The research from Euromonitor, which is based on expert interviews, analysis of Euromonitor’s proprietary Passport database, and survey responses from nine countries (United States, Canada, United Kingdom, France, Germany, India, Singapore, Australia, and the UAE), provides a clear view into the current state of managed versus unmanaged travel. It highlights growing corporate travel spend across these key global regions, strong projected growth among SMBs, and the rising popularity of “bleisure”; travel. For travel management companies (TMCs) such as Navan, these findings represent opportunities to help businesses simplify travel processes, manage expenses, and better capture unmanaged travel spending.
“The size and scope of the global business travel market are large and growing. With global business travel spend projected to reach nearly US$2.9 trillion by 2029 and around 65% of that spend currently unmanaged, the research highlights a growing global opportunity,” said Amy Butte, CFO at Navan. “Businesses everywhere are prioritizing face-to-face interactions, meaning travel budgets are climbing and CFOs are looking to simplify cost management. We believe we are well positioned to help finance teams control expenses, uncover savings, and turn travel spend into a strategic advantage.”
“Our partnership with Navan brings together deep market research and real-time travel insights. This collaboration highlights key trends, such as the post-pandemic rebound of business travel across the globe and the rapid rise of bleisure travel, coupled with a sustained increase in travel costs to businesses. Together, we help empower businesses to navigate change and make smarter, data-driven travel decisions,” added Sarah Sanders, Senior Consultant at Euromonitor International.
Key Findings from the report include:
Global Business Travel Spending on the Rise
Euromonitor forecasts strong global business travel recovery and growth: business travel spending levels were estimated to have surpassed pre-pandemic (2019) numbers in 2024 and continue climbing steadily, reaching nearly US$2.9 trillion globally by 2029. The resurgence to date reflects renewed confidence in business travel as companies increasingly recognize the essential value of face-to-face interactions, relationship-building, and collaboration as core drivers for overall business success, according to Euromonitor.
Managed vs. Unmanaged
Currently, only 35% of global business travel spending is booked by businesses with a TMC, Euromonitor research found. Additionally, 85% of surveyed businesses stated they expect their
company’s travel costs to increase over the next 5 years.
Combining Work and Leisure Travel
Travelers are increasingly blending work trips with leisure travel, which is referred to as “bleisure” travel. Euromonitor’s research projects this segment will see rapid growth globally and particularly in the US, where bleisure travel spending is forecasted to grow 87% between 2024 and 2029, nearly doubling current levels. This evolving trend underscores the opportunity ahead
when travelers are planning their personal trips around work.
Opportunities for Further Adoption
Even among businesses that have TMCs in place, a significant portion of travel spending still occurs outside these platforms. According to the report, domestic and global businesses continue to book approximately 10% of their travel outside of these managed systems, representing an opportunity to capture additional savings and better manage costs.
Small Businesses Driving New Demand for Managed Travel
Small and medium-sized businesses (businesses with 1-200 employees, or SMBs) represent an attractive growth opportunity for managed travel solutions. This segment is projected to achieve a CAGR of 7.1% between 2024 and 2029, the fastest of any segment of the business travel market, and represented 26.1% of the business travel market in 2024. SMBs also report one of the highest average frequencies of travel per employee, further highlighting their importance as a key driver of future growth.
Tags: Amy Butte, Navan. Businesses, Euromonitor International
