Business Travel Rebounds: $2.1 Trillion Market Set for Double-Digit Growth in APAC

NEW YORK, NY – November 11, 2025

The Return of the Road Warrior

The global business travel market is experiencing a robust recovery, projected to reach $2.0954 trillion by 2031, with a compound annual growth rate (CAGR) of 9.5% from 2022. This rebound, following the significant disruption of the COVID-19 pandemic, signals a renewed confidence in face-to-face interactions and the critical role of in-person meetings in driving business growth. While leisure travel has largely recovered, the corporate segment is now taking the lead, driven by pent-up demand for client meetings, internal collaboration, and industry events.

“We’re seeing a clear shift towards prioritizing in-person engagement,” notes an industry analyst. “Companies recognize the value of building relationships and fostering innovation through direct interaction, something that virtual meetings simply can’t fully replicate.” The corporate segment currently dominates, accounting for approximately 65.9% of the global market share in 2021, valued at $454.5 billion. This trend is expected to continue, with companies increasingly allocating budgets for business travel.

APAC: The Engine of Growth

The Asia-Pacific (APAC) region is emerging as the undisputed engine of growth for the business travel market. Currently holding a substantial share of over 43.6% in 2021 and 37.15% in 2023, APAC is projected to maintain its position as the fastest-growing region, with a projected CAGR of approximately 8.88% from 2025 to 2033. Several factors are contributing to this surge, including rapid economic growth, a burgeoning middle class, increasing foreign direct investment, and a concerted effort to attract international conferences and events.

“APAC’s growth is being fueled by a combination of factors,” explains a travel industry executive. “Countries like India and China are experiencing strong economic expansion, which is driving both domestic and international business travel. We're also seeing a significant increase in corporate events and conferences being held in the region, particularly in cities like Singapore, Tokyo, and Shanghai.”

India, in particular, is witnessing a remarkable surge, with spending projected to reach $43 billion in 2025, a 15% increase over 2024—significantly exceeding the global average. The reopening of China and its robust domestic demand are also key catalysts for growth in the region. Improved infrastructure, including high-speed rail networks and modern airports, is further enhancing connectivity and facilitating travel within and across APAC countries. The dominance of intra-regional travel, with approximately 89% of flights being direct, highlights the strong connectivity within the region.

Evolving Trends and Key Players

The business travel landscape is not merely recovering; it's evolving. The rise of “bleisure” travel, where employees extend business trips for leisure purposes, is creating new opportunities for travel providers. Technology is also playing a critical role, with companies increasingly leveraging AI-powered booking platforms, mobile apps, and data analytics to streamline travel management and enhance the traveler experience. The food & lodging segment is witnessing particularly strong growth, with a projected CAGR of 9.8%, driven by rising online bookings and frequent corporate events.

Several key players are well-positioned to capitalize on these trends. American Express Global Business Travel (Amex GBT), BCD Group, and CWT Global remain dominant forces in the travel management space. However, newer entrants like Navan and TravelPerk are gaining market share by offering innovative technology solutions and focusing on user experience. SAP Concur continues to hold a strong position in the travel and expense management software market, with numerous multinational enterprises utilizing its services. The competitive landscape is becoming increasingly dynamic, with companies vying to offer seamless, personalized travel experiences that cater to the evolving needs of business travelers.

“Companies are realizing that travel isn’t just about getting from point A to point B,” notes a consultant specializing in corporate travel. “It’s about creating a holistic experience that enhances productivity, fosters relationships, and supports employee well-being. Travel providers that can deliver on this promise will be the ones that succeed in the long run.”

Furthermore, companies are increasingly prioritizing sustainability in their travel programs, seeking out eco-friendly accommodation and transportation options. The pressure to reduce carbon emissions is driving demand for more responsible travel practices, forcing travel providers to invest in greener initiatives.