The incentive travel market is expected to grow at a CAGR of 12.1%; Market to Surpass $216.8 Billion by 2031: AMR

The demand for incentive travel is increasing due to the changing perspective of organizations towards incentive travel

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, October 3, 2022 / — The demand for incentive travel is increasing owing to the changing perspective of organizations towards incentive travel, which is expected to drive the global market incentive travel market. Based on the region, Asia-Pacific is expected to show the fastest CAGR of 12.79% during the forecast period. The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global incentive travel market.

According to the report published by Allied Market Research, the global incentive travel market earned $42.0 billion in 2021 and is expected to generate $216.8 billion by 2031, growing at a 2022 CAGR of 12.1%. to 2031. The report provides an in-depth analysis of changing market dynamics, major segments, value chain, competitive scenario and regional landscape. This research offers valuable guidance for key players, investors, shareholders, and startups to design sustainable growth strategies and gain competitive advantage in the market.

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Key players of the global incentive travel market analyzed in the research include Destination Group 360, ACCESS DESTINATION SERVICES, ATPI LTD., BCD GROUP, BI WORLDWIDE, CARLSON WAGONLIT TRAVEL, CIEVENTS, CONFERENCE CARE LTD., CREATIVE GROUP, INC ., CSI DMC, IBTM, ITA GROUP, MARITZ, MEETINGS and INCENTIVES WORLDWIDE, INC., ONE10, LLC, THE FREEMAN COMPANY, THE INTERPUBLIC GROUP OF COMPANIES, INC., Expedia Group, Booking Holdings, CWT, Travel Leaders Group, Direct Travel, Farereport, Frosch, Omega World Travel, Travel Edge, ATG, Adelman Travel.

Incentive trips are benefits offered by companies to top performers solely on the basis of merit. The deciding factors for incentive travel vary from company to company, but are provided to appreciate employee contribution. By industry, the incentive travel market is divided into healthcare, banking & finance, manufacturing, IT, retail, hospitality, and others. All of these industries are different in nature and help to increase the demand for the incentive travel industry. Incentive trips aim to motivate employees and promote healthy competition among employees. This promotes loyalty and helps attract top talent as well as reduce attrition in the business.

The culture of the organization is the glue that holds all of its constituent groups together. Staff, managers and leaders must all be aligned with the values, mission and vision of the organization; it is part of the culture of the organization. An incentive trip is a wonderful technique for reviving organizational culture. Incentive travel is considered an investment by companies because it results in an increase in the overall productivity of the employee, leading to the effective achievement of company objectives. This helps both employers and employees in a positive way.

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Additionally, the culture of upcoming startups across the globe has made it very difficult to retain top performers, which is why incentive travel should be implemented across various industries to retain the best. There has been a rapid reduction in employment around the world due to companies trying to minimize costs in response to a decline in business revenue. In addition, technological advancements have had an impact on the employment rate, as a minimum number of employees are required to perform a task. In addition, higher minimum wages in developed countries such as the United States, Canada, United Kingdom and others have lowered the employment rate. The COVID-19 epidemic and the resulting economic repercussions have caused considerable suffering. During the first months of the economic downturn, tens of millions of people lost their jobs.

Although the job market started to recover after a few months, unemployment remained high in 2020. During the pandemic, millions of people were unemployed and struggling to afford basic food and housing. According to the US Bureau of Labor Statistics, non-farm payroll employment increased by 372,000 in June and the unemployment rate remained at 3.6% in 2022. Thus, these factors are expected to hamper the market share of incentive trips over the forecast period.

By industry type, the healthcare segment was the largest contributor to the global incentive travel market analysis in 2021 and is expected to grow at a CAGR of 11.13% during the forecast period.
By end user, the corporate institution segment is expected to grow at the highest CAGR of 11.97% during the incentive travel market forecast.
By source, the domestic segment is expected to grow at the highest CAGR of 11.48% from 2022 to 2031
Regionally, Asia-Pacific is expected to grow at the highest CAGR of 12.79% from 2022 to 2031

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David Correa
Allied Analytics LLP
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