Global Incentive Travel Market Is Expected to Generate $216.8 Billion by 2031: Allied Market Research
September 23, 2022
The demand for incentive travel is increasing owing to the change in organizations’ prospective towards travel-based incentives, which is expected to boost the global incentive travel market. Based on region, the Asia-Pacific region is expected to manifest the fastest CAGR of 12.79% during the forecast period. The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global incentive travel market.
/EIN News/ -- Portland, OR, Sept. 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global incentive travel market garnered $42.0 billion in 2021, and is estimated to generate $216.8 billion by 2031, manifesting a CAGR of 12.1% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
|Market Size in 2021||$42.0 billion|
|Market Size in 2031||$216.8 billion|
|No. of Pages in Report||707|
|Segments covered||Industry Type, End User, Source, and Region.|
|Drivers||The hectic lifestyle of employees working in various industries|
|Change in organizations’ prospective towards travel-based incentives|
|Opportunities||The upcoming startups culture across the globe|
|Restraints||Political climate across the globe|
|Safety and security of tourists|
|Currency fluctuation of destination country|
|Budget of companies|
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global incentive travel market.
- During the initial months of the economic downturn, tens of millions of people lost their employment. Although the labor market began to recover after a few months, unemployment remained an elevated issue in 2020.
- During the pandemic, millions of people struggled to afford basic food and housing because of unemployment. According to the U.S. Bureau of Labor Statistics, nonfarm payroll employment rose by 372,000 in June, and the unemployment rate remained at 3.6% in 2022. Such factors hampered the market growth.
The research provides detailed segmentation of the global incentive travel market based on industry type, end user, source, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on industry type, the healthcare segment held the highest share in 2021, accounting for around one-fifths of the global incentive travel market, and is expected to continue its leadership status during the forecast period. The report also identifies segments including banking & finance, manufacturing, IT, retail, hospitality, and others.
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Based on end user, the corporate institutions segment accounted for the highest share in 2021, contributing to more than 90% of the global incentive travel market, and is expected to maintain its lead in terms of revenue during the forecast period. The report also analyzes the individuals segment.
Based on source, the domestic segment accounted for the highest share in 2021, holding more than three-fourths of the global incentive travel market, and is expected to continue its leadership status during the forecast period. However, the international segment is estimated to grow at the highest CAGR of 14.11% during the forecast period.
Based on region, Europe held the largest share in 2021, contributing to nearly two-fifths of the total incentive travel market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 12.79% during the forecast period. The research also analyzes regions including North America and LAMEA.
Leading market players of the global incentive travel market analyzed in the research include 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.
The report provides a detailed analysis of these key players of the global incentive travel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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