PORTLAND, OR, Sept. 23, 2022 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, the global Promotional travel market In the year It collected USD 42.0 billion in 2021 and is estimated to generate USD 216.8 billion in 2031, showing a CAGR of 12.1% from 2022 to 2031. The report provides extensive analysis of market dynamics, key segments, value chain, competitive landscape, and changing regional landscape. . This research provides valuable guidance to key players, investors, shareholders and start-ups to design strategies for sustainable growth and gain competitive edge in the market.
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Report coverage and details:
|Market size in 2021||42.0 billion dollars|
|Market size in 2031||216.8 billion dollars|
|Number of pages in the report||707|
|Covered parts||Industry type, end user, source and region.|
|Drivers||A busy lifestyle of workers working in various industries|
|The future of organizations regarding travel-based incentives|
|Opportunities||The upcoming startup culture around the world|
|Restrictions||Political climate around the world|
|Safety and security of tourists|
|Currency exchange of destination country|
- The covid-19 pandemic has adversely affected the growth of the global incentive travel market.
- Tens of millions of people lost their jobs in the first months of the recession. Although the labor market started to recover after a few months, unemployment remains a high issue in 2020.
- At the time of the pandemic, millions of people were struggling to afford basic food and shelter due to unemployment. The US Bureau of Labor Statistics said non-farm payrolls rose by 372,000 in June, and the unemployment rate remained at 3.6% in 2022. These factors have hindered the growth of the market.
The study provides a detailed segmentation of the global incentive travel market based on industry type, end-user, source, and region. The report explains the sections and their sub-sections in detail with the help of tables and figures. Market players and investors can create strategies based on the high revenue generation and fastest growing segments mentioned in the report.
Based on industry type, the healthcare segment will account for the largest share in 2021, accounting for one-fifth of the global incentive travel market and expected to maintain its leadership position during the forecast period. The report also identifies sectors including banking and finance, manufacturing, IT, retail, hospitality and others.
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Based on end-user, the corporate institutions segment accounted for the largest share of the global incentive travel market by 2021, accounting for more than 90% and is expected to lead in terms of revenue during the forecast period. The report also analyzed the individual segment.
Based on the source, the domestic segment is expected to hold the largest share in 2021, accounting for more than three-fourths of the global incentive travel market, and maintain its leadership position during the forecast period. However, the global segment is estimated to grow at the highest CAGR of 14.11% during the forecast period.
Based on regions, Europe is projected to hold the largest share in 2021, accounting for nearly two-fifths of the total incentive travel market share, and dominate in terms of revenue by 2031. Furthermore, the Asia-Pacific region is expected to exhibit the fastest CAGR of 12.79% during the forecast period. The study also analyzes regions including North America and LAMEA.
Leading Market Players of Global Incentive Travel Market Analyzed by Research 360 DESTINATION GROUP, DESTINATION SERVICES, ATPI LTD, BCD GROUP, BI WORLDWIDE, CARLSON WAGONLIT TRAVEL, EVENTS, CONFERENCE CARE LTD, INNOVATION GROUP, ENTERPRISE DMC, IBTM, ITA GROUP, MARITZ, MEETINGS AND INCENTIVES INTERNATIONAL, INC., ONE10, LLC, THE FREEMAN COMPANY, GROUP OF COMPANIES INTERNATIONAL, INC., Expedia Group, Bond Holdings, CWT, Travel Leaders Group, Direct Travel, FarePortal, Frosh, Omega World Travel, Travel Edge, ATG, Adelman Travel.
The report provides a detailed analysis of these major global incentive travel markets. These players have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, agreements and others to increase their market share and maintain their dominance in various regions. The report is useful in portraying the competitive landscape by highlighting business performance, operating segments, product portfolios and strategic moves of market players.
Allied Market Research (AMR) is the full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides unrivaled quality for global enterprises as well as medium and small businesses.Market research reports“and “Business Intelligence Solutions.” AMR’s vision is to provide business insights and consulting to help clients make strategic business decisions and achieve sustainable growth in their respective market domains.
We are in professional corporate relationship with various companies and this helps us to produce accurate research data tables and market data which ensures utmost accuracy in our market forecasting. Pawan Kumar, CEO of Allied Market Research, plays an important role in encouraging and empowering everyone associated with the company to maintain high quality data and help clients achieve success in every way. Each and every information presented in our published reports is derived from key interviews with senior executives of the respective domain companies. Our secondary data acquisition method includes in-depth online and offline research and discussion with knowledgeable experts and analysts in the industry.