- The global MICE industry is projected to observe prominent growth over the forecast period, owing to the increasing globalization coupled with significant growth in businesses across the globe.
NEW YORK, June 16, 2021 /PRNewswire/ -- According to Research Dive, the Global MICE Industry Market is estimated to generate a revenue of $1,619.3 billion by 2028, and grow at CAGR of 5.9% over the forecast period (2021 to 2028). As per our analysts, the rapid increase in globalization coupled with the growing expansion of businesses around the world is the major factor expected to propel the growth of the global MICE industry in the coming future. Moreover, technological advancements and the growing popularity of virtual meetings are factors expected to create lucrative growth opportunities in the global market by 2028. On the contrary, the high operation costs associated with conducting a MICE event is estimated to restrict the market growth in projected timeframe.
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Negative Impact of COVID-19 on the MICE Industry
The COVID-19 pandemic has impacted the global MICE industry in a negative way. The decline in the market growth can be attributed to lockdown, travel restrictions, and social distancing measures to avert the spread of coronavirus. In addition, majority of the popular MICE events destinations were cancelled due to lockdown restrictions. For instance, the popular MICE events destinations in the United Arab Emirates (UAE) faced huge revenue loss due to travel restrictions, which led to closure of hotels, Emirati Airlines, and tourism sectors.
Access Our Comprehensive Analysis of the Impact of COVID-19 on MICE Industry
Meetings Sub-segment to Hold Dominant Market Share
By type, the meetings sub-segment is anticipated to hold dominant market share and register a revenue of $979.6 billion by 2028. This is mainly because meetings bring people together that helps people in sharing the information, contributing their ideas, and also involves problem solving & discussion. In addition, meetings assist the participants in understanding the effective communication techniques and thus facilitates opportunities for personal growth.
Europe Region to Subjugate in the Global Industry
By region, the Europe MICE industry accounted $405.4 billion in 2020 and is projected to be most profitable during the forecast period. This growth is owing to the presence of top meeting destinations in the region such as France, UK, Germany, and other countries. Besides, MICE industry is popular in Europe due to high level of customer service, excellent catering, safe & comfortable transport, excellent internet connectivity, and comfortable & safe accommodation.
Top 10 Prominent Market Players in MICE Industry: Top Strategic Moves & Developments
Some of the top players of the global MICE industry are:
- ACCESS Destination Services
- BCD Group
- ATPI Ltd.
- BI Worldwide
- Carlson Wagonlit Travel
- Conference Care Ltd.
- CSI DMC
- Creative Group, Inc.
- IBTM Events.
These players are implementing numerous strategies to gain a competitive edge in the global industry. For instance, in February 2021, Thomas Cook India entered into a partnership with Marriott International, and announced the launch of India's first physical MICE event after lockdown with a focus on restarting of MICE travel. The aim of the event is to bringing back confidence in MICE travel.
Further, the report presents several aspects of these major players such as business & financial performance, SWOT analysis, latest developments, product portfolio, and many more. - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
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