Incentive Travel Market Report 2024

This Incentive Travel market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The incentive travel market size has grown rapidly in recent years. It will grow from $45.47 billion in 2023 to $52.65 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth during the historic period can be attributed to expanding international business operations, a heightened focus on employee recognition, the development of the hospitality and tourism sectors, improvements in air travel and infrastructure, and increasing awareness and emphasis on sustainable and eco-friendly travel options.

The incentive travel market size is expected to see rapid growth in the next few years. It will grow to $95.11 billion in 2028 at a compound annual growth rate (CAGR) of 15.9%. The growth during the forecast period can be attributed to a greater focus on employee engagement, the rising trend of remote work, the capacity to provide personalized travel experiences, a shift towards experiential rewards, and an increasing preference among employees for experiences over material goods. Major trends for the forecast period include the use of technology for smooth planning, a focus on unique cultural experiences, the incorporation of corporate social responsibility, the popularity of combining business and leisure travel, and partnerships with local businesses and communities.

The growth of the incentive travel market is expected to be driven by the increasingly hectic lifestyles of employees across various industries. This rise in hectic lifestyles is attributed to heavier workloads and constant demands, which make it difficult for employees to balance work and personal life. To address this, companies are turning to incentive travel as a way to reward employees' hard work and offer essential relaxation and motivation. For example, in June 2023, according to a labor force survey conducted by Statistics Canada, a Canada-based government agency, found that approximately 4.1 million people reported high or very high levels of work-related stress, representing 21.2% of the employed population. The main sources of this stress were heavy workloads, affecting 23.7% of employees, and the struggle to balance work and personal life, impacting 15.7% of employees. Women experienced higher levels of stress (22.7%) compared to men (19.7%). Thus, the growing hectic lifestyle among employees is contributing to the expansion of the incentive travel market.

Leading companies in the incentive travel sector are increasingly focusing on innovative solutions such as travel mobile applications to improve the travel experience for both agents and customers. These apps, designed for smartphones and tablets, assist users in planning, booking, and managing travel arrangements such as flights, accommodations, and local activities. For example, in March 2024, TravClan, a travel tech startup based in India, introduced the OnTrip mobile app. This app provides personalized travel concierge services, real-time updates, 24/7 support, and brand customization options for travel agencies. Such technological advancements enhance customer engagement, distinguish the market, and enable global scaling, thereby significantly impacting incentive travel by boosting service delivery and operational efficiency.

In January 2024, One10 LLC, a US-based company specializing in customer and business loyalty programs, acquired Lorandus for an undisclosed sum. This acquisition strengthens One10’s service offerings, market position, and resources, while preserving its employee-focused culture and ensuring operational continuity. As a result, One10 is well-positioned for growth and innovation in the incentive travel market. Lorandus, a Canada-based provider of event planning services, including incentive travel, was the company acquired.

Major companies operating in the incentive travel market are Booking Holdings Inc., Expedia Group Inc., Interpublic Group (IPG), Carlson Wagonlit Travel (CWT), BCD Group, The Freeman Company, ATPI Ltd., Maritz Holdings Inc., BI Worldwide, Cvent Inc., Direct Travel Inc., Travel Leaders Group, ITA Group Inc., One10 LLC, Omega World Travel, Creative Group Inc., Adelman Travel Group, Travel Edge, Meetings And Incentives Worldwide Inc., Access Destination Services, Frosch International Travel, Conference Care Ltd., CSI DMC, ATG Travel Worldwide.

Europe was the largest region in the incentive travel market in 2023. The regions covered in the incentive travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the incentive travel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Incentive travel is a corporate reward program designed to motivate and recognize employees, partners, or clients by offering travel experiences. It aims to improve employee engagement, elevate morale, build loyalty, and drive performance through memorable and inspiring travel opportunities.

Incentive travel primarily includes both domestic and international trips. Domestic incentive travel involves reward trips arranged within a company's own country to motivate and recognize employees, strengthen team cohesion, and improve overall productivity. The end users consist of individuals, corporate entities, and others. This type of travel is employed across various sectors such as healthcare, banking and finance, manufacturing, information technology, retail, hospitality, and more.

The incentive travel market research report is one of a series of new reports that provides incentive travel market statistics, including incentive travel industry global market size, regional shares, competitors with an incentive travel market share, detailed incentive travel market segments, market trends and opportunities, and any further data you may need to thrive in the incentive travel industry. This incentive travel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The incentive travel market includes revenues earned by entities by providing services such as event planning, group travel coordination, team-building activities, luxury accommodation arrangements, exclusive dining experiences, and personalized travel itineraries. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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