MICE Industry to Witness Mounting Growth in Approaching Time
MICE Industry is valued around USD 916.1 Million in 2019 and expected to reach USD 1.78 Billion by 2030 with the CAGR of 6.1% over the forecast period.
Meetings, incentives, conferences and exhibitions together known as MICE industry which involves the organization of event, planned in advance with all the required arrangements. Meetings are planned by the companies and arrangements are done them only. On the other hand incentives are given to the employee as a reward of the performance. Conferences and exhibitions are organized by the committee and involve individuals from the same profession. It also involves the detail discussions related to work, advancement in the field, display of products or services and others.
Global MICE Industry report is segmented on the basis of event type, application and by regional. Based upon event type, the MICE industry is fragmented into meetings, incentives, conference and exhibitions. On the basis of applications, the market is categorized into Academic Field, Business Field, Political Field, Exhibitions, and Others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The MICE industry is mainly driven by the growth in globalization which is further added by the growing international trade practices. Moreover, development in business activities along with the global expansion of MNC’s as well as enlargement of tourism industry all around the globe are likely to positively affect the market growth. On the other hand, rising government initiatives to promote the business ideas with technological advancements as well as changing lifestyles. In addition, rising foreign investments along with the rapid urbanization is also expected to add the market growth. However, high cost of the MICE events and uncertain geopolitical conditions may negatively affect the market growth.
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The developed regions such as Europe and North America are expected to hold the major market share owing to the surge adoption of smart devices along with high internet penetration and amplification in business activities with advanced technology. Moreover, Asia Pacific is expected to dominate the MICE industry market in terms of growth rate owing to the rapid industrialization with growing international trade practices. Moreover, rapid urbanization & globalization with supporting government policies are anticipated the market growth.
The major market players profiled in the MICE industry market includes 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.
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