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MICE Industry Market (Event Type - Meetings, Incentives, Conventions, and Exhibitions; Application - Academic Field, Business Field, and Political Field): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : April, 2022

  • Rep Id : CGP00165

  • Category : Consumer Goods and Packaging

  • Status : Published

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.

 

Market Insight

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.

 

Segment Covered

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.

 

Companies Profiled:

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 CARE LTD..

 

Report Highlights:

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. 


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