The global MICE industry market is predicted to witness noteworthy growth in the forecast period, 2022–2031. The increasing developments in the travel & tourism sector are boosting the growth of the market. The meetings sub-segment is estimated to dominate the market. The Europe market is predicted to be in the leading position in the forecast period.
New York, USA, March 01, 2023 (GLOBE NEWSWIRE) — Research Dive has published a new report on the global MICE industry market. According to the report, the global market is projected to surpass $1,990.1 billion and grow with a CAGR of 7.0% in the estimated period, 2022–2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the MICE Industry Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global MICE industry market. During the pandemic, the unprecedented lockdowns, numerous travel limitations, and a ban on social meetings and gatherings negatively impacted the MICE industry growth. In addition, the “work from home” option had a negative impact on the market’s revenue. Several MICE industry organizers suffered an economic crisis and were forced to lay off a huge staff due to a drop in demand during the pandemic.
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Factors Impacting the MICE Industry Market Growth
The key factor boosting the growth of the global MICE industry market is a significant rise in the need for the MICE industry services due to the increasing economic growth caused by business globalization. Furthermore, the most recent technical developments in the MICE sector by market players are estimated to unlock lucrative opportunities for market growth in the forecast period. However, the high operational costs of the MICE industry and long-distance travel are anticipated to deter the market’s growth.
The report segments the global MICE Industry market into type and region.
Meetings Sub-Segment to Grab a Foremost Share of the Market
The meetings sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly due to the growing importance of meetings such as suppliers & clients, training seminars, management meetings, board meetings, product launches, retreats, and others in several business operations.
Europe Region to Perceive Maximum Growth
The report analyzes the global MICE Industry market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Europe market is projected to observe significant growth in the estimated period. This growth is mostly due to an increase in the number of business tourists compared to leisure travelers in this region.
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Key Players of the Global MICE Industry Market
The report states some of the foremost players operating in the global market including
- ATPI Ltd.
- ACCESS Destination Services
- BI Worldwide
- BCD Group
- Carlson Wagonlit Travel
- Creative Group Inc.
- IBTM Events
- Conference Care Ltd.
- CSI DMC
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in June 2021, the Ministry of Tourism, a department of the Indian government, selected six cities for development as MICE destinations to increase tourism throughout the year in India. The cities with the highest priority for MICE growth include Pune, Udaipur, Agra, Thiruvananthapuram, Bhubaneswar, and Varanasi.
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Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about MICE Industry Market:
- A Short Guide for MICE Industry: Definition, Components, and its Importance
- How Does the MICE Industry Function?
- Global MICE Industry Market to Witness Widespread Growth by 2031 with Increasing Developments in the Travel and Tourism Sector
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