Incentive Travel Global Market Report 2024

Description

Incentive travel is a corporate reward program designed to motivate and recognize employees, partners, or clients by offering travel experiences. It aims to improve employee engagement, elevate morale, build loyalty, and drive performance through memorable and inspiring travel opportunities.

Incentive travel primarily includes both domestic and international trips. Domestic incentive travel involves reward trips arranged within a company's own country to motivate and recognize employees, strengthen team cohesion, and improve overall productivity. The end users consist of individuals, corporate entities, and others. This type of travel is employed across various sectors such as healthcare, banking and finance, manufacturing, information technology, retail, hospitality, and more.

The incentive travel market research report is one of a series of new reports from The Business Research Company that provides incentive travel market statistics, including incentive travel industry global market size, regional shares, competitors with an incentive travel market share, detailed incentive travel market segments, market trends and opportunities, and any further data you may need to thrive in the incentive travel industry. This incentive travel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 during the historic period can be attributed to expanding international business operations, a heightened focus on employee recognition, the development of the hospitality and tourism sectors, improvements in air travel and infrastructure, and increasing 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 during the forecast period can be attributed to a greater focus on employee engagement, the rising trend of remote work, the capacity to provide personalized travel experiences, a shift towards experiential rewards, and an increasing preference among employees for experiences over material goods. Major trends for the forecast period include the use of technology for smooth planning, a focus on unique cultural experiences, the incorporation of corporate social responsibility, the popularity of combining business and leisure travel, and partnerships with local businesses and communities.

The growth of the incentive travel market is expected to be driven by the increasingly hectic lifestyles of employees across various industries. This rise in hectic lifestyles is attributed to heavier workloads and constant demands, which make it difficult for employees to balance work and personal life. To address this, companies are turning to incentive travel as a way to reward employees' hard work and offer essential relaxation and motivation. For example, in June 2023, according to a labor force survey conducted by Statistics Canada, a Canada-based government agency, found that approximately 4.1 million people reported high or very high levels of work-related stress, representing 21.2% of the employed population. The main sources of this stress were heavy workloads, affecting 23.7% of employees, and the struggle to balance work and personal life, impacting 15.7% of employees. Women experienced higher levels of stress (22.7%) compared to men (19.7%). Thus, the growing hectic lifestyle among employees is contributing to the expansion of the incentive travel market.

Leading companies in the incentive travel sector are increasingly focusing on innovative solutions such as travel mobile applications to improve the travel experience for both agents and customers. These apps, designed for smartphones and tablets, assist users in planning, booking, and managing travel arrangements such as flights, accommodations, and local activities. For example, in March 2024, TravClan, a travel tech startup based in India, introduced the OnTrip mobile app. This app provides personalized travel concierge services, real-time updates, 24/7 support, and brand customization options for travel agencies. Such technological advancements enhance customer engagement, distinguish the market, and enable global scaling, thereby significantly impacting incentive travel by boosting service delivery and operational efficiency.

In January 2024, One10 LLC, a US-based company specializing in customer and business loyalty programs, acquired Lorandus for an undisclosed sum. This acquisition strengthens One10's service offerings, market position, and resources, while preserving its employee-focused culture and ensuring operational continuity. As a result, One10 is well-positioned for growth and innovation in the incentive travel market. Lorandus, a Canada-based provider of event planning services, including incentive travel, was the company acquired.

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

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.

The countries covered in the incentive travel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The incentive travel market includes revenues earned by entities by providing services such as event planning, group travel coordination, team-building activities, luxury accommodation arrangements, exclusive dining experiences, and personalized travel itineraries. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Incentive Travel Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on incentive travel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
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Where is the largest and fastest growing market for incentive travel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The incentive travel market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered: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
Companies Mentioned: Booking Holdings Inc.; Expedia Group Inc.; Interpublic Group (IPG); Carlson Wagonlit Travel (CWT); BCD Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r19939

1. Executive Summary

2. Incentive Travel Market Characteristics

3. Incentive Travel Market Trends And Strategies

4. Incentive Travel Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Incentive Travel Market Size and Growth

5.1. Global Incentive Travel Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Incentive Travel Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Incentive Travel Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Incentive Travel Market Segmentation

6.1. Global Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Domestic
International
6.2. Global Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Individuals
Corporate Institutions
Other End Users
6.3. Global Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Healthcare
Banking And Finance
Manufacturing
Information Technology
Retail
Hospitality
Other Industry Types

7. Incentive Travel Market Regional And Country Analysis

7.1. Global Incentive Travel Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Incentive Travel Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Incentive Travel Market

8.1. Asia-Pacific Incentive Travel Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Incentive Travel Market

9.1. China Incentive Travel Market Overview
9.2. China Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Incentive Travel Market

10.1. India Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Incentive Travel Market

11.1. Japan Incentive Travel Market Overview
11.2. Japan Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Incentive Travel Market

12.1. Australia Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Incentive Travel Market

13.1. Indonesia Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Incentive Travel Market

14.1. South Korea Incentive Travel Market Overview
14.2. South Korea Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Incentive Travel Market

15.1. Western Europe Incentive Travel Market Overview
15.2. Western Europe Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Incentive Travel Market

16.1. UK Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Incentive Travel Market

17.1. Germany Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Incentive Travel Market

18.1. France Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Incentive Travel Market

19.1. Italy Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Incentive Travel Market

20.1. Spain Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Incentive Travel Market

21.1. Eastern Europe Incentive Travel Market Overview
21.2. Eastern Europe Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Incentive Travel Market

22.1. Russia Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Incentive Travel Market

23.1. North America Incentive Travel Market Overview
23.2. North America Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Incentive Travel Market

24.1. USA Incentive Travel Market Overview
24.2. USA Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Incentive Travel Market

25.1. Canada Incentive Travel Market Overview
25.2. Canada Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Incentive Travel Market

26.1. South America Incentive Travel Market Overview
26.2. South America Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Incentive Travel Market

27.1. Brazil Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Incentive Travel Market

28.1. Middle East Incentive Travel Market Overview
28.2. Middle East Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Incentive Travel Market

29.1. Africa Incentive Travel Market Overview
29.2. Africa Incentive Travel Market, Segmentation By Source, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Incentive Travel Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Incentive Travel Market, Segmentation By Industry Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Incentive Travel Market Competitive Landscape And Company Profiles

30.1. Incentive Travel Market Competitive Landscape
30.2. Incentive Travel Market Company Profiles
- 30.2.1. Booking Holdings Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Expedia Group Inc.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Interpublic Group (IPG)
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Carlson Wagonlit Travel (CWT)
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. BCD Group
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Incentive Travel Market Other Major And Innovative Companies

31.1. The Freeman Company
31.2. ATPI Ltd.
31.3. Maritz Holdings Inc.
31.4. BI Worldwide
31.5. Cvent Inc.
31.6. Direct Travel Inc.
31.7. Travel Leaders Group
31.8. ITA Group Inc.
31.9. One10 LLC
31.10. Omega World Travel
31.11. Creative Group Inc.
31.12. Adelman Travel Group
31.13. Travel Edge
31.14. Meetings And Incentives Worldwide Inc.
31.15. Access Destination Services

32. Global Incentive Travel Market Competitive Benchmarking

33. Global Incentive Travel Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Incentive Travel Market

35. Incentive Travel Market Future Outlook and Potential Analysis

35.1 Incentive Travel Market In 2028 - Countries Offering Most New Opportunities
35.2 Incentive Travel Market In 2028 - Segments Offering Most New Opportunities
35.3 Incentive Travel Market In 2028 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer