It is projected that the incentive tourism market would grow at a compound annual growth rate (CAGR) of 5.8% from 2023 to 2033. By 2033, the market is anticipated to have a market share of US$ 13.69 billion, and by 2023, it is anticipated to be worth US$ 7.79 billion.
The demand for international incentive travel is anticipated to be fueled by companies’ purposeful efforts to keep deserving staff motivated by offering them various incentives, among other considerations.
Additionally, businesses have employed incentive tourism programs as a non-cash incentive to their staff and outside partners for attaining crucial business goals. The MICE (Meetings, Incentives, Conferences, and Events) industry benefits greatly from it.
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Incentive tourism is a healthy and positive concept that motivates employees to perform even better. Corporations are spending more on the welfare of their employees.
Wellness travel implies that the traveller will experience physical and mental rejuvenation by the end of the tour. This has increased the popularity of the incentive tourism sector.
Some of the physical and mental activities like exercises, yoga, rock climbing, swimming, and so on, give the employees a growing sense of respect towards the organization that is striving for its employees’ good health. All these are expected to increase the demand for global incentive tourism.
Companies are looking for ways to expand their businesses within legal boundaries, so that they can serve for the welfare of the society at large. To achieve profits, the employee performance is the most effective cog in the wheel. There can hardly be a better way that to organize company sponsored trips for the deserving employees.
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Competitive Landscape of Global Incentive Tourism Market
Leading players operating globally in the market are focusing on expansion and new tour launches to expand their business globally. Moreover, the leading players are also involved in tie-ups with some of the leading firms, which provide incentives to their employees in the form of arranging tourism programs for them.
Key Developments
- On 14th August 2020, 360 Destination Group launched the “just the facts” hotel and attraction re-opening tracker. The re-opening tracker includes current information on each destination’s re-opening phase and risk level. In addition, detailed information regarding hotel and attraction re-opening dates.
- On 12th July 2022, Carlson Wagonlit Travel launched car rental and train booking capabilities on myCWT mobile and web channels.
- On 26th July 2022, BCD Group named Michele Lawley as the president of European region as Mike Walley joined Boron board.
Key Companies Profiled
- 360 DESTINATION GROUP
- ACCESS DESTINATION SERVICES
- BCD GROUP
- CARLSON WAGONLIT TRAVEL
- CONFERENCE CARE LTD.
- MEETINGS & INCENTIVES WORLDWIDE INC.
- ITA GROUP
- ATPI LTD.
Key Segments Covered
By Type:
- Eco-Tourism
- Adventure Tourism
- Beach Tourism
- Cultural Tourism
- Wildlife Tourism
By Tour Type:
- Domestic
- International
By Tourist Type:
- Independent Traveler
- Tour Group
- Package Traveler
By Booking Channel:
- Phone Booking
- Online Booking
- In-Person Booking
By Consumer Orientation:
- Men
- Women
By Age Group:
- 26 to 35 Years
- 36 to 45 Years
- 46 to 55 Years
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- Middle East and Africa
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