india business travel market size

Transportation and Logistics

India Business Travel Market

India 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.

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Market Overview 2024-2032 :

The India business travel market size reached US$ 38.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 76.3 Billion by 2032, exhibiting a growth rate (CAGR) of 7.6% during 2024-2032.

Business travel refers to the journey that is undertaken for work and business purposes. It is usually paid for by the employer through the in-house travel departments or external service providers. Business travel includes a wide variety of components such as sourcing and procurement, planning and booking, account management, and measuring and reporting. In India, business travel has gained momentum as it facilitates cost tracking and control for organizations while helping the employees adhere to corporate T&E policies, generating mass savings through negotiated discounts.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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The India business travel market is primarily driven by stable economic growth and decreasing airfares due to the introduction of new airlines. Additionally, as India has the capability of becoming a business hub, it is creating opportunities for corporates to open offices in the region. Along with this, tie-ups of several corporate organizations with the leading business travel providers to offer customized collaborative spaces and team-building exercises are positively impacting the growth of the market. Furthermore, increasing business activities in industries like healthcare, pharmaceuticals, and manufacturing, which are the largest end customers for business travel, are rapidly driving inter-regional operations.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the India business travel market report, along with forecasts at the country and regional level from 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

Breakup by Purpose Type:

Internal Meetings
Trade Shows
Product Launch
Others

Breakup by Expenditure:

Travel Fare

Breakup by Age Group:

Travelers Below 40 Years
Travelers Above 40 Years

Breakup by Service Type:

Transportation
Food and Lodging
Recreational Activities

Breakup by Travel Type:

Group Travel
Solo Travel

Breakup by End User:

Breakup by Region:

North India
West and Central India
South India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Report Coverage:

Key questions answered in this report.

The India business travel market was valued at US$ 38.7 Billion in 2023.

We expect the India business travel market to exhibit a CAGR of 7.6% 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 India business travel market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation, resulting in the temporary restrictions on domestic travel activities, thereby negatively impacting the Indian market for business travel.

Based on the type, the India business travel market can be segregated into managed business travel and unmanaged business travel, where unmanaged business travel exhibits clear dominance in the market.

Based on the purpose type, the India business travel market has been divided into marketing, internal meetings, trade shows, product launch, and others. Currently, marketing holds the total market share.

Based on the expenditure, the India business travel market can be categorized into travel fare, lodging, dining, and others. Among these, travel fare currently accounts for the majority of the total market share.

Based on the age group, the India business travel market has been segmented into travelers below 40 years and travelers above 40 years. Currently, travelers below 40 years exhibit a clear dominance in the market.

Based on the service type, the India business travel market can be bifurcated into transportation, food and lodging, recreational activities, and others. Among these, food and lodging currently holds the largest market share.

Based on the travel type, the India business travel market has been segregated into group travel and solo travel. Currently, group travel exhibits a clear dominance in the market.

Based on the end user, the India business travel market can be divided into government, corporate, and others. Among these, the corporate sector currently accounts for the majority of the total market share.

On a regional level, the market has been classified into North India, West and Central India, South India, and East India.

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Indian business travel industry trends 2023: a look into the future.

The Business travel industry in India, reinvigorated by the influx in foreign investments, global market expansion of Indian companies, and the popularity of bleisure, is expected to undergo some exciting changes in 2023. As a developing nation, India provides an unparalleled sustainable business environment with a strong judiciary system, abundant natural resources, diverse climatic conditions, competitive costs, low labor costs, excellent banking and financial institutions, and straightforward tax structures. These are but a few factors that draw international opportunities to Indian shores and consequently push the business travel industry in India forward. To help prepare for the lucrative future, we felt it is an excellent opportunity to explore the Indian T&E industry trends that will reshape business travel in India in 2023 and beyond.

State Of Indian Business Travel In 2023:

Let us dive into the factors that best describe the current state of the business travel industry in India in 2023.

Market Value

Region-Wise Trends

Region-specific analysis of business travel in India found that Delhi, the nation’s capital, is leading the way with the highest volume of business travel bookings in 2021, followed by Hyderabad and Bangalore. As the country’s most significant economic hotspots, these regions are expected to push the business travel industry in India to new heights in 2023.

Industry-Wise Trends

An industry-wise analysis of bookings in the business travel industry in India found that the construction industry has the highest volume of business travelers. Besides construction, consulting and Information Technology (IT) industries significantly contribute to the soaring market value of the business travel industry in India. Outsourcing is the primary reason why the IT industry is currently one of the leading Indian T&E industry trends.

Indian Business Travel Industry Trends in 2023:

Without any further delay, here are the top trends of Business travel in 2023:

Globalized Travel Is Becoming The Norm

With fewer travel restrictions in 2023 and international travel bouncing back from the pandemic, business travel in India is no longer limited to a handful of destinations. While innovative technologies, increased connectivity, and disappearing travel restrictions are bringing international markets closer, Indian businesses will extend their global reach on a scale like never before. It is why globalized travel will be one of the prominent Indian T&E industry trends to keep an eye out for in 2023.

Rising Foreign Investment In The Space

As a fast-paced, stable, sustainable, and business-friendly economy, India is drawing in many global investors due to its excellent business policies. In 2022, the Foreign Direct Investment (FDI) equity inflow to India alone was valued at around USD$572 billion, which is expected to substantially increase the frequency of business travel to and from India in 2023.

Travel as a Result of Market Expansion

Indian businesses will continue to expand their markets, forge global partnerships, and thrive off international opportunities in 2023. Enterprises will not solely rely on remote communication tools to achieve this feat but will also likely do so by meeting in person. That is why domestic and international market expansion will be a leading trend in the business travel industry in India to look out for in 2023.

An Increasing Mix of Business and Leisure

Bleisure trips mutually benefit businesses and employees, leading to increased morale and business travel productivity. As the world transitions back to normalcy in 2023, the current Indian economic situation is ripe with opportunities for millennials anxious to resume their business and leisure travels and to get their work-life balance back on track. We can expect a growing number of Indian companies to visibly embrace and facilitate bleisure trips as a leading trend for the business travel industry in India as we move through 2023.

Business-Airline Partnerships Grow Stronger

The re-emergence of the business travel industry in India in 2023 will witness stronger relationships between businesses, their travelers, and airline operators. The airline industry is expected to provide better deals, flexibility, convenience, and travel experiences to suit the unique requirements of business travelers, such as priority check-in, lounge access, and onboard services. These strong relationships will encourage business travel in India, streamline T&E, and enable businesses to implement cost-effective travel in 2023 and beyond.

Hotel-as-a-Hub

The Indian hotel industry has been through its fair share of ups and downs over the past few years. As business travel in India is on the rise again, accommodation providers will go beyond simply providing stay for travelers and take it one step further to offer revamped travel experiences. You can expect hotel chains to broaden their offerings to include co-working spaces, conference rooms, business lounges, and other amenities designed specifically to suit the unique needs of the business travel industry in India. In 2023, we foresee that numerous Indian hotel chains will work on establishing their hotels as productive Hubs for Indian business travelers.

IT Industry Travel Driven by Outsourcing

The IT industry, one of the leading contributors to the Indian economy, will be a crucial driver of business travel in 2023. As an industry that engages in a high level of outsourcing, we can expect more and more Indian IT companies to send their employees to work on domestic and international projects. It is why outsourcing and the IT industry will work hand in hand to fast-track the growth of the business travel industry in India.

Stakeholder and Team Meetings

Despite innovations in remote communications that make it dramatically easier for business stakeholders to operate and communicate remotely, on-premise stakeholder and team meetings remain essential to most businesses. As such companies continue to thrive in 2023, we can expect their teams and stakeholders to frequently conduct business travel in India.

Conferences and Events

Conferences and events are an integral part of any thriving business. In 2023, we can expect to see more Indian companies conducting conferences and events to network, showcase their products and services, and stay up-to-date with industry trends. You can also expect many to send their employees overseas and domestically to attend conferences and events that will positively impact the business travel industry in India over the upcoming years.

The business travel industry in India needs the right tools and strategies to derive the best value from every business trip. The right T&E management tools can be instrumental in travel budget optimization such that you ensure your employees have a productive, enjoyable, compliant, and cost-effective travel experience. Find a T&E management partner to help you keep up with the tremendous growth potential of the economy and business travel industry in India in 2023 and beyond.

Tripeur – The Ultimate T&E Experience in India

Tripeur is a travel and expense management platform that offers a range of services designed to prepare for the Indian T&E industry trends and make business travel more efficient and cost-effective.

Tripeur is a stellar automated expense management platform that provides users with a full-scale T&E expense module that addresses, solves, and simplifies all challenges facing your expense management.

Our T&E management platform keeps the CFO, admins, managers, and the finance department in the loop through expense alerts and reports on all stages of the travel booking experience.

Engaging in our platform is an excellent way to maximize trip productivity and ROI like never before. Our user-friendly software can perpetually fix your expense management inefficiencies and dramatically curb costs like never before.

By now, you should understand how the ancient traditional spreadsheet-based processes make it almost impossible to enforce your T&E policy and accurately manage your corporate travel expenditures. Steer away from manual expense management and explore what Tripeurs automated T&E management platform can do for you. Contact us to learn how you can automate and streamline your travel and expense management systems to brace for the promising future of Indian business travel.

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India- Business Travel
Investment Climate Statement

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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Travel market in India projected to reach $125 billion by FY27: FICCI

The pandemic has shone a greater light on the structural barriers holding india’s tourism industry back from reaching its full potential. seasonality is the biggest factor, which impacts the ability of tourism businesses to retain staff year-round and reduces economic productivity.

India is a large market for travel and tourism. It offers a diverse portfolio of niche tourism products. (Photo: Javaid Naikoo)

NEW DELHI: The travel market in India is projected to reach $125 billion by FY27 from an estimated $75 billion in FY20. India's tourism industry in 2020 accounted for 31.8 million jobs, which is likely to grow to 53 million jobs by 2029 and international tourist arrivals are expected to touch 30.5 billion by 2028. All these are findings of a new report by industry chamber Ficci.

According to the latest UNWTO World Tourism Barometer, which the Ficci report cited, international tourism saw a 182% year-on-year increase in January-March, with destinations worldwide welcoming an estimated 117 million international arrivals compared to 41 million in Q1 2021.

India is a large market for travel and tourism. It offers a diverse portfolio of niche tourism products - cruises, adventure, medical, wellness, sports, MICE, eco-tourism, film, rural and religious tourism. India has been recognised as a destination for spiritual tourism for domestic and international tourists. Tourism is an important source of foreign exchange in India, similar to many other countries. The foreign exchange earnings from 2016 to 2019 grew at a CAGR of 7% but dipped in 2020 due to the coronavirus pandemic.

The growing influence of the tourism sector as an economic powerhouse and its potential as a tool for development is undeniable. The tourism sector not only leads to economic growth, but also improves the quality of people’s lives with its capacity to create large-scale employment of diverse kinds, supports environmental protection, promotes diverse cultural heritage, and strengthens peace in the world.

Before the onset of the pandemic, the Indian travel and tourism industry was expected to witness an annual growth rate of 6.9% during 2019-2028 to reach $460 billion, approximately 9.9% of India’s GDP in 2028.

The total contribution of travel and tourism to the GDP in India in 2019 was 7% of the total economy or ₹ 15,792 billion. This plummeted to 4.3% or ₹ 9,167 billion in 2020. In 2021, the figure did pick up to 5.8% or ₹ 13,161 billion.

The industry accounted for 40.10 million jobs 2019, which fell to 29.14 million in 2020, but again rose to 32.10 million in 2021.

International visitor spends, however, fell from ₹ 2532.6 billion in 2019 to ₹ 653.5 billion in 2021. Domestic tourism remained constant from 2019 to 2021, though. The contribution went from about ₹ 11,515 billion in 2019 to ₹ 7,170 billion in 2020. This figure rose to ₹ 11,166.6 billion in 2021. The Ficci report said it took this data from 'WTTC 2022 Annual Research: Key Highlights'.

The pandemic has shone a greater light on the structural barriers holding India’s tourism industry back from reaching its full potential. Seasonality is the biggest factor, which impacts the ability of tourism businesses to retain staff year-round and reduces economic productivity.

Market fragmentation, which can inhibit coordination across the sector, and lack of information are other impediments.

To enhance travel mobility, Usha Padhee, joint secretary, Ministry of Civil Aviation, said the government was working to increase the number of airports in the country to 200 by 2024 from current 140. She said aviation and tourism are complimenting sectors. “Air connectivity needs to be in tandem with what the tourism sector is doing," she added.

G Kamala Vardhan Rao, director general, Ministry of Tourism, said there was a need to develop and showcase newer tourist destinations to attract more travellers from both domestic and international countries. “We should collectively work to ensure that new destinations come up with basic infrastructure," he said while addressing the ‘7th National Tourism Investors Meet 2022’, organised by the federation.

“India is going to host the G-20 meetings next year and it will be organised across various states and cities. The states are also investing heavily to build infrastructure. I urge investors to come forward and invest in the hospitality sector," he added.

Jyotsna Suri, chairperson, FICCI Travel, Tourism and Hospitality Committee and CMD, The Lalit Suri Hospitality Group, said India needs robust domestic tourism. “We need to go beyond the areas that are unexplored. Connectivity is one of the biggest shortcomings that we have to improve," she added.

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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

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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.

Click here to download the sample report

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.

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 10th largest business travel market: report.

Economic Times
January 19, 2017

Mumbai: India is the world’s tenth largest business travel market and is likely to clock the fastest growth in this segment in the next five years. Business travel spending is expected to treble until 2030 from $30 billion in 2015, a report by consultancy KPMG and FCM Travel Solutions said.

“In 2015, India saw a 15% increase in business travel spending, which will grow by a compound annual growth rate (CAGR) of 12% through 2020 to 6% by 2030. This increase in all possibility will be greater than the increases in business travel growth in the next three largest countries combined, including South Korea, Italy and Brazil. Thirteen years from now (by 2030), India will likely be amongst the top five in business travel spending,” the report said.

The report attributed the growth to “political, economic and demographic factors”. It said macro-economic growth, an evolution in the regulatory environment, increased growth and expansion in industrial activity, coupled with fast digitisation of travel booking tools has and will continue to lead to the growth.

India has in a decade climbed the ranks from one of the world’s twenty largest business travel markets to be among the top ten. In the list compiled from a World Travel and Tourism Council Report, India follows China, US, Germany, Japan, UK, France, South Korea, Italy and Brazil.

List topper China’s business travel market size is $291 billion, close to ten times that of India. India is estimated to overtake Brazil, Italy and South Korea and take seventh place by 2020.

India’s business travel spend is roughly a fourth of its total annual travel expenditure as travellers still spend the bigger chunk on leisure, an executive at KPMG told ET.

About 80% of the business travel transactions are domestic, rest international, FCM managing director Rakshit Desai told ET. Revenuewise, the split is 50:50, he added. About 77% of the total spend is on air travel, the report said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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Consumer Goods and Services /
Travel and Tourism /
Business Travel

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

January 2020
Region: India
Infinium Global Research
ID: 4988248
Description

Business Travel - Global Strategic Business Report

 Report

Business Travel Market Report by Type, Purpose Type, Expenditure, Age Group, Service Type, Travel Type, End-User, and Region 2024-2032

Business Travel Market By INDUSTRY, By SERVICE, By TRAVELER: Global Opportunity Analysis and Industry Forecast, 2022-2031

Business Travel Lodging Global Market Report 2024

February 2024

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

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

Need a report that reflects how COVID-19 has impacted this market and its growth?

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 Market Trends

Growth of the Tourism Industry in India is Driving the Market

The travel and tourism industry in India was the seventh-largest contributor to the country's GDP according to a new report by the World Travel and Tourism Council (WTTC). India's economic growth has been among the highest in the world in the past decade. Positive developments on the economic front should contribute to propelling the country's tourism industry as an increasing number of Indians with rising disposable incomes make a greater number of domestic and international trips.

Players looking to capitalize on growing inbound and outbound international trips from India include MakeMyTrip, which announced its plans to expand into the UAE, and EaseMyTrip, which is expanding its international footprint, particularly in international cities where Indians travel the most. With an expanded international presence, EaseMyTrip expects to provide better service to their customers as well as better rates on local hotels and restaurants that are reluctant to work with companies outside their home countries.

India Online Travel Market : Number Of Domestic Tourist Visits, By Leading State, India, 2021

Increasing trend of YOLO and desire for education in international universities will boost the market.

Since March 2020, all of us have faced several losses and challenges. The COVID-19 epidemic left the entire world in a state of lockdown, affecting businesses and households in general. As the world looked forward to a new dawn in 2021, the effects looked slightly different than last time.

According to Ministry of External Affairs (MMEA) data, a significant drop in scholars studying overseas has been observed. Around 2.6 lakh scholars went abroad in 2020, compared to 5.9 lakh scholars in 2019. In 2021 (until February 28, 2021), an estimated 7,699 Indians studied abroad. According to another report, as the number of Indian scholars completing advanced education abroad increases year after year, their overseas spending is expected to increase from USD 28 billion to USD 80 billion by 2024.

India Online Travel Market : Number of Indian Students Studying Abroad, in 1000s, 2019-2022

India Online Travel Industry Overview

The report covers major international players operating in the Indian online travel market. In terms of market share, a few of the major players currently dominate the market. However, with technological advancement and product innovation, midsize to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

India Online Travel Market Leaders

Booking.com

*Disclaimer: Major Players sorted in no particular order

India Online Travel Market News

August 2023: Skyscanner launched its Hindi language experience across all its products and services to penetrate deeper into the Indian market. Skyscanner acts as a one-stop solution for travelers looking to compare ticket fares, hotel tariffs, and intra-city commutes by curating data from its partner Online Travel Agent (OTA) sites.
August 2023: MakeMyTrip long with the Ministry of tourism has launched a unique Travellers' Map of India that showcases 600 plus destinations beyond the popular travel spots in the country.

India's Online Travel Market Report - Table of Contents

1. INTRODUCTION

1.1 Study Assumptions and Market Definition

1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS AND DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.3 Market Restraints

4.4 Industry Value Chain Analysis

4.5 Porter's Five Forces Analysis

4.5.1 Threat of New Entrants

4.5.2 Bargaining Power of Buyers/Consumers

4.5.3 Bargaining Power of Suppliers

4.5.4 Threat of Substitute Products

4.5.5 Intensity of Competitive Rivalry

4.6 Impact of COVID-19 on the Market

5. MARKET SEGMENTATION

5.1 Service Type

5.1.1 Transportation

5.1.2 Travel Accommodation

5.1.3 Vacation Packages

5.1.4 Other Service Types

5.2 Booking Type

5.2.1 Online Travel Agencies

5.2.2 Direct Travel Suppliers

5.3 Platform

5.3.1 Desktop

5.3.2 Mobile

5.4 By Tour Type

5.4.1 Independent Traveller

5.4.2 Tour Group

5.4.3 Package Traveller

6. COMPETITIVE LANDSCAPE

6.1 Market Concentration Overview

6.2 Company Profiles

6.2.1 Via.com

6.2.2 Booking.com

6.2.3 MakeMyTrip

6.2.4 Yatra

6.2.5 Cleartrip

6.2.6 EaseMyTrip

6.2.7 Expedia

6.2.8 Thomas Cook Ltd.

6.2.9 Cox & Kings Ltd.

6.2.10 Oyo Rooms

6.2.11 ixigo

*List Not Exhaustive

7. FUTURE OF THE MARKET

8. DISCLAIMER

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's Online Travel Market Research 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.

Who are the key players in India Online Travel Market?

Via.com, Booking.com, MakeMyTrip, Yatra and Expedia are the major companies operating in the India Online Travel Market.

What years does this India Online Travel Market cover, and what was the market size in 2023?

In 2023, the India Online Travel Market size was estimated at USD 15.60 billion. The report covers the India Online Travel Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Online Travel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

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India's Online Travel Industry Report

Statistics for the 2024 India Online Travel market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Online Travel analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

India Online Travel Market Report Snapshots

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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

CG : Travel & Luxury Travel

Report Code: A01280

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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

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India Travel Tourism Market Bwc19107

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India Travel and Tourism Market, By Type (Leisure, Educational, Business, Sports, Medical Tourism, Others); By Application (Domestic, Inbound, Outbound); By Traveler Type (Solo Traveler, Couple Traveler, Group Traveler); By Travel Days (Less than 7 Days, 8–15 Days, 16–30 Days, More than 30 Days); By Travel Mode (Travel Packages, Self-created); By Booking (Online, Offline); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2030

Published Date: January 2024
Report ID: BWC19107
Available Format: PDF
Report Summary
Table of Contents
Segmentation
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