Global Incentive Travel Market to Generate $216.8 Billion by 2031, States the Report by Allied Market Research

A lead analyst at AMR highlighted that the incentive travel market across Asia-Pacific is anticipated to witness the fastest CAGR during the forecast period.

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Allied Market Research published a research report on the incentive travel market. The findings of the report states that the global market for incentive travel generated $42 billion in 2021, and is projected to reach $216.8 billion by 2031, witnessing a CAGR of 12.1% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.

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"The hectic lifestyle of employees working in various industries surges the demand for incentive travel. Employees travel to relieve themselves from stress and take some time off from their busy lifestyle. In addition, the demand for incentive travel is increasing owing to the change in organizations prospective towards travel-based incentives, which is expected to boost the market growth." said Roshan Deshmukh, Manager, Consumer Goods at Allied Market Research.

The report provides insights on drivers, restraints, and opportunities to help market players in devising growth strategies and capitalizing on opportunities. The growth of the incentive travel market is owed to the hectic lifestyle of employees working in various industries and change in organizations' perspective towards travel-based incentives. On the other hand, political climate across the globe, safety and security of tourists, and currency fluctuation of destination country hinder the growth of the market. However, the upcoming startups culture across the globe is expected to offer lucrative opportunities for the market in future.

The report provides a detailed scenario of the impact of the Covid-19 pandemic on the incentive travel market globally. The outbreak of the pandemic negatively impacted the incentive travel market due to the implementation of global lockdown which resulted in the restrictions regarding travel. Many people struggled to afford basic food and housing because of unemployment arising due to the crisis. Such factors hampered the market growth. However, the market has recovered post the pandemic.

The report offers detailed segmentation of the global incentive travel market based on industry type, end user, source, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the coming years.

In terms of industry type, the healthcare segment held the major share of around one-fifths of the global incentive travel market in 2021 and is expected to continue its leadership status during the forecast period. The report also discusses the segments including banking & finance, manufacturing, IT, retail, hospitality, and others.

By end user, the corporate institutions segment was the largest in 2021, accounting for more than 90% of the global market and is expected to maintain its lead in terms of revenue in 2031. The report also offers an analysis of the individuals segment.

Based on source, the domestic segment captured the highest share of more than three-fourths of the global incentive travel market in 2021 and would continue its dominance during the forecast period. However, the international segment is estimated to grow at the highest CAGR of 14.11% during the forecast period.

By region, the market across Europe captured the largest share in 2021, capturing nearly two-fifths of the global incentive travel market and is likely to maintain its dominance in terms of revenue in 2031. However, Asia-Pacific market is projected to register the fastest CAGR of 12.79% during the forecast period. The research also studies North America and LAMEA.

Leading market players of the global incentive travel market analyzed in the report include Maritz, BI Worldwide, Ltd., ITA Group, Inc., One10, LLC, Meetings and Incentives Worldwide, Inc. (M&IW), Creative Group, Inc., Access Destination Service, 360 Destination Group, CSI DMC, Carlson Wagonlit Travel, IBTM, BCD Group, Cievents, ATPI Ltd., Conference Care Ltd., the Freeman Company, the Interpublic Group of Companies, Inc. Expedia Group, Booking Holdings, CWT, Travel Leaders Group, Direct Travel, Fareportal, Frosch, Omega World Travel, Travel Edge, ATG, and Adelman Travel.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. 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 offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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