- Global MICE (Meetings, Incentives, Conferencing, Exhibitions) Market is expected to have a CAGR of 12.46% over the forecast period.
- Increasing Number of Corporate Meetings and Events from the Business Sectors is Expected to Drive the Market Growth.
- Europe is Expected to Dominate the Global MICE Market.
The MICE (Meetings, Incentives, Conferencing, Exhibitions) market refers to a specialized group of tourism committed to planning, booking, and facilitating conferences, seminars, and other events. Meetings, incentives, conferences and exhibitions (MICE) is a type of tourism in which large groups from the business come together.
Global MICE (Meetings, Incentives, Conferencing, Exhibitions) Market is valued at $882.84 Billion in 2018 and expected to reach $1546.69 Billion by 2025 with a CAGR of 12.46% over the forecast period.
MICE industry include the number of factors, where agents working in this field to provide a full range of travel and conference services for business groups and events of longer duration. The hospitality sector is accounted for about 40 to 60 % of their revenue generated in the MICE industry. Many countries throughout the world have realized the significance of tourism industry that can positively influence the growth of their organizations by promoting the business travel through the adoption of MICE.
Global MICE (Meetings, Incentives, Conferencing, Exhibitions) market report is segmented on basis of type, application and region & country level. Based upon type, global MICE market is classified into meetings, incentives and exhibitions. Based upon application, market is classified into academic field, business field, political field, exhibitions and others.
The regions covered in this Global MICE Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of global MICE market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for global MICE market are Capita Travel and Events, CWT Meetings & Events, IBTM Events, Interpublic Group of Companies (IPG), ATPI, BCD Meetings and Events, Cievents, Freeman, Grass Roots Meetings and Events, Questex and others.
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With exception of the corona virus limitations, demand for MICE is on the rise from the past few years, as business travel seems to be continually increasing along with the increase in number and size of corporate meetings and events. This has created the huge opportunity to expand the tourism services for the corporate world which is beneficial to the event planners, hotels and event spaces.
Additionally, corporate travelers are choosing the MICE tours to promote their businesses which is a good combination of business activity and sightseeing relaxation. The MICE industry has been gaining importance over past few years, since meeting planners and travel agents are organizing the corporate incentive travel programs to reward the employees for reaching specific targets.
Mice industry has shown tremendous growth by about 15% to 20% during the last 5 years along
with the created employment and foreign exchange for the country. Furthermore, the rapid innovation in advanced technologies including augmented reality, artificial intelligence, social media platforms and ad hoc apps have also gained a huge interest across the meeting and events industry which is also supplementing the market growth. However, one of the most challenging things in this sector is to maintain the service standards in accordance with intense competition in the tourism industry.
Europe is expected to account for the largest share of global MICE market over the forecast period. The demand for meetings and events has shown a significant growth, while many businesses from the European region being more attracted towards the MICE tourism industry by highly spending on it and with rising trends of social networking platform.
For example; the spending of European companies increase by 1.8% followed by central and South America. Germany, the United Kingdom, France, Spain and Italy are among the most preferred tourism places, together they have spent $208.18 billion in 2016 which is increase by 6.3% from the year 2015. National tourism organizations from the Asian countries are taking initiatives to organize this form of tourism which has lifted the MICE industry to the next level in this region.