The incentive tourism market is anticipated to flourish at an average CAGR of 5.8% between 2023 and 2033. The market is expected to hold a market share of USD 13.69 billion by 2033 while the market is likely to reach a value of USD 7.79 billion in 2023.
A conscious effort by companies to keep deserving employees motivated by providing them with different incentives and many other factors is expected to drive the demand for global incentive tourism.
Moreover, 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 key contributors to the MICE (Meetings, Incentives, Conferences, and Events) sector.
Incentive tourism emphasizes fun, food, and other entertainment activities. The leading companies are offering incentive tourism programs as noncash compensation. Such investments are being made by the companies for their employees, which are expected to surge the demand for global incentive tourism.
Running a successful business involves a lot of variables, and keeping the team spirit high is one of them. Also, setting enterprise goals, individual goals, and target anniversaries go hand-in-hand with keeping the team motivated and consistent for success. Global incentive travel offers a great way to thank the employees for what they do and celebrate their success together.
Incentive tourism is perfect for corporate groups, distributor meetings, board-level events, or individual prizes. It can be used for any reason and can be scaled to fit both large and small groups when needed.
Moreover, several cruise line companies offer a wide range of exciting itineraries all over the world that are ideal options for companies who want to offer a high-value, luxurious award to deserving employees. This is anticipated to increase the demand for global incentive tourism.
The stats are of the view that the global incentive tourism market forms a considerable chunk of the global tourism market. Total sales of the global incentive tourism market are around 5.5% of the global tourism market.
| Attribute | Details |
|---|---|
| Incentive Tourism Market CAGR (2023 to 2033) | 5.8% |
| Incentive Tourism Market Size (2023) | USD 7.79 billion |
| Incentive Tourism Market Size (2033) | USD 13.69 billion |
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Some of the physical and mental activities like exercises, yoga, rock climbing, swimming, and so on, give the employees a growing sense of respect toward the organization that is striving for its employees’ good health. All these are expected to increase the demand for global incentive tourism.
Fine Ways for the Companies to Achieve the Target: Companies are looking for ways to expand their businesses within legal boundaries so that they can serve the welfare of society at large. To achieve profits, employee performance is the effective cog in the wheel. There can hardly be a better way than to organize company-sponsored trips for deserving employees.
Travels are Social, and Hassle-free: Incentive travels are one of the best ways to socialize and know people belonging to different communities. For socially active employees, this is a great way to explore the place and culture, and in the future. They might return as potential tourists. This might increase the demand for global incentive tourism.
Power of Word of Mouth: If an employee has an excellent experience during incentive tourism, he might be spreading the news across his circle. In that circle, there are chances that someone might be interested in hosting something of a similar kind for any employee working in his organization. Because of word of mouth, he might well book the tickets for the employee.
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In the current times, the global incentive tourism market is implementing sophisticated technologies to run their business. Technology has empowered tourists as well as travel agencies.
The tourists make use of apps like Compass app, currency convertor apps, world time apps, etc. Moreover, travel agencies are investing in creating quality apps for their business. They are also investing in external apps which can connect them with tourists who are on the go.
Surrounded by oceans on all sides, North America is the leading market in the global incentive tourism market. The continent is meant for offering everything that travels lovers seek.
From majestic forests to heaving fields, and bright metropolises, the region has got everything to offer for the best-performing employees. This coupled with the beaches, the cuisine, and the high plain deserts ensures the fact that tourists get to experience this amazing location to their fullest.
Offering a perfect combination of sunshine, scenery, architecture, and beaches, Europe offers everything that a tourist looks out for. Europe is believed to be one of the popular tourist destinations.
Well-developed infrastructure and compact geography make traveling easy as well as memorable in Europe. The region is especially meant for its history, heritage, and distinct culture. Moreover, the presence of some of the famous landmarks across the region makes Europe a hot favorite.
Being home to some of the old cultures, Asia Pacific is believed to be one of the most preferred tourist destinations. Moreover, the region is meant for its glorious architecture. Apart from that, the region is also meant for its spicy and diverse cuisine.
The diverse culture spread across the region, coupled with a wide range of climatic conditions across the region makes it a perfect destination for travel lovers. Also, the warm attitude that people possess in this region is something that makes it one of the most preferred tourist destinations
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| Category | By Consumer Orientation |
|---|---|
| Leading Segment | Men |
| Market Share% (2022) | 55% |
| Category | By Tourist Type |
|---|---|
| Leading Segment | Package Traveler |
| Market Share% (2022) | 30% |
The Age Group of 26 to 35 has the High Chunk of the Market Share
People in the age group of 26 to 35 are more likely to travel as they generally get attracted to new locations and are ready to travel and explore places. Additionally, they are willing to explore adventure-based activities like scuba diving, water rafting, kayaking, surfing, etc.
Moreover, people of this age group are the ones who have sufficient knowledge of what is happening around them and know how to make the right use of the existing technology.
Package Travel is mostly Preferred by Consumers.
Package travel is mostly chosen by tourists because it is cheap than traveling individually. Package travel includes expenses of accommodation, transportation, and sight entrance fee, along with heavy discounts and offers. Moreover, the agencies which provide package travel are aware of the places which are tourist attractions.
The segment held a market share of 30% in 2022. Therefore, booking a ticket through package travel-based agencies might ensure that a lot of time is saved. Because of so many benefits offered by the package traveler, a stress-free journey is ensured for the traveler. This is something that might as well drive the global incentive tourism market future trends.
Most Companies are sending their Best-performing Employees on International Tours.
The companies usually send the best-performing employees to international locations. The reason being there are several beautiful places in overseas locations, and these are very unique. There is a high chance that places like these couldn’t have been explored by the employees.
The culture associated with these places is quite intriguing, which makes the international destinations worth visiting. Apart from the culture and ambiance, even the cuisine served is something which the tourists look forward to. Owing to the growing popularity of international destinations for deserving employees, there might be a positive impact on the global incentive tourism market trends.
Eco-tourism is the Popular type of Tourism in the Global Incentive Tourism Market.
Dealing with laptops, phones and other kinds of electronic devices is almost a way of life for all employees. When the best-performing employees are sent for eco-tourism, they get to experience the much-needed detox from electronic devices. In eco-tourism, the tourist remains connected with nature, which is believed to be the ultimate form of rejuvenation.
Being continuously exposed to the modern lifestyle is something which is further surging the demand for eco-tourism. Therefore, the growing popularity of eco-tourism is expected to surge the global incentive tourism market share in the coming times.
Currently, Men have the Maximum Market Share in this Segment.
There has been increasing participation of women in the workplace. Since the last two to three years, there have been increasing instances of women getting the award for best-performing employees. This is mainly because of the increase in awareness among women regarding many things.
In the current times, women are bold enough to face any kind of situation. If the trend continues, there might be changes in the statistics after a few years, wherein we might see women dominating this segment.
The start-ups in the global incentive tourism market are working in tandem with various organizations to offer their employees an experience like never before. For this, they are on a mission to prepare the best possible packages to offer huge benefits.
Some of the other start-ups in this market are Pickyourtail, Travel Triangle, goMowgli, and Nearify.
Leading players operating globally in the market are focusing on expansion and new tour launches to expand their business globally. Moreover, these 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.
Recent Developments:
The market held a value of USD 7.27 billion in 2022.
The market holds a value of USD 7.79 billion in 2023.
The market is anticipated to hold a share of USD 13.69 billion by 2033.
The market is expected to have a CAGR of 5.8% by 2033.
The men segment leads the market as it held a market share of 55% in 2022.
The package traveler segment leads the market as it held a market share of 30% in 2022.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Eco-Tourism 5.2. Adventure Tourism 5.3. Beach Tourism 5.4. Cultural Tourism 5.5. Wildlife Tourism 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tour Type 6.1. Domestic 6.2. International 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Tourist Type 7.1. Independent Traveler 7.2. Tour Group 7.3. Package Traveler 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Booking Channel 8.1. Phone Booking 8.2. Online Booking 8.3. In-Person Booking 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Consumer Orientation 9.1. Men 9.2. Women 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Age Group 10.1. 26 to 35 Years 10.2. 36 to 45 Years 10.3. 46 to 55 Years 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 11.1. North America 11.2. Latin America 11.3. Western Europe 11.4. Eastern Europe 11.5. South Asia and Pacific 11.6. East Asia 11.7. Middle East and Africa 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 19. Key Countries Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. 360 DESTINATION GROUP 21.2. ACCESS DESTINATION SERVICES 21.3. BCD GROUP 21.4. CARLSON WAGONLIT TRAVEL 21.5. CONFERENCE CARE LTD. 21.6. MEETINGS & INCENTIVES WORLDWIDE INC. 21.7. ITA GROUP 21.8. ATPI LTD 21.9. Adelman Travel 21.10. Fareportal 21.11. MARITZ 22. Assumptions & Acronyms Used 23. Research Methodology
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