Incentive Travel Market Forecast 2024: Boosting Employee Engagement and Corporate Growth

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The new report published by The Business Research Company, titled Incentive Travel Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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What Is Driving The Growth Of The Global Incentive Travel Market?

Rising Employee Stress And Hectic Lifestyles Fuel Growth In Incentive Travel Market
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 Is The Key Trend In The Global Incentive Travel Market?

Innovative Travel Apps Boost Global Service And Operational Efficiency In 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.

How Is The Global Incentive Travel Market Segmented?
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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How Is The Competitive Landscape Of The Global 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

Contents Of The Global Incentive Travel Market
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
…..
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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