Portland, OR, Sept. 23, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the incentive travel market raised $42.0 billion in 2021 and is expected to generate $216.8 billion by 2031, growing at a CAGR of 12.1% from 2022 to 2031. The report provides an in-depth analysis of the changing dynamics of the market, 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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Report coverage and details:
|Year of reference||2021|
|Market size in 2021||$42.0 billion|
|Market size in 2031||$216.8 billion|
|Number of pages in the report||707|
|Segments Covered||Type of industry, end user, source and region.|
|Drivers||The hectic lifestyle of employees working in various industries|
|Shift in organizations’ perspective towards travel-based incentives|
|Opportunities||The culture of upcoming startups around the world|
|Constraints||Political climate around the world|
|Tourist Safety and Security|
|Destination country currency fluctuation|
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global incentive travel market.
- During the first months of the economic downturn, tens of millions of people lost their jobs. Although the labor market started to recover after a few months, unemployment remained a high issue in 2020.
- During the pandemic, millions of people have struggled to afford basic food and housing due to unemployment. 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. These factors hampered market growth.
The research provides detailed segmentation of the global incentive travel market based on industry type, end-user, source, and region. The report discusses the segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize based on the most revenue-generating and fastest-growing segments mentioned in the report.
Based on industry type, the healthcare segment held the highest share in 2021, accounting for around one-fifth of the global incentive travel market, and is expected to maintain its leading status during the forecast period. . The report also identifies segments such as banking and finance, manufacturing, IT, retail, hospitality, and others.
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On an end-user basis, the corporate segment accounted for the highest share in 2021, contributing over 90% of the global incentive travel market, and is expected to maintain its revenue lead over the period. forecast. The report also analyzes the individual segment.
According to the source, the domestic segment accounted for the highest share in 2021, holding more than three quarters of the global incentive travel market, and is expected to maintain its leading status during the forecast period. However, the international segment is expected to grow at the highest CAGR of 14.11% during the forecast period.
Based on region, Europe held the largest share in 2021, contributing nearly two-fifths of the total incentive travel market share, and is expected to maintain its dominant share in terms of revenue in 2031. , the East Asia-Pacific region is expected to manifest the fastest CAGR of 12.79% during the forecast period. The research also analyzes regions such as North America and LAMEA.
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.
The report provides a detailed analysis of these key players in the global incentive travel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements and others to increase their market share and maintain dominant shares in different regions. The report is valuable for highlighting the business performance, operating segments, product portfolio, and strategic moves of market players to present the competitive scenario.
Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market research reportsand “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.