The Incentive Tourism Market is anticipated to strive at an average CAGR of 5.8% between 2023 and 2033. The market is expected to have a market share of US$ 13.69 billion by 2033 while it is likely to be valued at US$ 7.79 billion in 2023
- Revised employee policies, friendly corporate culture, diverse office space, and corporate trips are notably flourishing the market growth. Furthermore, corporate policy makers are focusing hugely on the work-life balance aspect which leads to the idea of incentive tourism.
- Incentive tourism promotes healthy competition among the workforce while awarding employees who outperform the team. The Advantage that this system delivers is to choose experiences over money.
- Rewarding an employee through incentive trips with other benefits is becoming a trending concept and hence leading big and medium-sized private companies are adding them to their incentive portfolio. Alongside this, employee motivation, rewards, recognition, and employee loyalty are some other elements that get enabled through policies like incentive travels
- A long list of brands chooses a cruise as a leader when it comes to incentive travel. The premium and luxury boat in between the ocean leaving you among the host and friends works fine for the employees.
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Key Points
- The United States market leads North America’s incentive tourism market in terms of market share in North America. The United States region held a market share of 9% in 2022. The restoration of industrial research has led to the market’s success. Further, the growth in this region is attributed to the healthy work culture with lots of incentives for performers and the presence of a modern corporate structure that respects the work-life balance. North America’s market held a market share of 23% in 2022.
- Germany’s market is another important market in the Europe region. The market held a market share of 5.0% in 2022. The growth is attributed to the large population working in a corporate set-up. Europe’s market held a market share of 19% in 2022.
- India’s incentive travel market thrives at a CAGR of 4.0% between 2023 and 2033. The growth is attributed to the entrance of high-end IT, finance, and consulting firms.
- China’s market also thrives at a CAGR of 7.0% during the forecast period. The flourishing growth is caused by government welfare policies for public sector employees.
- Based on the consumer orientation type, men lead the market as they held a notable share of 55.0% in 2022.
- Based on the tourist type, the package traveler segment leads the market as it held a significant market share of 30% in 2022.
Competitive Landscape
The key vendors focus on delivering an exciting trip experience while adding luxury elements to different packages. Moreover, the competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- BCD GROUP has added its incentive travel plans with face-to-face events and is focusing on specific planning incentives in the post-covid world. This involves planning a destination for communication.
- CARLSON WAGONLIT TRAVEL has introduced its incentive events portfolio that is based on the concept of “Excite. Motivate. Connect” while promoting fun travel as well.
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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
- The United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- The United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- Middle East and Africa
- GCC Countries
- Israel
- South Africa
- The Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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.
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