New York, USA, Oct. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global MICE industry is predicted to generate a revenue of $1,619.3 billion by 2028, growing expeditiously at a CAGR of 5.9% during the forecast period (2021-2028). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Rapid increase in globalization has led to the progressive expansion of businesses around the world. In addition, increasing initiatives taken by corporate companies to travel numerous destinations and host an event to not only cherish cross-culture interactions among employees but also favor international marketing. These factors are expected to drive the growth of the MICE industry during the forecast period.
Restraints: Extortionate operational expenses for organizing a MICE event are expected to impede the growth of the market during the forecast period.
Opportunities: Increasing prevalence of digitized meeting spaces and persistent technological advancements in virtual communication platforms such as Google Meet and Zoom are expected to create massive opportunities for the growth of the MICE industry during the forecast period.
Segments of the Market
The report has divided the MICE industry into various segments based on type and region.
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Type: Meetings Sub-segment to be Most Profitable
The meetings sub-segment is expected to generate a revenue of $979.6 billion during the forecast period. Meetings are crucial for the success of any organization since they bring people together which favors the exchange of ideas, opinions, problem-solving that are essential for team-building among employees. This factor is expected drive the growth of the sub-segment during the forecast period.
Region: Europe Expected to Dominate the Market
The European MICE industry is expected to generate a revenue of $626.0 billion during the forecast period. Presence of superior customer service, impeccable catering, safe and seamless transport in this region is expected to drive the growth of the market during the forecast period. In addition, availability of super-fast internet connectivity and immaculate Wi-Fi access are further expected to bolster the growth of the regional MICE industry during the forecast period.
Impact of COVID-19 on the Market
The outbreak of coronavirus has had a negative impact on the global MICE industry, owing to the prevalence of redundant lockdowns in various countries across the globe. Stringent restrictions imposed by the government on social gatherings in order to curb the spread of the virus during the pandemic consequently decreased the occurrence of corporate meetings, conferences, and so on. Thus, the pandemic has had an adverse impact on the global MICE industry.
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Key Players of the Market
The prominent players of the market include
- ACCESS Destination Services
- Cievents
- Conference Care Ltd.
- IBTM Events
- ATPI Ltd.
- BI Worldwide
- Carlson Wagonlit Travel
- BCD Group
- Creative Group Inc.
- CSI DMC, and many more
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in November 2019, IBTM Americas, a leading international trade show that connects the meetings and events industry across North America, Latin America, Europe and beyond, and Global MICE Collaborative (GMC), a dominant company accelerating workforce development and destination capabilities awareness, entered a three-year partnership from 2020 to 2022, in order to combine networking, business meetings, and education in order to develop a highly skilled and engaged community of event professionals.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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