Incentive Travel Market By Industry Type (Healthcare, Banking and Finance, Manufacturing, IT, Retail, Hospitality, Others), By End User (Individuals, Corporate Institutions, Others), By Source (Domestic, International): Global Opportunity Analysis and Industry Forecast, 2021-2031
The incentive travel market size was valued at $42,014.5 million in 2021, and is projected to reach $2,16,746.9 million by 2031, registering a CAGR of 12.14% from 2022 to 2031. Incentive travel is a management tool for rewarding and motivating sales representatives, dealers, distributors, production workers, support staff, and in some cases, customers. The company rewards sales representatives, who reach sales targets by sending them on trips. Usually, incentive trip comes with hotel stays, tour packages, and planned activities, such as dinners, parties, and games. Incentive travel does not have any business-related activity. Political climate across globe, safety and security of tourist, currency fluctuation of destination country, and budget of company are some factors that negatively impact the growth of the incentive travel market. The major factors that drive the growth of the incentive travel market are corporates spending more on welfare of their employees and heavy budget being arranged to carry out luxury tours that re-motivates employees of the corporation to perform even better.
Also, such kind of tours are sponsored by external agencies who are into the travel and tourism domain and take care of the entire program and ensure the success of tour on behalf of its client company. After the COVID-19 pandemic, the market has witnessed substantial increase in wellness-based incentive travel as most corporates are providing, such type of incentive travel so that their employees experience good and healthy tour as a reward. The market in North America and Europe dominate the global incentive travel market due to rise in employment rate in the regions, post COVID-19 pandemic coupled with the beautiful and attracting destinations, which are best for the incentive travelers to spend their leisure time along with their families and friends and also suitable for corporate events to take place. Several other regions, such as Asia-Pacific, which includes China, Japan, and South Korea are having higher demand for the incentive travel due to the presence of global leading production houses and promotion of vibrant culture of various country by their respective government are the key drivers to the market.Moreover increase in demand for wellness-based incentive travel, in which employees are expected to experience good health by the end of the tour has led to increase the popularity of the incentive travel market. Along with social media advertisements about the trip and the experience travel offers to employee to regroup, and motivate them thus making company work towards appreciating employee efforts and also encourages other employee to focus and achieve higher targets for the organization. However external factors can pose a big challenge to the incentive travel market as sometimes it is difficult to maintain the quality of service leading to the dissatisfaction of the employee. Moreover, they might add additional charges to the host company by showing irrelevant cost and hidden charges.
The travel incentive market is segmented on the basis of industries, end user, source, and region. On the basis of industries, the market is classified into -healthcare, banking & finance, manufacturing, IT, retail, hospitality, and others. By end user, the market is segmented into individuals, corporate institutions, and others. By source, the market is segmented into domestic and international. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Netherlands, Switzerland and rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Thailand, Indonesia, New Zealand, Malaysia, Vietnam, Hong Kong, Taiwan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the incentive travel market analysis from 2021 to 2031 to identify the prevailing incentive travel market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the incentive travel market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global incentive travel market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Industry Type
Healthcare
Sub-type
Travel Agencies
Tour Operators
Online channels
Banking and Finance
Sub-type
Travel Agencies
Tour Operators
Online channels
Manufacturing
Sub-type
Travel Agencies
Tour Operators
Online channels
IT
Sub-type
Travel Agencies
Tour Operators
Online channels
Retail
Sub-type
Travel Agencies
Tour Operators
Online channels
Hospitality
Sub-type
Travel Agencies
Tour Operators
Online channels
Others
Sub-type
Travel Agencies
Tour Operators
Online channels
By End User
Individuals
Corporate Institutions
Others
By Source
Domestic
International
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Italy
Germany
France
Spain
Netherlands
Switzerland
Rest of Europe
Asia-Pacific
China
India
Singapore
Thailand
Indonesia
Australia
New Zealand
Japan
Malaysia
South Korea
Vietnam
Hong Kong
Taiwan
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
360 destination group
ACCESS DESTINATION SERVICES
ATPI LTD.
BCD GROUP
BI WORLDWIDE
CARLSON WAGONLIT TRAVEL
CIEVENTS
CONFERENCE CARE LTD.
CREATIVE GROUP, INC.
CSI DMC
IBTM
ITA GROUP
MARITZ
MEETINGS and INCENTIVES WORLDWIDE, INC.
ONE10, LLC
THE FREEMAN COMPANY
THE INTERPUBLIC GROUP OF COMPANIES, INC.
Expedia Group
Booking Holdings
CWT
Travel Leaders Group
Direct Travel
Fareportal
Frosch
Omega World Travel
Travel Edge
ATG
Adelman Travel
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