Business travel market seen reaching $2.1 trillion by 2031

By AI, Created 1:00 PM UTC, May 22, 2026, /AGP/ – The global business travel market is projected to grow from $689.7 billion in 2021 to $2.1 trillion by 2031, driven by bleisure travel, online booking tools and broader growth in MICE and corporate travel. Food and lodging is expected to be the fastest-growing service segment as hotels add smarter, more personalized features.

Why it matters: - The business travel market is on track to nearly triple over the next decade, signaling a rebound in corporate mobility and spending across meetings, events and supplier visits. - Growth in food and lodging could reshape how hotels, restaurants and travel providers compete for business travelers. - The shift matters for airlines, hotels, travel agencies, corporate travel managers and the MICE sector.

What happened: - The business travel market was valued at $689.70 billion in 2021. - The market is estimated to reach $2.1 trillion by 2031. - The forecast implies a 9.5% compound annual growth rate from 2022 to 2031. - Allied Market Research published the market outlook on May 22, 2026.

The details: - Business travel covers trips taken for meetings, deal negotiations, networking, trade shows and exhibitions. - The market is supported by business partnerships, joint ventures, supplier and customer meetings, and product or service promotion. - Bleisure travel is helping drive demand as travelers combine work trips with leisure time. - Online travel agencies such as Booking.com, KAYAK and Expedia are contributing to market growth. - Expansion of the travel and tourism industry is adding momentum. - Government support for MICE and SME activity is also boosting demand. - Globalization of business is widening the need for travel. - The food and lodging segment is expected to post the fastest growth, with a 9.8% CAGR during the forecast period. - Transportation is split into air, rail and car. - The market also includes recreation services. - The industry split covers government and corporate travel. - The traveler split covers group and solo travelers. - Regional analysis spans North America, Europe, Asia-Pacific and LAMEA. - Major market players 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.

Between the lines: - Hotels are becoming a bigger part of the competitive story as smart hotels, virtual reality booking tools and personalization gain traction. - Robotics is emerging as a service differentiator, with uses including guest greeting, information, luggage handling, cleaning, pre-screening and food service. - Video conferencing is a headwind because it lowers the need for some business trips. - Higher business travel costs and geopolitical uncertainty remain constraints. - Infrastructural investment and travel retail growth could open new opportunities. - The pandemic exposed the market’s vulnerability, with global business travel spending falling 52% in 2020, according to the Global Business Travel Association. - North America spending fell about 60% in 2020, Europe 78% and Asia-Pacific 48%. - Singapore raised MICE capacity limits to 750 people from 250 in April 2020 to help restart events.

What’s next: - The corporate segment had the biggest share in 2021 at $454.5 billion, or 65.9% of the global market. - The U.S. was the largest North American market in 2021 and is projected to reach $374.5 billion by 2031. - The U.S. is forecast to grow at an 8.7% CAGR through 2031. - Further gains in SMEs, FDI-linked market opening, urbanization and industrial growth could support demand. - Continued hotel and travel technology upgrades are likely to shape product offerings and pricing.

The bottom line: - Business travel is moving from recovery to expansion, with corporate demand, bleisure and hotel innovation expected to drive the next leg of growth.