PUBLISHER: Allied Market Research | PRODUCT CODE: 1344399
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344399
According to a new report published by Allied Market Research, titled, "MICE Industry by Event Type (Meeting, Incentive, Conventions, and Exhibitions): Global Opportunity Analysis and Industry Forecast 2017-2028 Market," The mice industry by event type (meeting, incentive, conventions, and exhibitions): global opportunity analysis and industry forecast 2017-2028 market was valued at $345.80 billion in 2021, and is estimated to reach $2130.4 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.
The MICE industry consists of organizers and suppliers that deal in the management and delivery of meetings, conferences, exhibitions, and other related events held to achieve a range of professional, business, cultural, or academic objectives.
The activities of the MICE industry play a key role in the future growth for businesses, cities, destinations, and other covered spectrums. Organizers of MICE events also provide other creative services that include show displays, directional signage, banners, kiosks/exhibit space, event photography, and AV/technical production, and event marketing and sponsorship management, group air fulfillment, on-site event logistics and staffing, supplier management, virtual meetings, and risk management services.
Travel & tourism includes leisure tourism, business tourism, medical tourism, and others. The factors that promote the growth of the travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in accessibility of transport facilities, and others, which are expected to fuel the growth of the MICE industry. Furthermore, technological advancements have given rise to easy access to hotel & transport booking through online portals, which further boost the market growth. Continuous development in the travel & tourism industry and integration of various segments, such as hospitality & infrastructure with government initiatives, accelerate the growth of the global travel & tourism industry, which, in turn, supplements the growth of the MICE industry.
Improvement in economic condition and growth in disposable income are significant factors that propel the growth of the market. After the 2009 economic crisis in Europe and China, the world economy has witnessed a standstill. However, strong recovery from the crisis results in high economic growth, especially in developing economies, and has led to increase in disposable income among the middle-income groups, consequentially adding to the middle-class population.
In addition, disposable income of individuals in North America and Asia-Pacific has witnessed a high growth rate, thus acting as a major driver for the market, as medium & high-income consumers in urban areas are shifting their consumption trend from essential to premium goods & services. This trend favors the adventure tourism industry as well as enhances the service offering in numerous adventure activities across various segments.
Public and private travel & tourism investment is necessary to support the ongoing growth of the MICE industry. Many destinations around the world have invested heavily in infrastructure development resulting from greater demand for conventions & meetings and in view of the industry's potential economic benefits. There is an increased focus on investment to build structures and facilities to expand capacity and maintain & improve current infrastructure.
However, countries, such as India, China, Saudi Arabia, the UAE, and others, have witnessed a strong economic growth and notable development in business travel over the years. Thus, these countries focus on infrastructural development of roads, airports, and better hotels to cater to the demand from corporate and government travelers. For instance, Singapore's Changi Airport Group launched a Master Architect tender for the construction of Terminal 5. This new terminal is projected to consist of a three-runway system. All these factors are expected to provide potential growth opportunities for the market.
According to the market analysis, the MICE industry is segmented into event type, and region. On the basis of event type, the market is divided into meetings, incentives, conventions, and exhibitions. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, Spain, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Singapore, Thailand, Indonesia, Australia, New Zealand, Japan, Malaysia, South Korea, Vietnam, Hong Kong, Taiwan, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), Middle East (UAE and Rest Of Middle East), and Africa (South Africa, Nigeria, Ghana, Kenya, Namibia, Rwanda, and Rest Of Africa). The players in the MICE industry have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the market.
The players in the MICE industry have adopted strategies such as acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the MICE industry.
Some of the key players profiled in the MICE industry analysis include Maritz, BI Worldwide, Ltd., ITA Group, Inc, One10, LLC, Meetings and Incentives Worldwide, Inc. (M&IW), Creative Group, Inc., ACCESS Destination Service, 360 Destination Group, CSI DMC, Carlson Wagonlit Travel, IBTM, BCD Group, Cievents, ATPI Ltd, Conference Care Ltd, the Freeman Company, and the Interpublic Group of Companies, Inc.