Dublin, Jan. 07, 2025 (GLOBE NEWSWIRE) -- The "Incentive Tourism Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The Incentive Tourism market is experiencing robust growth, reflecting the sector's dynamism and resilience. According to recent industry analysis, the market, which stood at $7.18 billion in 2023, is projected to ascend to $7.64 billion in 2024, marking a remarkable compound annual growth rate (CAGR) of 6.4%. This positive trajectory is attributable to factors such as economic growth, increased demand for distinctive travel experiences, and the rising affluence of populations globally.
The market encompasses revenues from services such as destination selection, travel arrangements, accommodation bookings, and event planning, focusing on the value of goods and services exchanged between entities or sold directly to consumers. The value representations in the report exclusively consider sales within the stipulated market and geography, excluding revenues from resale activities or those realized from the integration into other products and services.
Key Growth Drivers
The Incentive Tourism market is forecast to sustain its upward trend, predicted to reach an impressive $9.82 billion by 2028, with an anticipated CAGR of 5%. The expansion of the market is driven by heightened interest in health and wellness, cultural awareness, environmental sustainability, and the broadening of aviation routes, both internationally and domestically. Companies are increasingly recognizing the value of incentive programs as integral to their growth strategies, thus stimulating investment and innovation in the sector.
The Rise of Experiential Travel
An emerging trend that is greatly influencing market dynamics is the demand for experiential travel, which emphasizes authentic and local participatory experiences. The Incentive Tourism industry is innovating to meet these preferences by offering personalized rewards and unique opportunities tailored to the needs of travelers. These developments offer travelers a more immersive and engaging connection to their destinations.
Strategic Initiatives by Market Players
Key industry players are enhancing their offerings, exemplified by Ottawa Tourism's Visitor Inspiration Program, which is designed to incentivize repeat visits through both immediate perks and future benefits. Similarly, ITA Group's acquisition of HTK Limited underscores a strategic move to enrich customer loyalty and engagement capacities.
Geographical Market Insights
North America has been identified as the largest region in the Incentive Tourism market in 2023, while Asia-Pacific is anticipated to become the fastest-growing region through the forecast period. This report covers a comprehensive geographic analysis inclusive of regions such as Western Europe, Eastern Europe, South America, the Middle East, and Africa, alongside detailed country-wise assessments.
The major companies profiled in this Incentive Tourism market report include:
- Carlson Wagonlit Travel BV
- BCD Group
- ATPI Ltd.
- ITA Group
- Maritz Global Events Inc.
- BI WORLDWIDE
- Aimia Inc.
- One10 LLC
- Opus Agency
- Creative Group Inc.
- Impact XM
- Access Destination Services
- Next Level Performance
- Conference Care Ltd.
- Ovation Global DMC
- Imprint Events Group
- 360 Destination Group
- Gavel International
- Red Letter Days
- Event Travel Management
- Landry & Kling Global Cruise Services Inc.
- Creative Destination Events
- Corporate Rewards
- Global Incentive Management DMC
- Harith Productions Ltd
For more information about this report visit https://www.researchandmarkets.com/r/r1zne7
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
