Surge in globalization of businesses, increase in SMEs across the world, and growth of travel & tourism industry propel the growth of the global MICE industry
PORTLAND, Oregon, May 8, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "MICE Industry by Event Type (Meetings, Incentives, Conventions, and Exhibitions) - Global Opportunity Analysis and Industry Forecast, 2017–2025." The report provides a detailed analysis of changing market trends, major winning strategies, key segments, drivers & opportunities, and competitive scenario. According to the report, the global MICE industry contributed $805 billion in 2017, and is expected to reach $1,439 billion by 2025, growing at a CAGR of 7.6% from 2018 to 2025.
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Surge in globalization of businesses, increase in SMEs across the world, and growth of travel & tourism industry propel the growth of the industry. However, increase in social and geopolitical uncertainty and high cost of operation related to MICE events restrain the growth in the market. On the other hand, rise in infrastructural investments and technological advancements create new opportunities in the industry.
Meetings segment to lead in terms of revenue during the forecast period
Based on event type, the meetings segment held the major market share in 2017, accounting for more than three-fifths of the total share. This is due to better infrastructure and the trend of organizing hybrid meetings that involves the usage of various meeting and social media apps. On the other hand, the incentives segment is expected to register the highest growth rate, with a CAGR of 8.1% from 2018 to 2025, owing to focus of companies in developing countries on offering complete packages and comprehensive experience rather than only hotel rooms. Moreover, they offer concessions and add-ons, which in turn, supplements growth for the segment. The research also analyzes conventions and exhibitions.
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Asia-Pacific to achieve the fastest growth
Asia-Pacific is anticipated to register the fastest growth with a CAGR of 8.6% during the forecast period, owing to huge economic growth, rapid development in business travel sector, and huge penetration of internet & technology in the populated countries. However, Europe accounted for more than two-fifths of the total market share in 2017 and is expected to maintain its dominance throughout the forecast period. This is due to surge in meetings and events and preference for conferences of international associations in the region.
Leading market players
Key market players analyzed in the research include Questex, LLC, IBTM Events, CWT Meetings & Events, Capital Travel and Events, BCD Meetings and Events, Conference Care Ltd., CiEvents, ATPI Ltd., The Freeman Company, and Interpublic Group of Companies, Inc. They have adopted different strategies such as collaborations, expansions, joint ventures, partnerships, mergers & acquisitions, and others to gain a stronghold in the industry and make an international mark.
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