Incentives travel market set to surge by 12% CARG


The demand for incentive travel is increasing owing to the change in organisations’ prospective towards travel-based incentives, which is expected to boost the global incentive travel market, a report said. 
According to the report published by Allied Market Research, the global incentive travel market garnered $42 billion in 2021, and is estimated to generate $216.8 billion by 2031, manifesting a CAGR of 12.1% from 2022 to 2031. 
Based on region, the Asia-Pacific region is expected to manifest the fastest CAGR of 12.79% during the forecast period. The outbreak of the Covid-19 pandemic had a negative impact on the growth of the global incentive travel market.
The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
Incentive travel are perks provided by corporates to the top performing employees purely on merit basis. The deciding factors for incentive travel varies from company to company but is provided to appreciate the employee contribution. By industry, the incentive travel market is bifurcated into healthcare, banking & finance, manufacturing, IT, retail, hospitality, and others. All these industries are different in nature and contribute in hiking the demand for the Incentive Travel Industry. Incentive travel is intended to motivate employee and promote healthy competition among employees. This promotes loyalty and helps in attracting top talent as well as lowering attrition rate in the company.
By industry type, the healthcare segment was the highest contributor to the global incentive travel market analysis in 2021 and is projected to grow at a CAGR of 11.13% during the forecast period. - TradeArabia News Service