Business travel market seen reaching $2.1 trillion by 2031

Allied Market Research projects the global business travel market will more than triple from $689.7 billion in 2021 to $2.1 trillion by 2031, driven by bleisure travel, online booking tools and growth in MICE activity. Food and lodging is expected to be the fastest-growing service segment as corporate travel rebounds from the pandemic slump. Why it matters: - Business travel is a major spending category for airlines, hotels, rail, car rental and event services. - The market’s projected jump to $2.1 trillion by 2031 signals continued recovery and long-term demand for in-person business activity. - Faster growth in food and lodging could reshape where suppliers, hotel brands and travel platforms invest. What happened: - Allied Market Research estimated the global business travel market at $689.70 billion in 2021. - The firm projects the market will reach $2.1 trillion, or $2,095.4 billion, by 2031. - The forecast implies a 9.5% compound annual growth rate from 2022 to 2031. - The report says food and lodging will be the fastest-growing service segment, with a 9.8% CAGR. The details: - Business travel covers trips for meetings, deal negotiations, networking, trade shows and exhibitions. - The report links growth to the rise of bleisure travel, which combines business and leisure. - Online travel agencies such as booking.com, KAYAK and Expedia are helping expand the market. - Growth in travel and tourism, MICE activity and the SME sector is also supporting demand. - The report identifies smart hotels, virtual reality for hotel bookings, personalization and IoT as trend drivers. - Robotics is gaining use in hotels for greeting guests, sharing information, handling luggage and cleaning. - In restaurants, robots may be used for food service and food preparation. - The market is segmented by service, industry, traveler and region. - Service segments include transportation, food and lodging, and recreation. - Transportation is split into air, rail and car. - Industry segments include government and corporate. - Traveler segments include group and solo travelers. - Regions covered are North America, Europe, Asia-Pacific and LAMEA. - Major market players listed in the report include American Express Company, BCD Group, CWT Global B.V., American Express Global Business Travel, Chase, Navan, TravelPerk, Corporate Travel Management Limited, Flight Centre Travel Group Limited and Citi Bank N.A. - The corporate segment was valued at $454.5 billion in 2021 and accounted for 65.9% of global market share. - The U.S. was the largest market in North America in 2021 and is projected to reach $374.5 billion by 2031. - The report includes a sample PDF request , an inquiry-before-buying page and a checkout page for the report . Between the lines: - The forecast assumes business travel keeps recovering even as video conferencing remains a cheaper substitute for some trips. - The report frames technology as both a growth driver and a cost pressure point, with virtual meetings dampening some travel demand. - COVID-19 exposed how dependent the industry is on corporate activity, with global business travel spending falling 52% in 2020. - The GBTA figures cited in the report show especially steep declines in Europe at 78%, compared with 60% in North America and 48% in Asia-Pacific. - Government support for MICE and SMEs, plus infrastructure investment, could matter as much as traveler preferences. What’s next: - Allied Market Research expects food and lodging to outpace other segments through 2031. - The report suggests continued gains for hotels and travel suppliers that invest in robotics, personalization and smart-booking tools. - Growth will likely depend on how quickly corporate travel budgets recover and how often companies choose in-person meetings over virtual alternatives. The bottom line: - The business travel market is on track for strong growth, but the next phase will be shaped by technology, corporate spending discipline and the pace of global travel recovery.