The incentive travel market size has shown rapid growth in recent years, projected to rise from $45.47 billion in 2023 to $52.65 billion in 2024, at a compound annual growth rate (CAGR) of 15.8%. This growth in the historic period can be attributed to the increase in international business operations, a growing emphasis on employee recognition, the expansion of the hospitality and tourism sectors, advancements in air travel and infrastructure, and a heightened awareness of sustainable and eco-friendly travel options. The market is expected to continue its upward trajectory, reaching $95.11 billion in 2028, with a CAGR of 15.9%. The anticipated growth in the forecast period can be linked to an increased focus on employee engagement, the trend of remote work, the ability to provide personalized travel experiences, a shift towards experiential rewards, and a preference among employees for experiences over material goods. Key trends to watch include the use of technology for seamless planning, emphasis on unique cultural experiences, integration of corporate social responsibility, popularity of business and leisure travel, and collaboration with local businesses and communities.
Global Incentive Travel Market Key Driver
The hectic lifestyle of employees across various industries is anticipated to fuel the growth of the incentive travel market in the years ahead. An increase in work-related stress is attributed to higher workloads and the constant demands of modern life, making it difficult for employees to balance work and personal commitments. Companies often use incentive travel as a reward for hard work, providing employees with much-needed relaxation and motivation. For instance, a labor force survey by Statistics Canada in June 2023 revealed that approximately 4.1 million individuals, or 21.2% of the employed population, reported experiencing high or very high levels of work-related stress. The main contributors to this stress were heavy workloads (affecting 23.7% of employees) and challenges in balancing work and personal life (impacting 15.7% of employees). Women were found to be more likely to experience high stress levels at 22.7%, compared to men at 19.7%. As a result, the hectic lifestyles of employees are driving the growth of the incentive travel market through 2023, continuing into 2024, and expected to expand further by 2028.
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Global Incentive Travel Market Segments
The incentive travel market covered in this report is segmented –
1) By Source: Domestic, International
2) By End User: Individuals, Corporate Institutions, Other End Users
3) By Industry Type: Healthcare, Banking And Finance, Manufacturing, Information Technology, Retail, Hospitality, Other Industry Types
By Geography:The regions covered in the incentive travel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the incentive travel market in 2023.
Major Incentive Travel Industry Players
Booking Holdings Inc., Expedia Group Inc., Interpublic Group (IPG), Carlson Wagonlit Travel (CWT), BCD Group, The Freeman Company, ATPI Ltd., Maritz Holdings Inc., BI Worldwide, Cvent Inc., Direct Travel Inc., Travel Leaders Group, ITA Group Inc., One10 LLC, Omega World Travel, Creative Group Inc., Adelman Travel Group, Travel Edge, Meetings And Incentives Worldwide Inc., Access Destination Services, Frosch International Travel, Conference Care Ltd., CSI DMC, ATG Travel Worldwide
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Incentive Travel Market Overview
Incentive travel is a corporate reward program where employees, partners, or clients are offered travel experiences to motivate and recognize their performance. It is used to enhance employee engagement, boost morale, foster loyalty, and drive performance through memorable and motivating travel experiences.
Incentive Travel Global Market Report 2023 provides data on the global incentive travel market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The incentive travel market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
