The size of the global MICE industry, valued at $ 916.1 million in 2019, is expected to reach $ 1.78 billion by 2030, with a CAGR of 6.1% from 2020-2030. MICE stand for Meetings, Incentives, Conferences and Exhibitions.
The MICE industry is a specialized niche of group tourism engaged in the booking, planning, management and organization of meetings, seminars, exhibitions and other events. These events are organized to achieve a range of business, academic, professional or cultural goals. MICE industry is one of the hospitality industries, which positively impacts the growth of cities, businesses, destinations and other aspects of the global market. MICE event planners provide many other creative services which include directional signage, banners, displays, booths / exhibition spaces, event photography, event marketing, sponsorship management, audiovisual / technical production, group air handling, logistics and on-site event staff, provider management services, virtual meetings and risk management.
The MICE industry includes four different types of travel markets, namely meeting travel, incentive travel, conference travel and exhibition travel. Meeting travel refers to any number of people meeting in one place for a particular activity or event. Incentive travel refers to non-work vacation typically given to employees as a reward for the purpose of continued performance motivation. Conference travel is the organization of itineraries, meetings and events for people from the same profession or the same field and finally, exhibition travel is the event where products or services are presented. .
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Main companies: Conference Care Ltd, BI Worldwide, Ltd., ITA Group, BCD Group, One10, LLC Meetings and Incentives Worldwide (M&IW), ACCESS Destination Service, 360 Destination Group, CSI DMC, Maritz, Cievents, The Freeman Company, IBTM , ATPI Ltd, Carlson Wagonlit Travel, Creative Group, Inc. and Interpublic Group of Companies, Inc.
Market dynamics and trends
The MICE industry is booming due to market dynamics such as the global growth of the business sector, the increase in foreign direct investment (FDI) activities, the proliferation of small and medium-sized enterprises, as well as the growing trend of AI and IoT adoption globally. level. In addition, the constant increase in global tourism is expected to boost the growth of the MICE industry in the future.
In addition, factors such as the increase in disposable income per capita, the increase in the frequency of such events globally and the expansion of business activities of companies or individuals are expected to promote the growth of the industry. MICE.
However, the profitability of MICE events and topographical conditions are expected to hamper the growth of the MICE industry.
In addition, increased investment in infrastructure development and technological advancements is expected to provide lucrative opportunities for the MICE industry in the future.
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Market segments and scope of the study:
Global analysis on the part of the MICE industry is based on Event Type, Application, and Geography.
Depending on the type of event, the market is segmented into meetings, incentives, conventions and exhibitions. On the basis of applications, the market is divided into academic area, business area, policy area, exhibitions, and others. The geographic breakdown and analysis for each of the previously mentioned segments include regions including North America, Europe, Asia Pacific, and Rest of the World.
The Europe region is expected to hold the highest market share in the MICE industry during the forecast period owing to the increase in meeting business, increased adoption of smart devices at scale as well as the increased Internet penetration in the region.
Asia-Pacific is expected to grow at the highest CAGR, representing a substantial market share. This is attributed to the increase in tourism and business activity in the MICE industry, support for government regulations, and increased adoption of AI and IoT.
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