Global MICE Industry Expected to Register a Revenue of $1,619.3 Billion in the 2021-2028 Timeframe, Growing at a Stunning CAGR of 5.9% [168-Pages] | Exclusive by Research Dive

The global MICE industry is expected to grow tremendously by 2028, primarily due to the strategic alliances between key market players. Moreover, the crucial role played by board meetings, seminars, etc. in corporate world is expected to make the meetings sub-segment highly lucrative. The Europe region is expected to highly profitable in the 2021-2028 timeframe.

New York, USA, Jan. 10, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global MICE industry is predicted to grow at a tremendous CAGR of 5.9%, thereby garnering a revenue of $1,619.3 billion in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the global industry including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market. 

Dynamics of the Market 

Drivers: Strategic alliances between key market players of the industry in the form of acquisitions and partnerships is expected to be the primary growth driver of the MICE industry in the forecast period. Moreover, rapid globalization which has led to overall increase in the number of customers is predicted to propel the market growth. 

Opportunities: Technological advancements in the MICE industry is predicted to offer numerous growth opportunities to the market in the forecast period. Additionally, strategic collaborations between major industry participants are anticipated to augment the growth rate of the market. 

Restraints: High operational costs associated with MICE industry, however, might restrict the growth of the global market. 

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Impact of Covid-19 on the Market 

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The MICE industry, too, faced a similar fate. Due to lockdowns and ban on social gatherings and events, many of the popular MICE event destinations were closed for an indefinite period of time. This led a general decrease in the demand for these destinations and caused a decline in growth rate of the market. 

Segments of the Market 

The report has divided the market into certain segments based on type and region.  

Type: Meeting Sub-segment to Have the Highest Market Share 

By type, the meetings sub-segment of the MICE industry is expected to hold the dominant market share and register a revenue of $979.6 billion by 2028. The crucial role played by meetings such as board meetings, seminars, product launch meetings, training seminars in corporate world is predicted to augment the growth rate of this sub-segment. 

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Market in Europe Region to be the Most Lucrative 

By regional analysis, the MICE industry in the Europe region is projected to be the most profitable and register a revenue of $626.0 billion in the analysis timeframe. Presence of top meeting destinations such as UK, France, and Germany is expected to be the main factor behind the growth of the market in this region. 

Prominent Market Players 

Some prominent market players of the MICE industry are  

  • ACCESS Destination Services 
  • Carlson Wagonlit Travel 
  • Creative Group Inc. 
  • ATPI Ltd. 
  • Cievents 
  • CSI DMC 
  • BCD Group 
  • Conference Care Ltd. 
  • IBTM Events 
  • BI Worldwide 

These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market. 

Broader Insights Pertaining for the Specific Segments or Regions of the MICE Industry 

For instance, in May 2022, Meetingselect, a leading marketplace for meetings and group bookings announced the acquisition of MICE Access, a global MICE distribution system. This acquisition is anticipated to expand the capabilities of Meetingselect and help the company to cater to the demands of the corporate industry in a better way. 

Finally, this report published by Research Dive, also offers many vital facets of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio. 

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