NEWARK, Del, Sept. 05, 2022 (GLOBE NEWSWIRE) — The global incentive tourism market is anticipated to witness a dollar opportunity by exhibiting a phenomenal CAGR of 19.7% from 2022 to 2032. According to the newly released data by Future Market Insights (FMI), the incentive tourism market is expected to garner US$ 109000 Million in 2022 and is projected to reach US$ 879300 Million by 2032.
The stats of the global incentive tourism market showcase a considerable chunk of the global travel & tourism market. The total sales of the global incentive tourism market garner around 5.5% of the global tourism market.
Running a successful business is not a cakewalk, it involves a lot of variables, and elevating team spirit is the most crucial one of them. In order to keep the team motivated and consistent for success, it is crucial to set enterprise goals, set individual goals, and target anniversaries. All these go hand-in-hand and help make a business successful. Global incentive tourism offers an efficient way to thank employees for everything they do and celebrate their success together.
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Key Takeaways
- It is vital to keep deserving employees motivated with conscious efforts by the companies by providing them with different incentives and several other factors that are expected to fuel the demand for the global incentive tourism market. There are several incentive programs used by companies as a noncash reward to drive employees and external partners for achieving key business objectives.
- Being a healthy and positive concept, it helps motivate employees to perform better each day. Corporations are making a real effort and shifting their focus to spending more on the welfare of their employees.
- Wellness travel implies that the traveler is physically and mentally rejuvenated by the time tour comes to an end. This is responsible for the increasing popularity of the incentive tourism sector across the forecast period.
- Some of the crucial physical and mental activities like swimming, yoga, exercises, rock climbing, and so on cater to employees with a growing sense of respect towards the organization that is striving for its employee’s better health. These above-mentioned factors are responsible for the surging demand for global incentive tourism.
- One of the prevailing ways to socialize is by incentive travel and know about people belonging to different communities. For socially active employees, it can be an ideal way to explore the place and culture of different people around. This is one of the major factors responsible for the increase in the incentive tourism market.
- The power of word of mouth is an incredible means of publicity. Word of mouth can be described, if suppose an employee has an excellent experience during the incentive tourism, they will spread the word into their circle which might intrigue some people from his circle. This can result in propelling the demand for incentive tourism market during the assessment period.
- Incentive tourism has a greater emphasis on food, entertainment, and fun. Such trips are perfect for corporate groups, distributor meetings, board-level events, or individual prizes. Such trips can be the reason for many big or small achievements and can also be scaled to fit big or small events as per the need.
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Competitive Landscape
Giant corporations are looking for ways to expand their business within legal boundaries in order to serve the welfare of society on a massive scale. The most effective cog in the wheel is to achieve profits which are possible by enhancing employee performance.
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.
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.
More Insights into the Incentive Tourism Market
North America is considered to dominate the global incentive tourism market. Surrounded by oceans from all sides, it offers everything that travel lovers seek, ranging from majestic forests to heaving fields, and bright metropolises, the region has got everything to offer for the best performing employees.
Europe is believed to be one of the leading and most popular destinations with well-developed infrastructure and compact geography makes traveling easy as well as memorable in Europe. The region is especially popular for its rich heritage and history and distinct cultures. The home to some most famous landmarks makes the European region stand out from the rest.
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Global Incentive Tourism Market by Category
By Type:
- Eco-Tourism
- Adventure Tourism
- Beach Tourism
- Cultural Tourism
- Wildlife Tourism
By Tour Type:
By Tourist Type:
- Independent Traveler
- Tour Group
- Package Traveler
By Booking Channel:
- Phone Booking
- Online Booking
- In-Person Booking
By Consumer Orientation:
By Age Group:
- 26-35 Years
- 36-45 Years
- 46-55 Years
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Who Is Travelling?
1.1.2. How Much Do They Spend?
1.1.3. Direct Contribution of Tourism To GDP
1.1.4. Direct Contribution of Tourism To Employment
1.2. Tourism Evolution Analysis
1.3. FMI Analysis and Recommendations
2. Market Introduction
2.1. Total Spending (US$ Mn) and Forecast (2022-2032)
2.2. Number of Incentive based Tourists (Mn) and Forecast (2022-2032)
2.3. Total Spending Y-o-Y Growth Projections (2022-2032)
2.4. Number of Incentive based Tourists Y-o-Y Growth Projections
3. Global Tourism Industry Analysis
3.1. Tourism Industry Overview
3.1.1. Travel & Tourism Industry Contribution To Global GDP
3.1.1.1. Business Spending v/s Leisure Spending
3.1.1.2. Domestic v/s Foreign
3.1.1.3. Direct, Indirect, and Induced
3.1.2. Travel Sector Contribution to Global Overall Employment
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