Portland, OR, Sept. 02, 2021 (GLOBE NEWSWIRE) -- According to the report, the global MICE industry was pegged at $805 billion in 2017, and is estimated to reach $1,337.4 billion by 2028, growing at a CAGR of 21.3% from 2021 to 2028. The report provides a detailed analysis of changing market trends, major winning strategies, key segments, drivers & opportunities, and competitive scenario.
Rise in globalization of businesses, growth in SMEs across the world, and surge in travel & tourism industry drive the growth of the MICE industry. However, increase in social and geopolitical uncertainty and high cost of operation related to MICE events impede the growth in the market. Nevertheless, growth in infrastructural investments and technological advancements are expected to present lucrative opportunities in the industry.
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Covid-19 Scenarios-
- The strict lockdown regulations during the initial phase of the pandemic had resulted in partial or complete ban on travel and tourism. Most of the travel destination across the world had restricted the entry of travelers. This, in turn, impacted the MICE industry negatively, resulting in cancellation or postponement of MICE events.
- However, the covid-19 outbreak boosted the trend of ICT platforms including Zoom, Skype, and Google Meet. Most of the companies have adopted digital policies and started implementing them for business as well as meeting and conference purposes. The industry is expected to follow this trend for longer run.
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The MICE industry is segmented on the basis event type, and region. Based on event type, the market is divided into meetings, incentives, conventions, and exhibitions. The meetings segment held the major market share in 2017, accounting for more than three-fifths of the total share. Furthermore, the segment is expected to maintain its lead position throughout the forecast period. Moreover, the incentives segment is expected to register the highest growth rate, with a CAGR of 24.1% from 2021 to 2028.
Based on regions, the market is studied across North America, Asia-Pacific, Europe, and LAMEA. The market across Europe held more than two-fifths of the total market share in 2017 and is expected to maintain its dominance throughout the forecast period. On the other hand, the region across Asia-Pacific is anticipated to register the fastest growth with a CAGR of 24.5% during the forecast period.
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|Key market players analyzed in the research include Questex, LLC, ATPI Ltd., The Freeman Company, Interpublic Group of Companies, Inc., IBTM Events, Capital Travel and Events, BCD Meetings and Events, Conference Care Ltd., CiEvents, and CWT Meetings & Events. The market players have adopted different strategies such as collaborations, expansions, joint ventures, partnerships, mergers & acquisitions, and others to gain a stronghold in the industry.
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