Report Code: CMI27144

Published Date: July 2023

Pages: 220+

Category: USA

Report Snapshot

CAGR: 10.5%

Source: CMI

Study Period: 2024-2033
Fastest Growing Market: USA
Largest Market: USA

Major Players

  • Expedia Inc.
  • Booking Holdings Inc.
  • American Express Global Business Travel (GBT)
  • TCS World Travel
  • Abercrombie & Kent USA LLC
  • Others

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Reports Description

As per the current market research conducted by CMI Team, the US Business Travel Market is expected to record a CAGR of 10.5% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 201.3 Billion. By 2032, the valuation is anticipated to reach USD 359 Billion.

Corporate travel, commonly known as business travel, encompasses journeys taken for professional purposes or to enhance business activities. It entails visiting various company branches to engage with suppliers and clients, as well as participating in events like conferences and meetings. Furthermore, business travel involves additional elements such as client meetings, marketing and promotional activities, employee training and rewards, and business expansion.

The United States has witnessed an increasing demand for business travel throughout the country due to the digitalization of the tourism and corporate sectors. The main catalyst for the business travel market in the United States is the expanding emphasis on domestic networks. Moreover, the surge in interest in international travel routes, coupled with the decline in the value of the dollar, has motivated individuals to choose business travel within the United States.

As business activities continue to grow, numerous corporate entities have partnered with top business travel firms to offer tailored collaborative spaces and team-building activities, aiming to alleviate stress and enhance productivity at work.

US Business Travel Market – Significant Growth Factors

The business travel market in the United States is experiencing significant growth due to several key factors:

  • Domestic Network Expansion: The focus on expanding domestic networks has played a crucial role in driving the growth of the US business travel market. With improved infrastructure and transportation options, companies are able to connect and conduct business more efficiently across different regions within the country.
  • International Travel Demand: There has been an increasing demand for traveling on international routes among business travelers in the United States. This trend is driven by globalization, expanding business opportunities, and the need for companies to establish global partnerships and networks.
  • Weakening Dollar: The weakening of the US dollar has made business travel more attractive for international visitors. A weaker currency makes travel expenses relatively more affordable, encouraging more foreign businesses and professionals to visit the United States for meetings, conferences, and other business-related activities.
  • Technological Advancements: The advancements in technology have greatly facilitated business travel. From online booking platforms and travel management tools to virtual meetings and communication tools, technology has made it easier for businesses to plan and execute their travel arrangements efficiently.
  • Collaborative Spaces and Team-Building Exercises: To improve work efficiency and employee satisfaction, many corporate organizations have partnered with leading business travel companies to provide customized collaborative spaces and team-building exercises. These initiatives help relieve stress, foster teamwork, and enhance productivity during business trips.

US Business Travel Market – Mergers and Acquisitions

The US business travel market has witnessed a notable trend of mergers and acquisitions, which have influenced its dynamics and landscape. Several key factors contribute to this trend:

  • Market Consolidation: Mergers and acquisitions help consolidate the business travel market by combining the strengths and resources of different companies. This consolidation aims to create larger, more competitive entities that can offer a broader range of services and solutions to clients.
  • Synergies and Cost Efficiencies: Mergers and acquisitions allow companies to achieve synergies and cost efficiencies by eliminating duplicate functions, streamlining operations, and leveraging shared resources. This can lead to improved profitability and competitive advantage in the market.
  • Expansion into New Markets: Acquiring or merging with another business travel company can provide access to new markets, both domestically and internationally. This strategic expansion allows companies to broaden their customer base and tap into new revenue streams.
  • Diversification of Service Offerings: Mergers and acquisitions enable companies to diversify their service offerings by incorporating new capabilities and expertise. This diversification allows them to better meet the evolving needs and preferences of their clients and stay ahead of the competition.
  • Strategic Partnerships: In some cases, mergers and acquisitions in the business travel market are driven by the desire to form strategic partnerships. By joining forces, companies can combine their respective strengths and market positions to achieve mutual growth and gain a competitive edge.


US Business Travel Market Corporate Travel Market US Tour Operators Market
CAGR 10.5% (Approx) CAGR 13.1% (Approx) CAGR 17% (Approx)
USD 359 Billion by 2032 USD 330.2 Billion by 2032 USD 30 Billion by 2032.

US Business Travel Market- Significant Threats

While the US business travel market presents significant opportunities, there are also various threats that can impact its growth and stability:

  • Economic Downturns: Economic downturns, such as recessions or financial crises, pose a significant threat to the business travel market. During periods of economic uncertainty, companies may reduce their travel budgets, leading to a decline in business travel demand. Economic factors can also impact the overall business environment, affecting business expansion plans and investments.
  • Geopolitical Instability: Geopolitical instability, such as political conflicts, trade disputes, or terrorism, can disrupt business travel. Heightened security measures, travel restrictions, and volatile business environments in certain regions can deter companies from sending their employees on business trips, affecting overall demand for corporate travel.
  • Natural Disasters and Epidemics: Natural disasters, such as hurricanes, earthquakes, or wildfires, can disrupt travel infrastructure and impact business travel operations. Similarly, epidemics or pandemics, like the recent COVID-19 pandemic, can significantly impact the business travel market by leading to travel restrictions, event cancellations, and a general reluctance to engage in face-to-face business interactions.
  • Technological Disruptions: Technological advancements, while providing opportunities, can also pose threats to the business travel market. The rise of virtual meetings, teleconferencing, and remote work capabilities may reduce the need for in-person business travel in certain instances. Additionally, disruptive technologies or platforms that offer alternative business travel solutions could disrupt traditional travel providers.
  • Environmental Concerns: Growing environmental concerns, such as climate change and carbon emissions, have increased scrutiny on business travel’s environmental impact. Organizations and policymakers may implement stricter regulations or corporate sustainability policies that discourage or limit business travel. This could lead to a reduction in travel demand or a shift towards more sustainable travel options.
  • Changing Traveler Preferences: Evolving traveler preferences and behaviors can also pose a threat to the business travel market. As younger generations enter the workforce, there is a growing demand for flexible work arrangements, remote work options, and a focus on work-life balance. This could potentially lead to a decrease in business travel demand if companies adapt to these preferences by promoting virtual meetings and remote collaboration.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 217.1 Billion
Projected Market Size in 2032 USD 359 Billion
Market Size in 2022 USD 201.3 Billion
CAGR Growth Rate 10.5% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Type, Age Group and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope US
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Category-Wise Insights

Based on the Type:

In 2022, the luxury travel segment held the largest market share, accounting for over 33.04% of the market. The growth of this segment is primarily driven by increased disposable income among consumers in the United States and Canada. A report released by TripAdvisor in May 2021 highlighted that high-income millennials in the United States were significant contributors to luxury travel expenditure.

Many of them engaged in purpose-driven trips, focusing on self-care and relaxation, which further supports the growth of this segment. On the other hand, the budget travel segment is expected to exhibit the highest compound annual growth rate (CAGR) during the forecast period.

Based on Age Group:

The travel market in Canada and the United States is segmented based on age groups, namely millennials, baby boomers, and Generation X. Among these segments, millennials were the dominant group in 2022, capturing the largest market share of over 51.00% in terms of revenue. This age group is inclined towards value-driven trips and shows a preference for brands that offer affordability and convenience.

The popularity of such travel options is particularly high among millennials and younger travelers. In 2018, millennials in the United States alone spent USD 220 billion on travel, and this expenditure is expected to increase further during the forecast period.

US Business Travel Market 2023–2032 (By Billion)

US Business Travel Market – Regional Analysis

  • Northeast Region: The Northeast region, which includes major business hubs like New York City, Boston, and Philadelphia, is a prominent center for business travel. It attracts a significant number of corporate travelers due to its concentration on financial institutions, tech companies, and professional services firms.
  • Southeast Region: The Southeast region, encompassing cities such as Atlanta, Miami, and Charlotte, is also a significant contributor to the US business travel market. It is home to various industries, including manufacturing, healthcare, and tourism, which generate business travel demand.
  • Midwest Region: The Midwest region, with cities like Chicago, Detroit, and Minneapolis, plays a crucial role in the business travel market. It is known for its diverse industrial sectors, including automotive, manufacturing, and agriculture, attracting business travelers for conferences, trade shows, and meetings.
  • West Coast Region: The West Coast region, including cities like Los Angeles, San Francisco, and Seattle, is a thriving hub for technology, entertainment, and innovation. It hosts numerous conferences, conventions, and business events, drawing business travelers from various industries.
  • Southwest Region: The Southwest region, which includes cities such as Houston, Dallas, and Phoenix, is known for its strong presence in the energy, aerospace, and healthcare sectors. These industries contribute to business travel demand in the region.
  • Mountain Region: The Mountain region, encompassing areas like Denver, Salt Lake City, and Las Vegas, attracts business travelers for conferences, conventions, and outdoor recreational activities. It is known for its hospitality and tourism industry.
  • Pacific Region: The Pacific region, including Hawaii and Alaska, presents unique business travel opportunities. Hawaii attracts business travelers for conferences, incentive trips, and meetings, while Alaska draws visitors for business-related activities in industries such as oil and gas, mining, and tourism.

US Business Travel Market 2023–2032 (By Age Group)

List of the prominent players in the US Business Travel Market:

  • Expedia Inc.
  • Booking Holdings Inc.
  • American Express Global Business Travel (GBT)
  • TCS World Travel
  • Abercrombie & Kent USA LLC
  • Exodus Travels Ltd.
  • BCD Travel
  • Intrepid Travel
  • Topdeck Travel Ltd.
  • Trafalgar
  • Others

The US Business Travel Market is segmented as follows:

By Type

  • Luxury
  • Business Travel
  • Cruise
  • Specialty/Activity/Sports
  • Budget

By Age Group

  • Millennial
  • Generation X
  • Baby Boomers

On the basis of US Geography

  • Northeast Region
  • Southeast Region
  • Midwest Region
  • West Coast Region
  • Southwest Region
  • Mountain States

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 US Business Travel Market, (2024 – 2033) (USD Billion)
    • 2.2 US Business Travel Market : snapshot
  • Chapter 3. US Business Travel Market – Industry Analysis
    • 3.1 US Business Travel Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Domestic Network Expansion
      • 3.2.2 International Travel Demand
      • 3.2.3 Weakening Dollar
      • 3.2.4 Technological Advancements
      • 3.2.5 Collaborative Spaces and Team-Building Exercises.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Type
      • 3.7.2 Market attractiveness analysis By Age Group
  • Chapter 4. US Business Travel Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 US Business Travel Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. US Business Travel Market – Type Analysis
    • 5.1 US Business Travel Market overview: By Type
      • 5.1.1 US Business Travel Market share, By Type , 2022 and – 2033
    • 5.2 Luxury
      • 5.2.1 US Business Travel Market by Luxury, 2024 – 2033 (USD Billion)
    • 5.3 Business Travel
      • 5.3.1 US Business Travel Market by Business Travel, 2024 – 2033 (USD Billion)
    • 5.4 Cruise
      • 5.4.1 US Business Travel Market by Cruise, 2024 – 2033 (USD Billion)
    • 5.5 Specialty/Activity/Sports
      • 5.5.1 US Business Travel Market by Specialty/Activity/Sports, 2024 – 2033 (USD Billion)
    • 5.6 Budget
      • 5.6.1 US Business Travel Market by Budget, 2024 – 2033 (USD Billion)
  • Chapter 6. US Business Travel Market – Age Group Analysis
    • 6.1 US Business Travel Market overview: By Age Group
      • 6.1.1 US Business Travel Market share, By Age Group, 2022 and – 2033
    • 6.2 Millennial
      • 6.2.1 US Business Travel Market by Millennial, 2024 – 2033 (USD Billion)
    • 6.3 Generation X
      • 6.3.1 US Business Travel Market by Generation X, 2024 – 2033 (USD Billion)
    • 6.4 Baby Boomers
      • 6.4.1 US Business Travel Market by Baby Boomers, 2024 – 2033 (USD Billion)
  • Chapter 7. US Business Travel Market – Regional Analysis
    • 7.1 US Business Travel Market Regional Overview
    • 7.2 US Business Travel Market Share, by Region, 2022 & – 2033 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 Expedia Inc.
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Booking Holdings Inc.
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 American Express Business Travel (GBT)
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 TCS World Travel
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Abercrombie & Kent USA LLC
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Exodus Travels Ltd.
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 BCD Travel
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 Intrepid Travel
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Topdeck Travel Ltd.
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 Trafalgar
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Others.
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
List Of Figures

Figures No 1 to 17

List Of Tables

Tables No 1 to 2

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers

Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Players

  • Expedia Inc.
  • Booking Holdings Inc.
  • American Express Global Business Travel (GBT)
  • TCS World Travel
  • Abercrombie & Kent USA LLC
  • Exodus Travels Ltd.
  • BCD Travel
  • Intrepid Travel
  • Topdeck Travel Ltd.
  • Trafalgar
  • Others


The key factors driving the Market are Domestic Network Expansion, International Travel Demand, Weakening Dollar, Technological Advancements And Collaborative Spaces and Team-Building Exercises.

The “Type” category dominated the market in 2022.

The key players in the market are Expedia Inc., Booking Holdings Inc., American Express Global Business Travel (GBT), TCS World Travel, Abercrombie & Kent USA LLC, Exodus Travels Ltd., BCD Travel, Intrepid Travel, Topdeck Travel Ltd., Trafalgar, Others.

The market is projected to grow at a CAGR of 10.5% during the forecast period, 2023-2032.

The US Business Travel Market size was valued at USD 201.3 Billion in 2022.










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