At what pace is the incentive tourism market growing, and what is its estimated value?
The incentive tourism market size has grown strongly in recent years. It will grow from $7.64 $ billion in 2024 to $8.15 $ billion in 2025 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to economic growth, globalization of businesses, rising demand for unique experiences, increasing disposable income, growth in developing economies.
The incentive tourism market size is expected to see strong growth in the next few years. It will grow to $10.45 $ billion in 2029 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increasing importance of health and wellness, increasing awareness and appreciation of different cultures, growing interest in sustainable travel options, favorable government policies and incentives, expansion of international and domestic flight routes. Major trends in the forecast period include increased investment by companies in incentive programs, innovations in travel and event management technology, partnerships between companies and travel agencies, demand for luxury travel experiences, technology-enabled personalization.
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What are the top drivers to the rising demand in the incentive tourism market?
The rise of experiential travel is expected to propel the growth of the incentive tourism market going forward. Experiential travel is an approach that emphasizes deep, immersive engagement with local cultures and environments, creating meaningful and memorable experiences beyond traditional sightseeing. The growth of experience travel is attributed to several factors, such as authentic local interactions and immersive activities. Incentive tourism is essential for experiential travel as it provides personalized rewards and unique experiences that motivate and engage participants, enhancing their overall journey and fostering deeper connections with destinations. For instance, in May 2023, according to a report published by the United Nations World Tourism Organization, a Spain-based specialized agency, In the first quarter of 2023, international tourist arrivals surged to 80% of pre-pandemic levels, with around 235 million travelers, more than doubling compared to the same period in 2022. The tourism sector showed impressive resilience, as revised 2022 data indicated that over 960 million international tourists traveled abroad last year, representing a recovery of two-thirds (66%) of pre-pandemic levels, and highlighting the industry’s strong rebound and renewed momentum. Therefore, the rise of experiential travel is driving the growth of the incentive market.
How is the incentive tourism market segmented?
The incentive tourismmarket covered in this report is segmented –
1) By Type: Eco-Tourism, Adventure Tourism, Beach Tourism, Cultural Tourism, Wildlife Tourism
2) By Tourist Type: Independent Traveler, Tour Group, Package Traveler
3) By Booking Channel: Phone Booking, Online Booking, In-Person Booking
4) By Age Group: 26 To 35 Years, 36 To 45 Years, 46 To 55 Years
5) By Industry: Finance, Technology, Healthcare, Other Industries
Subsegments:
1) By Eco-Tourism: Sustainable Travel Experiences, Nature Reserves And Conservation Programs, Eco-Lodges And Green Accommodations, Community-Based Eco-Tourism Initiatives, Educational Eco-Tours
2) By Adventure Tourism: Outdoor Activities, Extreme Sports Experiences, Wilderness Expeditions, Team-Building Adventure Activities, Customized Adventure Packages
3) By Beach Tourism: Luxury Beach Resorts, Beachfront Activities, Water Sports And Recreation, Beach Parties And Events, Family-Friendly Beach Packages
4) By Cultural Tourism: Heritage Site Visits, Local Cultural Experiences And Workshops, Culinary Tours And Food Festivals, Arts And Music Festivals, Historical Tours And Reenactments
5) By Wildlife Tourism: Safari Experiences, Wildlife Conservation Tours, Bird Watching Expeditions, Marine Life Tours, Nature Photography Tours
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Who are the top competitors in the incentive tourism market?
Major companies operating in the incentive tourism market are Carlson Wagonlit Travel BV, BCD Group, ATPI Ltd., ITA Group, Maritz Global Events Inc., BI WORLDWIDE, Aimia Inc., One10 LLC, Opus Agency, Creative Group Inc., Impact XM, Access Destination Services, Next Level Performance, Conference Care Ltd., Ovation Global DMC, Imprint Events Group, 360 Destination Group, Gavel International, Red Letter Days, Event Travel Management, Landry & Kling Global Cruise Services Inc., Creative Destination Events, Corporate Rewards, Global Incentive Management DMC, Harith Productions Ltd
What significant trends should we anticipate in the incentive tourism market over the forecast period?
Major companies operating in the incentive tourism market are developing incentive programs to provide a range of services designed to streamline the planning and execution of incentive travel programs. Incentive programs are strategic initiatives designed to motivate and reward individuals or groups for achieving specific goals or performance targets. For instance, in July 2023, Ottawa Tourism, a Canada-based provider of destination development and marketing, launched Ottawa VIP (Visitor Inspiration Program). The Ottawa VIP (Visitor Inspiration Program) offers a unique incentive for tour operators by providing a box of local gifts to enhance the in-destination experience and highlight Ottawa’s culture. Additionally, the program includes a $35 credit per room night, which can be used on a qualified tour operator’s next visit to Ottawa, encouraging repeat business. This multi-year incentive program, available until December 1, 2023, aims to boost travel trade engagement with the city.
Which regional trends are influencing the incentive tourism market, and which area dominates the industry?
North America was the largest region in the incentive tourism market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the incentive tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Incentive Tourism Market Report 2025 Offer?
The incentive tourism market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Incentive tourism is a type of business travel designed to motivate and reward employees or clients. It typically involves organizing travel experiences, such as vacations or luxury trips, as a reward for achieving specific business goals or milestones. Incentive tourism is a powerful tool for businesses to drive performance and loyalty by offering tangible rewards and memorable experiences.
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