United States Business Travel Market Trends, Industry Size, Top Companies and Growth Drivers 2023-2028
IMARC Group has recently released a new research study titled “United States Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the United States business travel market share, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. The market size reached US$ 201.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 355 Billion by 2028, exhibiting a growth rate (CAGR) of 10.1% during 2023-2028.
What is business travel?
Business travel represents a journey taken explicitly for work or to expand company operations. Also referred to as a corporate journey, it includes various components, such as client meetings, trade shows, promoting brands and products, and employee training and incentives. Business travel is getting immense precedence among organizations in the United States region, owing to the rapid globalization and increased company activities. As a result, this journey is taken up by the government and corporate officials across the region.
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United States Business Travel Market Trends:
The stable economic growth and the rising middle class in the region are among the primary factors fueling the market. Besides this, the elevating requirement for innovative technology in journey management processes is further augmenting the market growth. The emerging trend of B-leisure travel, which incorporates business with pleasure while offering recreational activities for relieving stress and enhancing work efficiency, is also catalyzing the business travel market across the United States. Apart from this, the development of virtual reality (VR) platforms that provide improved, efficient, and personalized customer experiences is acting as another significant growth-inducing factor. The increasing digitization in the corporate and tourism sectors, coupled with the penetration of the internet of things (IoT), has assisted travelers and journey operators in working swiftly and efficiently, which is also stimulating the market growth. Apart from this, the escalating number of small and medium enterprises (SMEs) and the fast-paced globalization are positively impacting the market in the region. Furthermore, the growing tie-ups of several corporate organizations with the leading enterprise expedition companies to provide customized collaborative spaces and team-building exercises are expected to bolster the United States business travel market in the coming years.
Key Market Segmentation:
The report has segmented the United States business travel market based on type, purpose type, expenditure, age group, service type, travel type, end user and region.
Breakup by Type:
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Managed Business Travel
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Unmanaged Business Travel
Breakup by Purpose Type:
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Marketing
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Internal Meetings
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Trade Shows
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Product Launch
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Others
Breakup by Expenditure:
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Travel Fare
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Lodging
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Dining
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Others
Breakup by Age Group:
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Travelers Below 40 Years
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Travelers Above 40 Years
Breakup by Service Type:
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Transportation
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Food and Lodging
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Recreational Activities
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Others
Breakup by Travel Type:
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Group Travel
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Solo Travel
Breakup by End User:
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Government
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Corporate
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Others
Breakup by Region:
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Northeast
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Midwest
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South
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West
Competitive Landscape With Key Players:
The competitive landscape of the United States business travel market has been studied in the report with the detailed profiles of the key players operating in the market.
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Key Highlights of the Report:
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Market Performance (2017-2022)
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Market Outlook (2023-2028)
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Market Trends
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Market Drivers and Success Factors
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Impact of COVID-19
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Value Chain Analysis
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Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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