A Short Guide for MICE Industry: Definition, Components, and its Importance
MICE industry is an important segment of the hospitality and tourism industry wherein professional and business-related events, such as meetings, incentives, conferences, and exhibitions are planned and executed as per the demands of the concerned corporate house. Though the Covid-19 pandemic dampened the growth of this industry, market analysts predict a bright future for it in the coming period.
You must have heard the word ‘backstage’. From stage plays and dramas to intergovernmental summits, there are always people who work ‘behind the scenes’, away from the limelight to make these events happen. Backstage players may not get recognition often but that doesn’t make their job less important. In fact, just as a stage play won’t actualize without a director, DOP, or a cinematographer, multilateral conferences and business events won’t materialize without certain players chalking out a plan to that effect. These ‘certain players’ belong to the MICE industry.
What is MICE Industry and Why is it so Important?
MICE industry basically pertains to a type of tourism in which business-related events are planned and professionals from the related sector are brought together in a hospitality setting. Thus, MICE industry is a part of the tourism and hospitality sector, and the acronym MICE stands for Meetings, Incentives, Conferences, and Exhibitions. In fact, numbers and statistics related to the global MICE industry market show that the MICE industry is one of the most popular segments of the hospitality and tourism industry as large corporate houses avail themselves of the facilities provided by this industry.
- Meetings: This component of MICE is pretty straightforward. Meetings are generally arranged at different convention centers so as to engage company’s employers in a fruitful discussion regarding what should be the company’s goals and how should the company go about in completing them.
- Incentives: Previously, this specific hospitality sector was concerned with only those events which were purely professional in nature. Hence, covering and arranging for events pertaining to entertainment were not at all within the purview of this industry. However, gradually, along with the changing scenario of work culture, entertainment events were also included in this sector. Along with entertainment events, events wherein employers were incentivized by an organization for their valuable contribution to the company were also included by the MICE industry.
- Conferences: One of the most important segments of the MICE industry, conferences are generally held by corporate houses to discuss and negotiate a business deal. Certain conferences or conclaves are also held wherein experts and intellectuals from various fields gather to impart their ideas through speeches and debates.
- Exhibitions: Exhibitions include different events such as inauguration of certain art pieces and artworks, product launches by a corporate house, or expos arranged by a certain industry wherein different market players come together to share their knowledge and prototypes.
These above-mentioned components and their very nature make the MICE industry extremely crucial. Since this segment of the hospitality sector caters to the professional needs of corporate houses from various fields, the clientele of the MICE industry is pretty demanding which requires extensive planning and strategizing. Sometimes, the planning of an event starts way before the actual date of the event, in certain cases, even several years before the date. This is because, a lot of the time, the economy of the host country or the city where the event is going to take place is bound to benefit from the event, and hence, elaborate arrangements are made to suit the guests. Moreover, different players of almost every sector of the economy - industry, service, quaternary, quinary - seek the service of MICE industry at some or the other point in its lifetime. As a result of this, the MICE industry is considered to be an evergreen industry.
The Bottom Line
The Covid-19 pandemic, just like in the case of many industries, has changed the face of the MICE industry. As strict travel restrictions and lockdowns were put in place so as to restrict the spread of the virus, business meetings or conferences couldn’t be conducted in-person during these pandemic years. This affected the MICE industry severely. However, large-scale vaccination drives and the gradual opening of economies, as the pandemic recedes, has provided a silver lining to the dark clouds hovering over this industry. Moreover, the MICE industry has quickly adapted to the changing global scenario, wherein business meetings and conferences are conducted online. This has led economists and market analysts to once again invest their faith in the MICE industry. They predict that this industry is bound to bounce back and effectively cater to the business demands of different sectors of the global economy in the years to come.
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