incentive travel market, incentive travel market forecast, incentive travel market outlook, incentive travel market growth, incentive travel market trends, incentive travel industry insights
How big is the incentive travel market today, and what are its future growth expectations?
The incentive travel market size has grown rapidly in recent years. It will grow from $52.65 billion in 2024 to $61.12 billion in 2025 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to increasing international business operations, a growing emphasis on employee recognition, the growth of the hospitality and tourism sectors, advances in air travel and infrastructure, and growing awareness and emphasis on sustainable and eco-friendly travel options.
The incentive travel market size is expected to see rapid growth in the next few years. It will grow to $110.08 billion in 2029 at a compound annual growth rate (CAGR) of 15.8%. The growth in the forecast period can be attributed to increased focus on employee engagement, the growing trend of remote work, the ability to offer personalized travel experiences, a shift towards experiential rewards, and a growing preference for experiences over material goods among employees. Major trends in the forecast period include the use of technology for seamless planning, an emphasis on unique cultural experiences, the integration of corporate social responsibility, the popularity of business and leisure travel, and collaboration with local businesses and communities.
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How has the incentive travel market evolved, and what factors have shaped its growth?
The hectic lifestyle of employees working in various industries is expected to propel the growth of the incentive travel market going forward. The increase in employees’ hectic lifestyles is driven by higher workloads and constant demands, making it challenging to balance work with personal life. A hectic lifestyle among employees boosts incentive travel, as companies use it to reward hard work and provide much-needed relaxation and motivation. For instance, in June 2023, according to a labor force survey conducted by Statistics Canada, a Canada-based government agency, approximately 4.1 million individuals reported experiencing high or very high levels of work-related stress, accounting for 21.2% of the employed population. The primary sources of work-related stress were heavy workloads, affecting 23.7% of employees, and the challenge of balancing work and personal life, impacting 15.7% of employees. Women were more likely to experience high or very high levels of work-related stress (22.7%) compared to men (19.7%). Therefore, the hectic lifestyle of employees working in various industries is driving the growth of the incentive travel market.
What are the major segments of the incentive travel market?
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
Subsegments:
1) By Domestic: Corporate Incentive Travel Within The Same Country, Regional Incentive Programs, Local Reward-Based Travel
2) By International: Cross-Border Corporate Incentive Travel, Global Incentive Programs, Multi-Country Incentive Travel For Employees Or Clients
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Which companies dominate the incentive travel market?
Major companies operating in the incentive travel market are 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
How will evolving trends contribute to the growth of the incentive travel market?
Major companies operating in the incentive travel market are focusing on developing innovative solutions, such as travel mobile applications, to enhance the travel experience for both travel agents and their customers. Travel mobile applications are software programs designed for smartphones and tablets that help users plan, book, and manage travel arrangements, such as flights, accommodations, and local activities. For instance, in March 2024, TravClan, an India-based business-to-business travel tech startup, launched the OnTrip mobile app. This app offers personalized travel concierge services, real-time updates, 24/7 support, and brand customization for travel agencies. This technological advancement enhances customer engagement, differentiates the market, and scales globally, significantly impacting incentive travel by improving service delivery and operational efficiency.
What are the key regional dynamics of the incentive travel market, and which region leads in market share?
Europe was the largest region in the incentive travel market in 2023. The regions covered in the incentive travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Incentive Travel Market Report 2025 Offer?
The incentive travel market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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