Pune, India, Dec. 14, 2023 (GLOBE NEWSWIRE) -- The global MICE market size was USD 693.21 billion in 2022 and is anticipated to surge from USD 904.30 billion in 2023 to USD 1,605.17 billion by 2030, exhibiting a CAGR of 8.54 % over the study period.
MICE refers to a group travel segment focused on planning, booking, and the organization of seminars, conferences, and events. The market growth is being driven by an upsurge in globalization which offers numerous opportunities for business expansion.
Fortune Business Insights™ provides this information in its research report, titled “MICE Market, 2023-2030”.
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List of Key Players Profiled in the MICE Market:
- ITA Group (U.S.)
- Flight Centre Travel Group Limited (Australia)
- Freeman (U.S.)
- Meetings and Incentives Worldwide, Inc. (U.S.)
- Conference Care (U.K.)
- One10, LLC (U.S.)
- BCD Meetings & Events (U.S.)
- Creative Group, Inc. (U.S.)
- Access (U.S.)
- CWT Meetings & Events (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 8.54 % |
| 2030 Value Projection | USD 1,605.17 Billion |
| Market Size in 2022 | USD 693.21 Billion |
| Historical Data | 2017-2021 |
| No. of Pages | 190 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| MICE Market Growth Drivers | Rise in the Travel and Tourism Industry to Boost Market Growth |
| Organizer Focus on Adoption of Latest Technology to Drive Market Growth |
Report Coverage:
The report provides an insight into the key trends in the global market. It further delves into the impact of COVID-19 pandemic on market expansion. The report gives an overview of the prominent factors driving the industry expansion over the coming years. The vital strategies deployed by market players for expanding the reach of their services have also been covered in the report.
Drivers and Restraints:
Expanding Travel and Tourism Sector to Drive Industry Expansion
The MICE market growth is being driven by an upsurge in business trips across the globe and the expanding travel and tourism sector. Additional factors favoring industry expansion included the ease in travel bookings, change in lifestyle, and a surge in infrastructure.
However, the industry growth may be restrained by the political instability across the globe. Such occurrences particularly affect countries dependent on the tourism sector for revenue generation.
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COVID-19 Impact:
Market Growth Hampered due to Travel Restrictions amid COVID-19 Pandemic
The pandemic saw the enforcement of lockdown restrictions by the governments of several countries. The imposition of travel restrictions negatively impacted the MICE industry expansion. This was due to the impact on international trade and tourism, particularly on countries depending on tourism.
Segmentation:
Meetings Segment Leads the Market Driven by Upsurge in Corporate Events
By event type, the market is subdivided into incentives, meetings, exhibitions, and conventions. The meetings segment holds a dominating market share. This can be attributed to a rise in the number of corporate events across the globe. Some of these events comprise management planning meetings, general meetings, annual business meetings, board meetings, supplier meetings, and others.
Based on geography, the market for MICE has been analyzed across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
Regional Insights:
Europe Dominates the Market Driven by the Surge in Corporate Activities
Europe accounts for a leading MICE market share in the global market. This can be attributed to an escalation in corporate activities across numerous industries such as automobiles, pharmaceuticals, information technology, and others.
Asia Pacific is set to expand at the highest CAGR over the study period. This is due to an upsurge in government investments focused on infrastructure enhancement in the region.
Over the past couple of years, the regions of South America and the Middle East registered an upsurge in tourist footfall. The Latin America market is set to rise owing to the upsurge in professional business event organizers in the region.
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Competitive Landscape:
Industry Players Focus on Innovation to Gain Strong Footing
Major MICE industry players are deploying numerous strategies to gain strong footing in the market. Some of these steps constitute partnerships, innovation, and business expansion. Furthermore, to raise brand awareness, market players are adopting marketing and promotion strategies.
Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Emerging Trends
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (In relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global MICE Market Analysis, Insights and Forecast, 2017-2030
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Event Type (Value)
- Meetings
- Incentives
- Conventions
- Exhibitions
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Event Type (Value)
TOC Continued...!
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Key Industry Development:
- September 2023 – Freeman announced a collaboration with 42Chat. The deal focuses on the launch of conversational AI chatbots for supporting attendee engagement for conference and trade show organizers.
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