The global incentive tourism market is estimated at US$ 109000 million in 2022 and is projected to reach US$ 879300 million by 2032, at an expected CAGR of 19.7% from 2022 to 2032.
Incentive tourism programs have been used by companies as a noncash reward to their employees and external partners for achieving key business objectives. It is one of the major contributors of the MICE (Meetings, Incentives, Conferences, and Events) sector.
Incentive tourism emphasizes on fun, food, and other entertainment activities. The major players are companies offering incentive tourism programs as noncash compensation. Such investments being made by the companies for their employees are expected to surge the demand for global incentive tourism.
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.
Request a Report Sample to Gain Comprehensive Insights@
https://www.futuremarketinsights.com/reports/sample/rep-gb-3530
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.
Thus, from the insights provided, it is quite clear that “A conscious effort by the companies to keep the deserving employees motivated by providing them different incentives and many other factors are expected to drive the demand for global incentive tourism.”
Key takeaways
- The global incentive tourism market is expected to grow at a CAGR of 19.7% during the forecast period.
- The global incentive tourism market has a valuation of US$ 109000 Million as on 2022.
- The global incentive tourism market is estimated to reach a valuation of US$ 879300 Million in 2032.
- In terms of tour type, the package travelers are estimated to account for the highest value share in the global incentive tourism market.
- By booking channel, the online booking channel is expected to hold a major share in the market.
- Based on the tour type, the international tourism segment might have the highest market share over the forecast period.
- In terms of tourist type, the package travelers are estimated to account for the highest value share in the global incentive tourism market.
- In terms of age group, the 26-35 segment are anticipated to form the major chunk of the market.
- The eco-tourism is the most popular type of tourism in global incentive tourism market.
- Currently, men have the maximum market share based on the consumer orientation.
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.
For any Queries Linked with the Report, Ask an Analyst@
https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-3530
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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights,
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
Dubai
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blog