Business travel market seen reaching $2.1 trillion by 2031

By AI, Created 3:06 PM UTC, June 03, 2026, /AGP/ – A new Allied Market Research report projects the global business travel market will nearly triple from 2021 to 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 hotels add smart features and robotics.

Why it matters: - The business travel market is projected to grow from $689.7 billion in 2021 to $2.1 trillion by 2031. - That scale-up points to continued demand for corporate trips tied to meetings, supplier visits, trade shows and events. - The forecast signals where hotels, travel platforms and corporate travel managers may see the strongest spending growth.

What happened: - Allied Market Research projected the global business travel market at a 9.5% compound annual growth rate from 2022 to 2031. - The report said the food and lodging segment will grow fastest, with a 9.8% CAGR during the forecast period. - The report also said the corporate segment held $454.5 billion of the market in 2021, equal to 65.9% of global share. - In North America, the U.S. was the largest market in 2021 and is projected to reach $374.5 billion by 2031.

The details: - Business travel covers trips for meetings, deal negotiations, networking, trade shows and exhibitions. - The report linked market growth to bleisure travel, online travel agencies such as Booking.com, KAYAK and Expedia, and expansion in travel and tourism. - Government efforts to support MICE events and SMEs, along with broader globalization, are also listed as growth drivers. - The report said smart hotels, virtual reality booking tools, personalization and IoT are shaping the next phase of demand. - Robotics is showing up 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 categories include transportation, food and lodging, and recreation. - Transportation breaks down into air, rail and car. - Industry segments include government and corporate travel. - Traveler categories include group and solo travelers. - Regional coverage includes North America, Europe, Asia-Pacific and LAMEA. - Major 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 report said travel agents also use robots for pre-screening customers. - Allied Market Research said robotics may reduce human-to-human contact and support future market growth. - The report said video conferencing is a headwind because it is cheaper and faster than travel. - It also pointed to infrastructure investment and rapid growth in travel retail as opportunities.

Between the lines: - The forecast assumes business travel continues recovering from the pandemic shock and from the shift to remote meetings. - COVID-19 sharply reduced demand, with global business travel spending falling 52% in 2020, according to GBTA. - GBTA data in the report showed spending fell about 60% in North America, 78% in Europe and 48% in Asia-Pacific in 2020. - That backdrop explains why the report emphasizes both pent-up demand and efficiency pressures from virtual alternatives. - The strongest growth forecast for food and lodging suggests hotels may capture a bigger share of spending than transport alone.

What’s next: - The report expects market growth to continue through 2031 as corporate activity, MICE events and SME support programs expand. - Infrastructure spending and technology upgrades are likely to stay central to growth prospects. - Business travel providers may keep competing on personalization, automation and lower-friction booking tools. - The report is available through Allied Market Research, which also offered a sample PDF and purchase inquiry option in the release.

The bottom line: - Business travel is set for a long recovery and a bigger end market, but virtual meetings and cost pressure remain the key brakes on growth.