A recent report published by
Infinium Global Research on the MICE industry market provides in-depth analysis
of segments and sub-segments in the global as well as regional MICE industry
market. The study also highlights the impact of drivers, restraints, and macro
indicators on the global and regional MICE industry market over the short term
as well as long term. The report is a comprehensive presentation of trends,
forecast and dollar values of global MICE industry market. According to the
report, the global MICE industry market is projected to grow at a CAGR of 21.60%
over the forecast period of 2021-2027.
The global MICE Industry Market
was valued at USD 1474 million in 2021 and is expected to reach USD 4770 million in 2027, with a CAGR of 21.60% during the forecast period.The term MICE
could be a short form for meetings, incentives, conferences, and exhibitions.
Meetings include management meetings, training seminars, board meetings, and
shareholder meetings with suppliers and others. Incentives are a sort of
exception in MICE, as these are given specifically for leisure as a tool to
reward sales representatives, dealers, distributors, and customers.
Organizations offer them trips when the given target is completed or fulfill
any business activity assigned to them. Conferences or conventions are usually
held by a company or an association on a related topic. These conventions will
be trade gatherings for networking. Exhibitions are only for introducing or
launching the product, services. This leads to sales leads, new product
information, building a brand image, and building a network for future business
deals. MICE Industry may be a kind of tourism service where organizers and
suppliers manage & deliver meetings, seminars, exhibitions, and other
events. MICE event organizers provide different services like show displays,
brand promotion, on-site event logistics and staffing, supplier management,
virtual meetings, and risk management services. This industry also offers
services in luxury tourism that gives medical facilities services.
Increasing corporate meetings and
events expand the business travel and increase the growth of the MICE Industry
Market. Moreover, corporate travelers are choosing the MICE tours to promote
their businesses which is a good combination of business activities that are
increasing the growth of the MICE Industry Market during the forecast period.
The rising number of online travel agencies is increasing the growth of the
MICE Industry Market. Moreover, various traveling portals and agents are
offering new innovative and attractive schemes to promote their online portals
that increase the trends in virtual meetings and attract customers that
increase the growth of the MICE Industry Market. The factors that are set to
impede the growth of the MICE Industry Market are the high cost associated with
MICE events. Advanced and innovative technological development will create a
great opportunity for the growth of the market. However, uncertain global
geopolitical conditions are set to create hurdles for the MICE Industry Market.
In terms of region, the MICE
Industry Market is often segmented into North America, Europe, Asia Pacific,
Africa, and the Middle East. North America, being the most technologically
advanced region across the world, hold a large market share of building
analytics during the forecast period. This is because of the rising utilization
of MICE in the tourism industry and increasing trends of social media
networking applications which fuel the demand of the market. The Asia Pacific
is expected to dominate the market during the forecast period. The various
major companies in the Asia Pacific are focusing on advanced technological
developments to enhance the market growth in the region during the forecast
period. Furthermore, the growing tourism sectors in developing countries permit
the MICE industry to increase the catering and hospitality services to MICE
visitors which will make these countries key locations for MICE activities.
This will enhance the growth of the European region during the forecast period.
The report on global MICE industry
market covers segments such as event type, and application. On the basis of
event type, the sub-markets include meetings, incentives, conventions, and
exhibitions. On the basis of application, the sub-markets include academic
field, business field, and political field.
The report provides profiles of
the companies in the market such as Carlson Wagonlit Travel, Meetings and
Incentives Worldwide, Creative Group, Inc., ACCESS Destination Service, 360
Destination Group, IBTM, Capita Travel, BCD Group, Ci Events, and CONFERENCE
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of MICE industry market. Moreover, the study highlights current market
trends and provides forecast from 2021-2027. We also have highlighted future
trends in the market that will affect the demand during the forecast period. Moreover,
the competitive analysis given in each regional market brings an insight into
the market share of the leading players.