MICE Industry is expanding at a 7.8% CAGR between 2020 and 2030
The Global MICE Industry size is estimated to be USD 935.40 billion in 2019 and is predicted to reach USD 2137.00 billion by 2030 with a CAGR of 7.8% from 2020-2030. MICE industry represents the tourism or travel done with regards of meetings, incentives, conference and exhibitions in which arrangement is done differently and by different people for business, profession, cultural objectives and others. For meetings, the company will take care of everything, Incentive travel was given by the company to the employee as a reward or appreciation. On the other hand, conference travel, include the itenary, meeting of people from the same field or profession, Exhibition travel involves, the display of products or services which was done by the organizing committee or agents.
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The globalization has connected the world altogether which has further allowed the exchange of business, goods, culture, food and others. There is an increase in tourism on a global level which is expected to drive the growth of MICE industry.
The factors including increase in disposable income, increase in the frequency of such events on a global scale coupled with increase in business activities by the companies or individuals. Further, increase in government initiatives to promote the small business ideas and all the above mentioned factors are expected to fuel the growth of MICE industry. However, high cost of MICE events and geopolitical conditions are expected to hamper the growth of MICE industry. The increase in investments in the development of infrastructure and technological advancements are expected to provide lucrative opportunities for the MICE industry in the near future.
Market Segmentations and Scope of the Study:
The global MICE Industry share is analyzed on the basis of event type, application and geography. On the basis of event type, the market is segmented into meetings, incentives, conventions and exhibitions. On the basis of applications, the market is divided into Academic Field, Business Field, Political Field, Exhibitions, and Others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
Europe accounts for the major market share in MICE industry over the forecast period owing to the increase in meeting activities with the increased adoption of smart devices on a wide scale coupled with increased penetration of internet in the region.
It is expected that the emerging economies, specifically from the Asia-Pacific region would witness increasing market size owing to increase in tourism and business activities with supporting government regulation and increase in internet usage in the are expected to contribute the growth of MICE industry.
Competitive Landscape
The MICE industry, which is highly competitive, consists of a key players, such as BI Worldwide, Ltd., BCD Group, One10, LLC, ITA Group, Inc, Conference Care Ltd, Meetings and Incentives Worldwide (M&IW), Maritz, Cievents, ACCESS Destination Service, 360 Destination Group, CSI DMC, The Freeman Company, Carlson Wagonlit Travel, IBTM, Creative Group, Inc., ATPI Ltd, and The Interpublic Group of Companies, Inc. and others.
There are various renowned events taking place on a global platform in the market. For instance, in June 2019, Latin America Meeting & Incentive Travel Exchange (LAMITE), was organized for working to connect business opportunities in Latin America, the next annual LAMITE event took place at the Planet Hollywood Beach Resort in Guanacaste, Costa Rica.
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In August 2019, Caribbean Meeting & Incentive Travel Exchange (CMITE): The island version of the ITE event takes place at the Santa Barbara Beach & Golf Resort in Willemstad, Curaçao.