How Does the MICE Industry Function?
The world of business has transformed drastically over the years due to MICE Industry’s facility to provide exposure to companies via global events.
Businesses and corporate though work a majority of the times from an office, but also need to travel beyond those boundaries in order to seek out bigger and better opportunities. Companies need to work towards establishing their presence in the market by attending events such as conferences and seminars. These corporate events, meetings and more require meticulous planning that can help in the success of an event. These events thus require a larger sector that can help in the process of organizing, planning, and initiating process of the event.
Glimpse into the MICE Sector
Meetings, Incentives, Conferences, and Exhibitions or simply known as MICE is a global sector that provides opportunities for corporate to involve with each other via a variety of events. Given below is a brief overview of the events available for the businesses.
- Meetings- These are conducted mostly in convention centres and usually is a single day event. Most of the professional use this mode to address any challenges that the organization is facing or come up with new goals. The ambiance is also different compared to the usual office spaces which can also give the employees a chance to contribute their ideas as well.
- Incentives- This concept majorly benefits the employees as it involves rewarding them for their performance at the workplace. Some of the rewards include hotels, resorts, and the expenses are majorly borne by the company.
- Conferences–A large number of corporate are usually involved in the event, where they’re able to exchange knowledge with regard to their domains. It involves speakers who not only are members of the organization, but also guest speakers who have volunteered to speak.
- Exhibitions- These events usually contain a mix variety of speaker session along with display of products that each company is a pioneer in. These events also involve the public who can gain ideas, knowledge while shopping for goods that may end up being useful for them.
The MICE industry is a network of experts who work on the specific events. Most industry experts prefer to have trusted event planners and travel agents to keep the process smooth running for the company. The firms that are overall a part of the larger industry are – cruise ships, meeting and convention centres, tour specialists, and logistics experts. By bringing them all under one broad arena, it makes the process of planning that much easier for companies.
MICE Industry- Largely Preferred by Professionals and the Tourism Sector
The MICE industry contributes majorly to the tourism sector as well as the budget of most businesses or corporate are usually higher compared to casual travellers. Also, the industry ensures that there is more knowledge spread to people in different areas of the world which also build cultural understanding. Moreover, the various key organizations belonging to the market are also able to find several benefits in the industry in the form of networking, professional development, and encouragement to team workers and more.
It is also important for every business person to keep themselves up to date about the other companies involved in the industry while also keeping a track with the peers. MICE events give companies and employees this opportunity to know more people, build networks; making it one the most important factors in the growth of the industry. According to the recently published report by Research Dive, the global MICE industry is predicted to experience a significant growth in revenue from $1,07.2 billion in 2020 to over $1,619.3 billion by 2028 at a stable CAGR of 5.9% from 2021-2028.
Additionally, one can also build awareness about certain brands and the services provided by them. Brand awareness, allows people to know more of how a company works first-hand. By working on providing motivation to the co-workers, it helps add productivity the functioning of the market.
Organizing MICE Events Amidst a Pandemic
The global pandemic that swept across the entire world in early 2020 majorly affected businesses and companies immensely. Public gatherings which involved larger crowds were banned and activities of any other sort were prohibited due to strict lockdown regulations. This initially affected the MICE industry as several conferences, seminars and more events were either indefinitely postponed or cancelled.
Over time, the use of technology was able to revive these events as people switched to video conferences, and holding online seminars. This was a different approach but still manages to serve the purpose. Though the industry had to bear the brunt financially, by adapting to situations, it’s bound to bring forth more innovations while also being to recover from the earlier losses. The events will in the future need to implement regulations to ensure safety of the guests while also keeping it easy for people to find what they need. Upon the world opening up for normal operations, the MICE industry aims to find even better location to conduct their events with all regulations in place.
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