Incentive Travel Market Size, Share Estimation, Business Strategies, Opportunities And Forecast To 2033 | Booking Holdings Inc., Expedia Group Inc., Interpublic Group (IPG), Carlson Wagonlit Travel (CWT), BCD Group

The incentive travel global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Incentive Travel Market, 2024The incentive travel global market report 2024

Market Size – The incentive travel market size has grown rapidly in recent years. It will grow from $45.47 billion in 2023 to $52.65 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%.  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 $95.11 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%.  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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Scope Of Incentive Travel MarketThe Business Research Company’s reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Incentive Travel Market Overview
Market Drivers -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.

Market Trends – 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.

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

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Regional Insights – 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.

Key Companies – Major companies in the 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

Table of Contents
1. Executive Summary
2. Incentive Travel Market Report Structure
3. Incentive Travel Market Trends And Strategies
4. Incentive Travel Market – Macro Economic Scenario
5. Incentive Travel Market Size And Growth

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27. Incentive Travel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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