the rise of multinational corporations in the Asia Pacific region drives the demand for travel among executives and managers who need to oversee operations, establish partnerships, and explore new business opportunities across different countries. Furthermore, the growing importance of emerging markets such as China, India, and Southeast Asia as lucrative business destinations contributes to the expansion of the business travel market in the region, with companies seeking to capitalize on these opportunities for growth and expansion.

Competitive Landscape:

• The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the business travel industry include Airbnb Inc., American Express Company, BCD Travel, Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group, Hogg Robinson Group, Travel Leaders Group LLC, Wexas Ltd. etc. (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)  
• Key players in the business travel market are continuously innovating and adapting to meet the evolving needs and preferences of their clients. They are investing heavily in technology to enhance the efficiency and convenience of their services, developing user-friendly platforms and mobile applications that streamline the booking process, provide real-time updates, and offer personalized recommendations. Additionally, these players are expanding their global networks and partnerships to provide comprehensive travel solutions, including accommodation, transportation, and ancillary services, to cater to the diverse needs of business travelers. Moreover, they are focusing on sustainability initiatives, incorporating eco-friendly practices and offering carbon offset programs to address growing concerns about environmental impact. Furthermore, key players are prioritizing business travel market recent developments, customer experience, providing round-the-clock support, personalized assistance, and loyalty programs to enhance satisfaction and foster long-term relationships with clients. They are also leveraging data analytics and artificial intelligence to gain insights into traveler behavior, preferences, and trends, allowing them to anticipate needs, optimize offerings, and deliver targeted marketing campaigns.

Business Travel Market News:

• In November 2021: American Express Global Business Travel completed the acquisition of Egencia from the Expedia Group. As part of the deal, Expedia has become a shareholder in GBT and secured a ‘long-term agreement’ to provide accommodation content to GBT.
• In May 2020: Travel management platform Carlson Wagonlit Travel Inc. (CWT) announced its expanded integration with Concur Travel, an expense, invoice, and travel management solution company. The integration involves a phased roll-out through to the end of the year. Following the launch, CWT clients using Concur Travel will be able to have all hotel content from RoomIt.

Business Travel Market Report Scope:

Key benefits for stakeholders:.

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the business travel market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global business travel market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the business travel industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global business travel market was valued at US$ 1.1 Trillion in 2023.

We expect the global business travel market to exhibit a CAGR of 6.6% during 2024-2032.

The rising popularity of business travel for client meetings, brand and product promotions, employee training and incentives, etc., is primarily driving the global business travel market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary restrictions on intra- and inter-national travel activities, thereby negatively impacting the global market for business travel.

Based on the type, the global business travel market can be segmented into managed business travel and unmanaged business travel. Currently, unmanaged business travel exhibits a clear dominance in the market.

Based on the purpose type, the global business travel market has been bifurcated into marketing, internal meetings, trade shows, product launch, and others, where marketing currently holds the majority of the total market share.

Based on the expenditure, the global business travel market can be divided into travel fare, lodging, dining, and others. Among these, travel fare accounts for the largest market share.

Based on the age group, the global business travel market has been segregated into travelers below 40 years and travelers above 40 years. Currently, travelers below 40 years hold the majority of total the market share.

Based on the service type, the global business travel market can be categorized into transportation, food and lodging, recreational activities, and others, where food and lodging currently exhibits a clear dominance in the market.

Based on the travel type, the global business travel market has been segmented into group travel and solo travel. Currently, group travel accounts for the largest market share.

Based on the end-user, the global business travel market can be bifurcated into government, corporate, and others. Among these, corporate exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.

Some of the major players in the global business travel market include Airbnb Inc., American Express Company, BCD Travel, Booking Holdings Inc., Carlson Wagonlit Travel Inc., Expedia Group Inc., Fareportal Inc., Flight Centre Travel Group, Hogg Robinson Group, Travel Leaders Group LLC, Wexas Ltd., etc.

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India’s Travel Sector Has Recovered, But International Is Still a Pain Point

Bulbul Dhawan , Skift

July 4th, 2024 at 12:01 AM EDT

India is cementing its position as a significant source market for travel across the world. However, on its own turf, all is not well.

Bulbul Dhawan

India’s travel and tourism sector has recovered significantly, according to a new report from the World Travel and Tourism Council (WTTC), but international travel spend in India continues to remain below pre-Covid levels. 

The WTTC report revealed:

• The travel and tourism sector’s contribution to Indian GDP stood at INR 19.13 trillion ($230 billion) in 2023, nearly 10% increase over 2019 levels. 
• Employment in the industry increased 8% to 43 million. 
• Domestic tourist spending was INR 14.64 trillion ($175 billion) last year, up 15% from pre-Covid levels. 
• International visitor spending was over 14% behind the 2019 levels. 

Key Role of Domestic Tourism

Consulting firm McKinsey and Company had earlier projected that India will become the fourth-largest domestic travel market in terms of spending by 2030.

Online travel agency EaseMyTrip co-founder Rikant Pittie agreed with the WTTC report. He said, “Domestic travel and the tourism sector, in recent times, has become the backbone of India’s economic growth, especially with the government’s focus on promoting India as an equivalent to a global destination.”

According to recent data from aviation analytics firm OAG, India is now the third-largest domestic aviation market, after the U.S. and China. India’s domestic air passenger traffic in 2023-24 also surpassed pre-Covid levels , 

Earlier this year, Hyatt Hotels CEO Mark Hoplamazian also spoke about his company’s focus on India, specifically its domestic travelers. “The country’s leisure travel market is primarily driven by Indians traveling within India and discovering the country,” he said .

“The Indian market started seeing a rebound since the end of last year with the leisure hotel segment leading the way. Especially post Covid, India inbound became the buzzword. Indian travelers also started finding India more appealing due to the joint effect of increased marketing efforts and high international airfares,” said Arindam C Bahel, general manager of The Fern Brentwood Resort, Mussoorie. 

2024 Outlook for Tourism in India

According to the WTTC report, the tourism industry in India is projected to be ahead of 2019 by the end of this year across four metrics: Contribution to Indian economy, employment, domestic visitor spending, and international visitor spending.

It estimates that:

• The sector will contribute almost INR 21.15 trillion ($253 billion) to India’s GDP in 2024. 
• Jobs in the industry will increase by 2.45 million this year, equaling one in 11 jobs in India. 
• International visitor spending will grow more than 17%. 
• Domestic visitor spending will increase by nearly 10%.

There are risks to these projections, however: During the peak domestic travel period in summer, a record number of travelers left due to the heatwave in North India . The extreme weather condition also led to a nearly 40% decline in sale of inbound flights in May from April 2024.

Pain Points

Despite these strong projections from WTTC, Sarovar Hotels and Resorts managing director Ajay Bakaya has shared a different perspective. 

“2023 was a phenomenal year. Our domestic tourists went up everywhere we were operating. We have seen changes in 2024. We had a really good first quarter from January to March, and April witnessed reasonable growth. But we have some places that have seen a decline in May and June. It could be the elections, but the results were far below expectations and budgets,” he said, adding that he hopes for it to be a short-term blip. 

Bakaya also shared that while the overall tourism sector in India has been performing well, the picture is not so favorable for hill stations. “All across Uttarakhand and Himachal Pradesh, tourism this year has been below 2022 and 2023 levels. The reason is that our outbound travel is now healthier and stronger due to more options, easier visas, and more economical flights.” 

He believes that in the long-term hill stations will go back to pre-Covid levels of reasonable business, but won’t witness a booming business. Goa, he explained, is also not seeing the growth that it should as probably the top tourism destination in India. “So, the picture is very good and very positive, but it is not all hunky dory. We’ll have some challenges before we scale the peak,” he said. 

Meanwhile, international inbound is lagging. And India has slashed its global tourism promotion budget by 97% .

Bakaya said, “We’re all pinning our hopes on what happens starting October 2024 (the inbound tourism season in India), but so far we have seen very little inbound travel. It has been disappointing.”

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Business Travel Market Size, Share, Competitive Landscape and Trend Analysis Report by INDUSTRY, by SERVICE, by TRAVELER : Global Opportunity Analysis and Industry Forecast, 2022-2031

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Business Travel Market Research, 2031

The global business travel market size was valued at $689.7 billion in 2021, and is projected to reach $2.1 trillion by 2031, growing at a CAGR of 9.5% from 2022 to 2031.

The business travel market is segmented into INDUSTRY, SERVICE and TRAVELER.

Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, accommodation, business work, entertainment, and other activities. The global travel & tourism industry is one of the largest industries with a global economic contribution of more than $9000 billion, in 2019.

According to World Travel and Tourism Council (WTTC), the global travel & tourism sector contributed to around $5.8 trillion to the global GDP (Gross Domestic Product) in 2021. The business travel segment witnesses the highest growth rate in this industry, as employees working in multinational organizations are often required to travel across various countries for business purposes. In business tourism, destinations are commercial places, which are well-developed and suited for trade work. Travel & tourism includes leisure tourism, business tourism, medical tourism, and others. The factors that promote the growth of travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in accessibility of transport facilities, and surge in infrastructures, which in turn are expected to fuel the growth of the business travel market. Factors such as technological advancements have given rise to easy access to hotel & transport booking through online portals, which further boost market growth. Continuous development in the travel & tourism industry and integration of various segments such as hospitality & infrastructure with government initiatives accelerate the growth of global travel & tourism industry, which in turn supplements the growth of the business travel market.

Numerous companies operating in the global business travel market are trying to provide well-managed and cost-effective programs to the customers with the rise in demand for business travel management. The growth of the global business travel market is driven by the expansion of the travel & tourism industry, surge in government initiatives for the development of meetings, incentives, conferences, and events (MICE) segment & small and medium-sized enterprises (SMEs) sector and increase in globalization of businesses. However, surge in adoption of advanced technology such as video conferencing hampers the market growth, as it is cost-effective and less time-consuming as compared to travelling.

Market Dynamics

SMEs (small and medium-sized enterprises) play a crucial role in the development of the economy. These firms offer numerous job opportunities, and therefore they are one of the significant sectors that aid in reducing unemployment, even when large enterprises are downsizing. However, certain challenges such as weak linkage with external market and limited SME financing act as restraints in the growth of the SMEs.

To sustain the economy, governments have started taking numerous initiatives such as Udayami Helpline, Skill India, District-level Incubation and Accelerator Program in India, SME Industrial Clustering in China, and other countries to promote the growth of the SME segment. Moreover, in 2021, there were approximately 400 million SMEs across the globe that constitute 95% of the global business firms. The growth of the SMEs has significantly promoted the growth of the business travel market, as business travelers in this sector frequently travel to seek every small opportunity to expand their market size in this large industry.

Conversely, increase in infrastructural investment and rapid growth in the travel retail market are anticipated to provide lucrative opportunities for the business travel market. The outbreak of COVID-19 emerged as a major threat to the global travel & tourism industry that severely deteriorated the business travel industry. The pandemic led to cancellation of almost all the major business travel activities and MICE events across the globe.

Moreover, the wide spread penetration of online video conferencing platforms such as Zoom and Google Meet, due to travel restrictions is expected to compete with the players operating in the global business travel market in the future. The adoption of video conferencing platforms is serving the needs of many companies for meetings and conferences and is also adopted by them as a cost control measure as companies are avoiding the costly business travel expenses. In this way, COVID-19 has changed the competitive landscape of the global business travel market and is anticipated to have a long-term effect.

There are various technological advancements that emerged in the recent years and are being adopted by the business travel stakeholders. The popular technologies such as virtual reality, augmented reality, artificial intelligence, chat bots, voice search & voice control technology, and internet of things (IoT) are used by the players operating in the business travel market.

Voice search, chat bots are used in the websites to provide customers the convenience and ease of booking hotels and tickets. With the help of virtual reality, customers can take a 360 degree tour of the hotels, restaurants, and landscapes by sitting at the comfort of their home and decide whether to book a hotel or not. Moreover, robotics technology is also being used in hotels and restaurants. Robots can potentially be used in preparation of food and food services. Robots can be used in hotels for cleaning, luggage handling, and greeting guests that may help to attract customers. All these technologies are expected to drive the global business market in the upcoming future.

Public and private travel & tourism investment is necessary to support the ongoing growth of the sector. High investment is required to build structures and facilities to expand capacity and maintain & improve current infrastructure. However, some of the regions such as India, China, Saudi Arabia, and the UAE have witnessed a strong economic growth and notable development in business travel over the years. Thus, these countries focus on infrastructural development of roads, airports, and better hotels to cater to the demands of corporate and government travelers.

For example, Chinese government has increased its rail network to 132,000 km over the past decade. It also developed 5.9 km air route recently and has a total of 8.4 km air route network. The air passenger volume of China has now become the second largest across the globe. China has also invested heavily in developing high-speed rail system since 2008 and now China has around two-thirds of the global high-speed rail network. Therefore, rapid infrastructural development facilitates business and business tourism. These infrastructural developments has made China the leader in the business travel market.

The primary focus of every business is to achieve profit maximization at minimum cost. High investment often generates high revenue. However, economic uncertainty along with recession has degraded the consumption rate of the market, thereby declining the sales significantly. This has changed the pattern of investments for several companies, as they have started adopting cost-cutting strategies. However, business travel is an expensive affair, as it involves transportation such as flights & taxi, food & accommodation of the traveler, and the expense is significantly higher if it is an international trip.

This issue has been overcome with the help of technological advancements. Advancement such as online banking, phone calls, emails, and video conferences have made communication and transactions significantly cost-effective and easy in real time. Moreover, the emergence of real-time communication opportunity is encouraging companies to adopt several communication technologies such as video conferencing through online platforms such as Skype, FaceTime, Google Meet, and Zoom. Low cost and high effectiveness of such technology is acting as a major restraint for the business travel market growth.

Segment Overview

The global business travel market is segmented based on the service, industry, traveler, and region. Based on service, it is segmented into transportation, food & lodging, and recreation. Furthermore, the transportation segment is categorized into air, rail, and car. On the basis of industry, the business travel market is segmented into government and corporate. The business travel market, on the basis of traveler, is categorized into group and solo traveler. By region, the global business travel market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

According to the business travel market forecast, based on service, the food & lodging segment is expected to be the fastest-growing segment, growing at a CAGR of 9.8% during the forecast period. The food & lodging was also the dominating segment, garnering around 50.4% of the business travel market share in 2021. The growing penetration of hotel booking agents such as Airbnb and Oravel Stays, are fostering the growth of the food & lodging segment.

As per the business travel market analysis, based on the industry, the corporate segment was the dominating segment and is also forecasted to be the fastest-growing segment due to growth of business activities across the globe. The corporate segment accounted for around 65.9% market share in 2021 and is expected to witness growth at the highest CAGR of 9.8% during the forecast period.

Based on traveler, the group was the largest and the fastest-growing segment that garnered 59.9% market share in 2021 and is anticipated to grow at a significant CAGR of 9.9% in the upcoming future. The group segment is prospering as the cost involved in group tourism is lower. Further, the service providers offers discounted rates on accommodation and transportation for group travel.

Regional Analysis

Based on the region, the Asia-Pacific is the largest and the fastest-growing market for business travel due to rapidly growing infrastructure, favorable conditions for setting up businesses, and government policies for attracting foreign investments. Asia-Pacific accounted for 43.7% of the market in 2021 followed by North America and Europe that constituted 26.2% and 24.2% market share respectively in 2021. LAMEA is expected to show considerable growth due to growing business activities, growing government initiatives to attract FDIs (foreign direct investments), and continuous infrastructural development in the region.

Key Market Players

The players operating in the global business travel market have adopted various developmental strategies to expand their market share, explore the business travel market opportunities, and increase profitability in the market. The key players profiled in this report include American Express Company, BCD Group, CWT Global B.V., American Express Global Business Travel, Chase, Navan, Inc., TravelPerk S.L.U, Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Citi Bank N.A.

Some Examples of partnership in the market are:

• In August 2022, BCD Group (BCD Travel) extends partnership with FairFly to offer their APA solution to the entire global customer base. Through this, BCD Travel will leverage FairFly's technology and artificial intelligence to power their air price assurance (APA) solution.
• In July 2022, BCD Group (BCD Travel) partnered with Airbus, which is an aerospace products manufacturing company in order to service four European home markets namely, France, Germany, Spain and the UK.
• In December 2022, CWT Global B.V., expanded global partnership with Paramount Global, which is multinational media and entertainment conglomerate. Through this, it will manage Paramount's expanded travel business.

Some Examples of product launches in the market are:

• In July 2022, CWT Global B.V., announced to launch car rental and train booking capabilities to the mobile and web channels on its myCWT platform.

Some Examples of acquisitions in the market are:

• In February 2020, BCD Group (BCD Travel) acquired the Ventura Spa to extend its service such as corporate travel, meetings & events and travel consolidation services.
• In July 2022, Corporate Travel Management Limited acquired 1000 Mile Travel Group Ltd, in order to expand its interest in the business travel market through independent consultant model.
• In August 2020, Flight Centre Travel Group Limited acquired WhereTo, a San Francisco-based enterprise travel platform and technology company. This development done to include artificial intelligence technology so that it helps in recommending employees hotels, flights and ground transportation.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the business travel market analysis from 2021 to 2031 to identify the prevailing business travel market demand.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the business travel market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the business travel market statistics of the regional as well as global business travel market trends, key players, market segments, application areas, and market growth strategies.

  Business Travel Market Report Highlights

Analyst Review

The business travel industry has witnessed steady growth even under several turbulence such as global uncertainty, weakened global economy, terrorist attacks, world health issues, and others. This is attributed to the positive impact of business travel, which has a high return on investment, and further increases the interest of top-level management of business organizations across the world to invest heavily in this market.

According to the insights of the CXOs, Asia-Pacific region is expected to grow at a significant rate during the forecast period, owing to increase in government initiatives to carry out business activities conveniently. Moreover, economic development is a prime factor in business travel, as it plays a major role in managing relationships, investments, supply chains, and logistics, which further influences trade in the domestic & international markets. Rise in trend of online booking & fund transfer has increased the convenience and lowered the cost of travel expenses, thereby offering a pleasurable experience to the travelers.

• Travel Destinations
• Luxury Accommodations
• Travel Packages
• Travel Safety
• Luxury Travel Experiences
• Travel Planning
• Outdoor Activities

The global business travel market was valued at $689.7 billion in 2021, and is expected to reach $2,095.4 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031. Business travel is a division of regular tourism in which people travel for a business-oriented purpose. It includes transportation, accommodation, business work, entertainment, and other activities. The global travel & tourism industry is one of the largest industries with a global economic contribution of more than $9000 billion, in 2019.

The business travel market report is available on request on the website of Allied Market Research.

The forecast period considered in the global business travel market report is from 2022 to 2031. The report analyzes the market sizes from 2022 to 2031 along with the upcoming market trends and opportunities. The report also covers the key strategies adopted by the key players operating in the market.

The players operating in the global business travel market have adopted various developmental strategies to expand their market share, explore the business travel market opportunity, and increase profitability in the market. The key players profiled in this report include American Express Company, BCD Group, CWT Global B.V., American Express Global Business Travel, Chase, Navan, Inc., TravelPerk S.L.U, Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Citi Bank N.A.

The outbreak of COVID-19 disease resulted in the global shutdown of economic activities causing severe damage to the tourism industry. According to the Global Business Travel Association (GBTA), global business travel spending plummeted 52% in 2020 and the losses are 10 times larger than the Great Recession of 2008. Business travel spending fell by around 60% in North America, in Europe by 78%, and in Asia-Pacific by 48% in 2020. The overall global business travel spending fell by around 52% resulting in huge revenue losses for the players operating in the business travel market.

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Business Travel Market

Global Opportunity Analysis and Industry Forecast, 2022-2031

India Online Travel Market Size (2024 - 2029)

The market size of the online travel industry in India is projected to grow significantly in the coming years despite the setback from COVID-19. The pandemic has presented both challenges and opportunities, with stronger entities in the market taking advantage of the situation for acquisitions. The industry is expected to bounce back quickly, particularly in the domestic tourism sector, due to pent-up demand. A significant portion of this market growth is attributed to the rise of mobile apps, which have become a crucial channel for travel bookings. The online travel market in India is highly competitive, with many prominent players offering a wide range of services.

Market Size of India Online Travel Industry

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India Online Travel Market Analysis

The India Online Travel Market size is estimated at USD 17.24 billion in 2024, and is expected to reach USD 28.40 billion by 2029, growing at a CAGR of 10.5% during the forecast period (2024-2029).

India's online travel industry was hit hard by COVID-19. However, long-term growth fundamentals were intact. The pandemic was a major challenge, but it was also an acquisition opportunity for stronger players as the industry consolidated. Domestic tourism, on the other hand, is expected to pick up faster, with plenty of pent-up demand to support a relatively quick recovery. Indian travel firms have reportedly seen a 25%-30% increase in bookings, both for air travel and accommodations, for the Christmas and New Year holidays.

Mobile apps have become a significant channel for travel bookings. Many of the leading travel companies in India have developed user-friendly mobile apps, allowing travelers to book tickets and accommodations on the go.

The online travel industry in India is highly competitive and features several prominent players, including MakeMyTrip, Yatra, Cleartrip, Goibibo, and Booking.com, among others. These companies offer a variety of services, including flight and hotel bookings, holiday packages, car rentals, and more.

India Online Travel Industry Segmentation

The online travel market consists of sales of travel services through online channels. Online travel agents or agencies are individuals or companies with websites allowing consumers to book travel-related services via the Internet. A complete background analysis of the market, including the analysis of market size and forecast, market shares, industry trends, growth drivers, and vendors, is provided. Additionally, the report features qualitative and quantitative assessments by analyzing the data gathered from industry analysts and market participants across key points in the industry's value chain.

India's Online Travel Market Report is segmented by service type (transportation, travel accommodation, vacation packages, and others), by booking type (online travel agencies, direct travel suppliers), by platform (desktop, mobile) and By Tour Type (Independent Traveller, Tour Group, Package Traveller). The market size and forecasts for the India Online Travel Market are provided in terms of value (USD) for all the above segments.

India Online Travel Market Size Summary

The India Online Travel Market is projected to experience substantial growth in the coming years. Despite the impact of COVID-19, the industry's long-term growth fundamentals remain strong, with domestic tourism expected to recover quickly due to pent-up demand. The industry has also seen increased use of mobile apps for travel bookings, making the process more convenient for travelers. The market features several prominent players, including MakeMyTrip, Yatra, Cleartrip, Goibibo, and Booking.com, who offer a range of services from flight and hotel bookings to holiday packages and car rentals. The growth of the tourism industry in India is a significant driver of the online travel market. Economic growth in the country has led to an increase in domestic and international trips by Indians with rising disposable incomes. Companies like MakeMyTrip and EaseMyTrip are expanding their international presence to capitalize on the growing number of outbound international trips from India. The increasing trend of YOLO (You Only Live Once) and the desire for education in international universities are also contributing to the market's growth. The industry is highly competitive, with major international players dominating the market. However, technological advancements and product innovation are allowing midsize to smaller companies to increase their market presence.

India Online Travel Market Size - Table of Contents

1. MARKET INSIGHTS AND DYNAMICS

1.1 Market Overview

1.2 Market Drivers

1.3 Market Restraints

1.4 Industry Value Chain Analysis

1.5 Porter's Five Forces Analysis

1.5.1 Threat of New Entrants

1.5.2 Bargaining Power of Buyers/Consumers

1.5.3 Bargaining Power of Suppliers

1.5.4 Threat of Substitute Products

1.5.5 Intensity of Competitive Rivalry

1.6 Impact of COVID-19 on the Market

2. MARKET SEGMENTATION

2.1 Service Type

2.1.1 Transportation

2.1.2 Travel Accommodation

2.1.3 Vacation Packages

2.1.4 Other Service Types

2.2 Booking Type

2.2.1 Online Travel Agencies

2.2.2 Direct Travel Suppliers

2.3 Platform

2.3.1 Desktop

2.3.2 Mobile

2.4 By Tour Type

2.4.1 Independent Traveller

2.4.2 Tour Group

2.4.3 Package Traveller

India Online Travel Market Size FAQs

How big is the india online travel market.

The India Online Travel Market size is expected to reach USD 17.24 billion in 2024 and grow at a CAGR of 10.5% to reach USD 28.40 billion by 2029.

What is the current India Online Travel Market size?

In 2024, the India Online Travel Market size is expected to reach USD 17.24 billion.

India Online Travel Market Report Snapshots

• India Online Travel Market Size
• India Online Travel Market Share
• India Online Travel Market Trends
• India Online Travel Companies
• India Online Travel News

India Online Travel Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

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Statistics on " Tourism industry in Germany "

• Revenue in the travel industry in Germany 2005-2022
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• Premium Statistic Tourist arrivals in German travel accommodation in 1992-2023
• Basic Statistic Tourist overnight stays in Germany 1992-2023

Tour operators, travel agencies and industry employees

• Premium Statistic Total revenue of German tour operators 2004-2023
• Premium Statistic Total revenue of German travel agencies 2002-2023
• Premium Statistic Online travel agencies with the best service in Germany 2023
• Premium Statistic Gross annual earnings of travel agency employees in Germany from 2010 to 2022
• Premium Statistic Employees at accommodation establishments in Germany 2021-2023
• Premium Statistic Number of employees in the hospitality industry in Germany 2004-2023
• Premium Statistic Number of tour operator and travel agency employees in Germany 2008-2023
• Premium Statistic Employees at accommodation establishments in Germany 2012-2022

Transport and accommodation

• Premium Statistic Number of passengers in German airports 2001-2023
• Premium Statistic Capacity utilisation of long-distance trains of Deutsche Bahn AG until 2023
• Premium Statistic Cruise passenger numbers from Germany 2004-2023
• Premium Statistic Accommodation revenues in Germany 2012 to 2022
• Premium Statistic Tourist accommodation open in Germany 1992-2023
• Basic Statistic Distribution of hotels in Germany by number of stars 2024
• Premium Statistic Average hotel RevPAR in selected German cities in 2022
• Premium Statistic Open campgrounds in Germany 1992-2020

Travel destinations and activities

• Premium Statistic Most popular vacation destinations among Germans 2021-2023
• Premium Statistic Most popular vacation activities among Germans in Germany in 2023
• Premium Statistic Popular regions for bike travel in Germany 2023
• Premium Statistic Vacations in Germany by type of planning in 2023
• Premium Statistic Booking channel preferences for vacation travel in Germany 2024

Further related statistics

• Basic Statistic Revenue of Booking Holdings worldwide 2007-2023
• Premium Statistic Net income of Booking Holdings worldwide 2007-2023
• Premium Statistic Total assets of Booking Holdings worldwide 2007-2023
• Premium Statistic Gross bookings of Booking Holdings worldwide 2015-2023, by type
• Basic Statistic Travel arrangements: Online purchasing in Great Britain 2019, by demographic
• Premium Statistic Number of bookings through Booking Holdings worldwide 2010-2023, by segment
• Premium Statistic Operating income of Tripadvisor worldwide 2008-2023
• Premium Statistic Net income of Tripadvisor worldwide 2008-2023
• Basic Statistic Importance of BRICS countries to UK tourism businesses 2011
• Basic Statistic Growth of inbound spending in the U.S. using foreign visa credit cards

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• Revenue of Booking Holdings worldwide 2007-2023
• Net income of Booking Holdings worldwide 2007-2023
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• Number of bookings through Booking Holdings worldwide 2010-2023, by segment
• Operating income of Tripadvisor worldwide 2008-2023
• Net income of Tripadvisor worldwide 2008-2023
• Importance of BRICS countries to UK tourism businesses 2011
• Growth of inbound spending in the U.S. using foreign visa credit cards