The global business travel market is on an impressive growth trajectory, with countries such as the United States, Canada, the United Kingdom, France, Germany, India, Singapore, Australia, and the UAE playing pivotal roles in driving this resurgence. According to a new report from Euromonitor International, the business travel sector is projected to reach an astounding $2.9 trillion by 2029, fueled by strong corporate spending, the rising demand from small and medium-sized businesses (SMBs), and the increasing adoption of managed travel solutions. These nations are witnessing a post-pandemic rebound in business travel, as companies recognize the unparalleled value of in-person meetings, networking, and collaboration. Additionally, the growing trend of “bleisure” travel, where business trips are extended for leisure, is contributing to the sector’s rapid expansion, with countries like the US and India leading the charge. This forecasted growth underscores the global recovery of business travel and highlights the crucial role these countries will play in shaping the future of the industry.
Business travel, severely hampered by the pandemic, is due the ultimate comeback and according to fresh statistics, will reach pre-pandemic highs in the next few years. Euromonitor International research, conducted in aid of Navan, reveals the clear pattern for larger expenditure on international corporate business travel by the small and medium business enterprises (SMBs), and usage of the managed travel solutions by the majority of business travelers. The article delves into the significant inferences of the study and examines how the business-travel landscape continues to evolve.
The Return of International Business Travel
The latest report points to the latest significant resurgence for the business travel sector. According to Euromonitor’s forecasting, the global business expenditure on traveling, thrown off by the pandemic, will resume the pre-pandemic numbers by 2024. The trend for growth in the business travel marketplace will resume to close to US\$2.9 trillion in 2029. The resurgence of business travel is spearheaded by the renewed value for the irreplaceable in-person meetings, networking, and collaboration only achievable by traveling.
Firms, more than ever before, are aware of the value of face-to-face communication in the building of relationships, the development of teamwork, and the attaining long-term business success. With the business environment slowly returning to normal, the business-traveller global market will thrive.
Managed Travel Adoption in Relation to Unmanaged Travel Expenses
The report reveals there is a clear divide in the management of business travel. At the moment, only 35% of worldwide business spending on travel is arranged with Travel Management Companies (TMCs), meaning the rest of the corporate spending on business travel remains to be captured by formal systems. In spite of this, the study reveals 85% of firms expect the business travel cost to grow over the next five years.
This presents the TMCs with a very attractive opportunity to capture more market share by delivering more efficient and streamlined travel management services. With even more companies realizing the worth of cost containment and efficient trip planning, the demand for managed travel services will continue to grow exponentially.
The Bleisure Travel Boom: An Increasing Trend in Business Travel
Among the most exiting trends coming up in the business traveling sphere is the blend of business and leisure, famously referred to in the term “bleisure” traveling. Euromonitor’s report reflects the rising desire to see business travelers increasingly increase company business journeys for personal leisure purposes. Leading the way in the US in general, the segment is set to grow exponentially. Bleisure expenditure on traveling is set to increase by 87% from 2024 to 2029, almost doubling the current figures.
This trend presents the opportunity for businesses and travel management companies to re-design the way they handle business travel. By enabling employees to blend business and leisure travel in the same trip, companies can increase employee happiness and productivity in general, delivering both the business and the employees a win situation.
SMBs: The Future Growth Segment for Managed Travel Arrangements
The Small and Medium-Sized Businesses (SMBs), primarily operating on restricted funds, shall remain the growth driver for the managed travel solutions. The SMBs constituted 26.1% of the business travel market in 2024. The segment shall grow at 7.1% CAGR in the study period of 2024-2029 and therefore emerge as the fastest-growing business travel market segment.
The group also shows one of the strongest traveling frequencies per employee, once more underlining the group’s significance as one of the future growth engines. For the travel management providers such as Navan, the group represents one of the key opportunities for gaining additional market share by delivering tailored, reasonably-priced travel management solutions for smaller firms.
Unrecorded Travel Spending and Opportunities for Optimization
Another important insight from the report is that even with the rising usage of managed travel platforms, a lot of travel expenditure continues to occur outside of these managed systems. Up to 10% of business travel is arranged outside of TMC platforms, providing a significant opportunity for companies to reap more savings and make their travel management more efficient.
Travel management companies can be the solution to finding this unmanaged expenditure by delivering integrated platforms to consolidate all aspects of business travel, from booking flights and hotels to expenditure management. By finding these unseen travel costs, businesses will be in a position to manage costs more effectively, gain more insight, and promote more efficient travel.
Future Outlook for International Business Travel
Euromonitor’s analysis foretells a bright future for business travel. The market will continue to expand as corporate travel makes its comeback, bleisure travel becomes increasingly popular, and the adoption of managed travel offerings continues to grow. There lie clear opportunities for the business sector and the travel management companies to simplify operations, reduce costs, and cope more successfully with the growing expenditure on business travel.
As companies look to the post-pandemic future of travel, the use of advanced technology, the advent of managed travel solutions, and putting flexibility at the forefront for business and leisure will be the keys to the future. By embracing these opportunities, firms will end up optimizing business travel as well as delivering enhanced business travel experiences to employees and contributing to their overall success.
The report by Euromonitor International, prepared on behalf of Navan, offers a deep and encouraging vision for the future of global business travel. Encouraged by strong growth for the next several years, companies will need them to adapt to the changing realities of travel by prioritizing cost management, managed travel, and employee experience. Small and medium-sized businesses, in general, represent one of the most significant areas for development for managed travel solutions, and the continued growth of bleisure travel represents one compelling opportunity for companies to redefine how they envision business travel in the future. This positive outlook for global business travel mirrors the evolving nature of the industry, with firms increasingly looking to wiser, more agile, and more effective travel solutions to meet the demands of the post-pandemic world.
The post US, Canada, UK, France, Germany, India, Singapore, Australia, and UAE Drive Global Business Travel Growth with Two Point Nine Trillion Dollar Market Projected by 2029 appeared first on Travel And Tour World.July 10, 2025 at 11:45PM.jpeg){kind=small}
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