MICE Industry Market size is estimated to reach $1,780 million by 2026, growing at a CAGR of 6.1% over 2021-2026. MICE Industry is a type of tourism services where organizers and suppliers manage & deliver meetings, seminars, exhibitions, and other events. MICE event organizers provide different services such as show displays, brand promotion, on-site event logistics and staffing, supplier management, virtual meetings, and risk management services. This industry also offers services in luxury tourism that provides medical facilities services. Increasing number of corporate meetings and events from the business sectors and growing acceptance of online travel agencies are the major factors driving the growth of this market. Furthermore, rising disposal income and increasing investments in the development of infrastructure and technological advancements is set to further enhance the overall market demand for MICE Industry Market for the period 2021-2026.
MICE Industry Market Segment Analysis – By Type
The global MICE Industry Market based on Type can be further segmented into Meetings, Incentives, Conventions, and Exhibitions. The Meetings segment is the major segment generating revenue in 2020. This is owing to increase in the globalization of businesses and rise in the number of (SME) Small and Medium-Sized Enterprise increases the brand production. Moreover, increase in the growth of travel and tourism as well as hospitality sector increases the growth of this segment. The Incentives segment is estimated to register the fastest CAGR of 3.8% for the period 2021-2026. This is owing to incentive trip provides hotel stays, tour packages, and planned activities such as dinners, parties and games that increases the demand of incentive travel and are increasing the growth of this segment.
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MICE Industry Market Segment Analysis – By Application
The global MICE Industry Market based on application can be further segmented into Academic Field, Business Field, and Political Field. The Business Field segment registered highest market share in 2020. This is owing to increasing adoption of MICE in business tourism and MICE turns business meetings and conferences into more intense, diverse and enjoyable events for delegates and participants that increases the growth of this segments. The Academic Field segment is estimated to register the fastest CAGR of 2.3% for the period 2021-2026, due to various information in academic field that are rising the growth of this market.
MICE Industry Market Segment Analysis – By Geography
North America dominated the MICE Industry Market with major share of 40% in 2020. This is owing to increasing attraction towards MICE tourism industry and rising trends of social networking platform that increases the demand of this market. However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 8.6% during the forecast period 2021-2026 owing to increasing number of tourism and according to National Tourism Organizations in Asia, about 6.3% tourism increases in 2019 that increases the initiatives to organize MICE form of tourism and are increasing the market growth.
MICE Industry Market Market Drivers
Increasing Number of Corporate Meetings and events from the business Sector
Increasing number of corporate meetings and events expands the business travel and increases the growth of the MICE Industry Market. Moreover, corporate travelers are choosing the MICE tours to promote their businesses which is good combination of business activity that are increasing the growth of the MICE Industry Market over 2021-2026.
Growing Acceptance of Online Travel Agencies
Rising number of online travel agencies is increasing the growth of the MICE Industry Market. Moreover, various travelling portals and agents are offering new innovative and attractive schemes to promote their online portals that increases the trends in virtual meetings and attract customers that increases the growth of MICE Industry Market over 2021-2026.
COVID-19 pandemic had adversely affected the growth of MICE Industry Market. During pandemic, there is lockdowns, social distancing, and quarantines which results reduction in tourism sector. Moreover, airlines, hotels, and other tourism-related businesses has significant material losses and disrupted in supplier management that are negatively impacted the growth of this market.
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MICE Industry Market Challenges
High Cost Associated with MICE Events
The factors that is set to impede the growth of the MICE Industry Market are the high cost associated with MICE events. Moreover, uncertain global geopolitical conditions is set to create hurdles for the MICE Industry Market.
MICE Industry Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the MICE Industry Market. MICE Industry top 10 companies include, Maritz, IBTM Events, Capital Travel and Events, BCD Meetings and Events, Conference Care Ltd., CiEvents, Questex, LLC, ATPI Ltd., The Freeman Company, Interpublic Group of Companies, Inc., and CWT Meetings & Events.
In August 2019, Caribbean Meeting & Incentive travel Exchange (CMITE) recently organized event to increase the development in business tourism and increases the brand promotion.
Geographically, in 2020, North America dominated the MICE Industry Market owing to increasing attraction towards MICE tourism industry and rising trends of social networking platform.
Increasing number of corporate meetings and events from the business sectors and growing acceptance of online travel agencies are likely to aid in the market growth of the MICE Industry.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the MICE Industry Market report.
High cost associated with MICE events and uncertain global geopolitical conditions is set to create hurdles for the MICE Industry Market.
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