MICE is an acronym for meetings, incentives, conferences, and exhibitions in the context of travel. MICE tourism refers to the tourism dedicated to planning, booking, and facilitating conferences, seminars, and other business events, and it is the travel industry's largest revenue contributor. Participants, sponsors, planners, convention and visitor bureaus, meeting venues, accommodations, and suppliers are all involved in the planning and execution of an event in the MICE industry. The industry provides simple and convenient methods for organizing events and assists in selecting the appropriate destination, which is the foundation of a successful event. The tourism industry's group market has grown at an exponential rate as a result of rapid globalization and expansion of service industries, as well as the continuous evolution of scientific and technological innovations.
The increased presence of corporate industries, as a result of a massive increase in business activities such as client meetings, brand promotions, employee training activities, and others, drives the global MICE industry's growth. Furthermore, an increase in government initiatives to promote SMEs and market entry liberalization to increase FDIs are expected to boost growth even further. Other important factors driving market growth include a shift in business travellers' lifestyles toward leisure travel, rapid urbanization, and industrial expansion. Furthermore, infrastructure development and ongoing technological advancements drive market growth. However, the high costs associated with MICE events, as well as uncertain global geopolitical conditions, are impeding market growth. Factors such as infrastructure development investments and technological advancements are expected to provide lucrative opportunities in market growth.
According to Business Intelligence Insights “Global MICE Market is expected to grow from USD 821.6 billion in 2021 to USD 2465.6 billion by 2030, at a CAGR of 20.10% during the forecast period 2022-2030
The COVID-19 pandemic posed a significant threat to the global MICE industry. Travel and tourism had been restricted or prohibited as a result of the strict lockdown regulations. Most travel destinations around the world have restricted traveller entry. International tourist arrivals are decreasing in the global tourism industry. As a result, all MICE events in 2020 were either cancelled or postponed, causing significant harm to MICE stakeholders. In such circumstances, online and ICT platforms such as Zoom, Skype, and Google Meet gained enormous traction. Furthermore, most companies began using these digital platforms for MICE events, which saved a significant amount of money. The increasing use of online platforms for MICE activities is expected to have a long-term impact on the MICE industry. Business travel is expensive, and many companies saw it as an unnecessary expense during the COVID-19 period. As a result, they may seek the services of online platforms in the future to host MICE events. As a result, COVID-19 harmed the global MICE industry and may have long-term consequences.
Meetings category dominated the market with more than 50% of the market share
The meetings sub-type is expected to have a large market share. Meetings bring people together and allow them to contribute their ideas, share information, and engage in discussions and problem solving. Board meetings, seminars, product launch meetings, training seminars, and meetings with suppliers, clients, and others are all examples of corporate meetings. Furthermore, the meetings promote teamwork among both staff and clients. Meetings also provide opportunities for personal development by assisting participants in understanding effective communication techniques and motivating the group to fulfill their commitments. During the forecast period, all of these factors are expected to drive demand for the meetings sub-segment.
Exhibition category dominated the market with more than 15% of the market share
The exhibitions sub-type is expected to grow the fastest. Exhibitions provide numerous benefits and opportunities for your business to grow by allowing you to meet and connect with potential clients. Furthermore, exhibitions raise brand awareness and allow you to reach out to your target audience in order to showcase your brand, grow your business image, and gain social media exposure. Furthermore, exhibition is a low-cost method of promoting your business and providing an opportunity to sell your product to the target audience. During the forecast period, all of these factors are expected to drive the growth of the exhibitions sub-segment.
By Event Type
• Academic Field
• Business Field
• Political Field
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa (MEA)
List of Key Players in the Global MICE Market:
Europe dominated the market with more than 40% of the market share
Due to an increase in meeting activities, increased adoption of smart devices on a large scale, and improved internet penetration in the area, Europe is likely to hold the biggest market share in the MICE business over the projection period. Furthermore, factors such as rising per-capita disposable income, increased frequency of such events on a worldwide scale, and expansion of business operations by firms or individuals are predicted to support the MICE industry's growth. The high level of customer service, safe and comfortable transportation, good catering, clean, comfortable, and safe housing, and excellent internet connectivity and Wi-Fi access are all factors that contribute to the MICE industry's success in Europe.
|Market Size Value in 2021||USD 821.6 Billion|
|Market Size Value in 2030||USD 2465.6 Billion|
|Forecast Units||(USD Billion)|
|Countries Covered||North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE|
|Segments Covered||By Event Type, By Applications, By Region.|
|Competitive landscape||Leading companies, Competitive strategies and Consumer engagement scope|
|Customization is available||If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at email@example.com if you have any questions|