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Incentive Tourism Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Incentive Tourism Global Market Report 2024
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According to The Business Research Company's, The incentive tourism market size has grown strongly in recent years. It will grow from $7.18 billion in 2023 to $7.64 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to economic growth, globalization of businesses, rising demand for unique experiences, increasing disposable income, growth in developing economies.
The incentive tourism market size is expected to see strong growth in the next few years. It will grow to $9.82 billion in 2028 at a compound annual growth rate (CAGR) of .5%. The growth in the forecast period can be attributed to increasing importance of health and wellness, increasing awareness and appreciation of different cultures, growing interest in sustainable travel options, favorable government policies and incentives, expansion of international and domestic flight routes. Major trends in the forecast period include increased investment by companies in incentive programs, innovations in travel and event management technology, partnerships between companies and travel agencies, demand for luxury travel experiences, technology-enabled personalization.
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Market Drivers and Trends:
The rise of experiential travel is expected to propel the growth of the incentive tourism market going forward. Experiential travel is an approach that emphasizes deep, immersive engagement with local cultures and environments, creating meaningful and memorable experiences beyond traditional sightseeing. The growth of experience travel is attributed to several factors, such as authentic local interactions and immersive activities. Incentive tourism is essential for experiential travel as it provides personalized rewards and unique experiences that motivate and engage participants, enhancing their overall journey and fostering deeper connections with destinations. For instance, in May 2023, according to a report published by the United Nations World Tourism Organization, a Spain-based specialized agency, In the first quarter of 2023, international tourist arrivals surged to 80% of pre-pandemic levels, with around 235 million travelers, more than doubling compared to the same period in 2022. The tourism sector showed impressive resilience, as revised 2022 data indicated that over 960 million international tourists traveled abroad last year, representing a recovery of two-thirds (66%) of pre-pandemic levels, and highlighting the industry's strong rebound and renewed momentum. Therefore, the rise of experiential travel is driving the growth of the incentive market.
Major companies operating in the incentive tourism market are developing incentive programs to provide a range of services designed to streamline the planning and execution of incentive travel programs. Incentive programs are strategic initiatives designed to motivate and reward individuals or groups for achieving specific goals or performance targets. For instance, in July 2023, Ottawa Tourism, a Canada-based provider of destination development and marketing, launched Ottawa VIP (Visitor Inspiration Program). The Ottawa VIP (Visitor Inspiration Program) offers a unique incentive for tour operators by providing a box of local gifts to enhance the in-destination experience and highlight Ottawa's culture. Additionally, the program includes a $35 credit per room night, which can be used on a qualified tour operator's next visit to Ottawa, encouraging repeat business. This multi-year incentive program, available until December 1, 2023, aims to boost travel trade engagement with the city.
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Major Key Players of the Market:
Carlson Wagonlit Travel BV, BCD Group, ATPI Ltd., ITA Group, Maritz Global Events Inc., BI WORLDWIDE, Aimia Inc., One10 LLC, Opus Agency, Creative Group Inc., Impact XM, Access Destination Services, Next Level Performance, Conference Care Ltd., Ovation Global DMC, Imprint Events Group, 360 Destination Group, Gavel International, Red Letter Days, Event Travel Management, Landry & Kling Global Cruise Services Inc., Creative Destination Events, Corporate Rewards, Global Incentive Management DMC, Harith Productions Ltd
Incentive Tourism Market 2024 Key Insights:
• The incentive tourism market size is expected to see strong growth in the next few years. It will grow to $9.82 billion in 2028 at a compound annual growth rate (CAGR) of .5%.
• Experiential Travel Drives Growth In Incentive Tourism Market
• Innovative Incentive Programs Drive Growth In The Incentive Tourism Market
• North America was the largest region in the incentive tourism market in 2023
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