INCENTIVE TRAVEL MARKET Challenges and Opportunities

Corporate budgets are one of the major factors affecting the incentive travel market globally. The incentive travel programs such as Adventure Travel Incentives are directly linked with the performance and profits of corporations. Any economic fluctuations in global or domestic markets have deep impact on the corporate profits and their budget allocation for non-essential spendings like incentive travel. In the last few years, economic uncertainties due to issues like trade wars, rising inflation, and political instability have negatively impacted the profits and budgets of companies worldwide.

Market Opportunity - Expansion of digital platforms for booking and managing incentive travel

The market has a huge opportunity with the ongoing digital transformation. Most incentive travel companies and corporates are now leveraging various digital platforms to streamline their booking and management process. Various online booking platforms are coming up which allow corporates and travelers to search, compare, and book various incentive travel packages offered by different providers easily. Similarly, many incentive travel companies such as CWT Meetings & Events (Carlson Wagonlit Travel) have developed robust web and mobile applications to digitally manage the entire process from planning to execution of the incentive programs.