new York, USA, Jan. 31, 2022 (GLOBE NEWSWIRE) -- A new report on the global MICE industry has been added by Research Dive to its repository. According to the report, the global market is expected to hit $1,619.3 billion by 2028, rising at a CAGR of 5.9% from 2021 to 2028. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Regional Lookout of the Global MICE Industry
The report analyzes the global MICE industry across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market was valued at $295.1 billion in 2020, and is estimated to observe speedy growth with a CAGR of 6.7% and hit $501.3 billion in the forecast period. The growth of the region market is mainly because Asian nations have undergone speedy globalization, significantly boosted infrastructure development, and surged the development of the hospitality industry. Moreover, reasonable hotel rates, easy access to transport facilities, and rapid technological advancements in this region are some other factors boosting the regional market’s growth.
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The Europe MICE industry was valued at $405.4 billion in 2020, and is expected to dominate the market growth by garnering $626.0 billion in the forecast period. The growth of this region market is because this region is a renowned destination for MICE events owing to the presence of leading meeting locations like France, the UK, and Germany. The growth of the regional market is also because of the availability of enhanced customer services; comfortable and safe transportation; better catering services; hygienic, comfortable, and safe lodging; and outstanding internet connectivity and Wi-Fi access in this region. Furthermore, the advanced technologies boosting the growth of the events industry in Europe are QR codes that provide great convenience to the visitors and event organizers for quickly registering or checking in the guests, as well as event apps that enable users to connect with other attendees, download presentations, and view speakers bios. Such factors are projected to fuel the growth of the market in this region.
Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global market. The implementation of stringent restrictions on travel, social gatherings, and other activities, which include direct contact of people, to avert the spread of the virus during the pandemic has greatly disrupted the functioning of the MICE industry. Moreover, there has been a significant decline in the occurrence of MICE events owing to complete lockdown during the crisis period. All these factors are greatly hampering the growth of the MICE industry amidst the pandemic period. However, numerous MICE events are been held online without the need for tourism firms functioning in the industry. The rising acceptance for video conferencing platforms like Google Meet and Zoom are providing best solutions for undertaking virtual MICE events. This is likely to fuel the market growth in the coming years.
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Type: Meetings Sub-Segment to Dominate the Market Growth
The meetings sub-segment of the type segment is anticipated to grow significantly and garner $979.6 billion during the forecast period. This growth is chiefly owing to the rising popularity for meetings, as they help in bringing people together, facilitate a platform for contributing or exchanging ideas and sharing information among people, and also help in undertaking discussions and problem solving.
Factors Impacting the Market Growth:
The key factors boosting the growth of the global MICE industry are the increasing expansion and developments of various businesses such as mergers & acquisitions of foreign companies, cross-culture employee training, international marketing, and others. Moreover, growing popularity of virtual meetings among businesses, as they erase out the need to travel to different locations for business meetings is projected to open doors to beneficial opportunities for the growth of the market in the forecast period. However, high costs involved in organizing a MICE event is expected to hinder the market growth.
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Key Market Players
The report lists some of the foremost players operating in the global industry including
- ACCESS Destination Services
- IBTM Events
- BCD Group
- BI Worldwide
- Carlson Wagonlit Travel
- Conference Care Ltd.
- Cievents
- Creative Group, Inc.
- ATPI Ltd.
- CSI DMC, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. -Inquire here to Get Competitive Rivalry in the Market
For instance, in February 2021, Thomas Cook India, an Indian travel agency, launched India’s first physical MICE event in partnership with Marriott, an American multinational firm that runs, franchises, and licenses lodging such as residential, hotel, and timeshare properties.
Related Article Links:
- Global MICE Industry to Witness Immense Growth as Globalization has Led to Newer Customers Joining the Industry
- How Does the MICE Industry Function?
- The Global MICE Industry Anticipated To Generate A Revenue Of $1,619.3 Billion, Growing At A CAGR Of 5.9% From 2021 To 2028
