Incentive Travel Market to Hit $216.8 Bn by 2031, Globally: Says AMR
The growth of the global incentive travel market is driven by the hectic lifestyle of employees working in various industries and the change in organizations’ perspective towards travel-based incentives. On the basis of region, the Asia-Pacific region is registered to manifest the fastest CAGR of 12.79% during the forecast period.
Wilmington, Delaware, Nov. 08, 2023 (GLOBE NEWSWIRE) — As per 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 a comprehensive study which focuses on value chain, competitive scenario, changing market dynamics, major segments, and regional landscape.
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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 research offers a detailed analysis which focuses on segmentation of the global incentive travel market based on source, industry type, end user, 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.
On the basis of source, the domestic segment contributed to the largest share in 2021, holding more than three-fourths of the global incentive travel market, and is anticipated to maintain its dominant position during the forecast period. On the other hand, the international segment is registered to grow at the fastest CAGR of 14.11% during the forecast period.
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On the basis of industry type, the healthcare segment held the largest share in 2021, contributing to around one-fifth of the global incentive travel market, and is estimated to continue its dominance during the forecast period.
On the basis of end user, the corporate institutions segment held the highest share in 2021, contributing to more than 90% of the global incentive travel market, and is anticipated to lead the market during the forecast period.
On the basis of region, the Asia-Pacific region is registered to manifest the fastest CAGR of 12.79% during the forecast period. However, the region across Europe accounted for the largest share in 2021, contributing to nearly two-fifths of the total incentive travel market share, and is estimated to maintain its lead in terms of revenue in 2031.
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Leading market players of the global incentive travel market analyzed in the research include BCD GROUP, BI WORLDWIDE, Direct Travel, Fareportal, Frosch, Omega World Travel, CSI DMC, IBTM, ITA GROUP, MARITZ, CARLSON WAGONLIT TRAVEL, 360 destination group, ACCESS DESTINATION SERVICES, ATPI LTD., CIEVENTS, CONFERENCE CARE LTD., CREATIVE GROUP, INC., MEETINGS and INCENTIVES WORLDWIDE, INC., ONE10, LLC, THE FREEMAN COMPANY, THE INTERPUBLIC GROUP OF COMPANIES, INC., Expedia Group, Booking Holdings, CWT, Travel Leaders Group, Travel Edge, ATG, Adelman Travel.
Country Reports We Have in this Industry:
• U.S. Incentive Travel Market Opportunity Analysis and Industry Forecast, 2021-2031
• Canada Incentive Travel Market Opportunity Analysis and Industry Forecast, 2021-2031
• Mexico Incentive Travel Market Opportunity Analysis and Industry Forecast, 2021-2031
• UK Incentive Travel Market Opportunity Analysis and Industry Forecast, 2021-2031
• Italy Incentive Travel Market Opportunity Analysis and Industry Forecast, 2021-2031
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry
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