MICE Industry Market Size Projected to Generate a Revenue of $1,990.1 Bn by 2031Download Sample Reports Overview
The Global MICE Industry Market Size is predicted to be valued at $1,990.1 billion by 2031, surging from $1,027.6 billion in 2021, at a CAGR of 7.0%.
Impact Analysis of COVID-19 on the MICE Industry Market
The novel coronavirus pandemic had a drastic impact on the MICE industry owing to the closure of airlines, social distancing norms, and a ban on travel and social gatherings. Most of the popular MICE events destinations were closed for an indefinite time due to the complete lockdown. United Arab Emirates (UAE), leading MICE events destination faced significant revenue loss due to stringent travel restrictions that led to the closure of tourism sectors, Emirati Airlines, and hotels in UAE. For instance, as stated in November 2020, in the Nature Portfolio, research journal, in 2019, Dubai held 301 meetings, conferences, and incentives that were organized by Dubai Business Event. However, during the pandemic, this number declined significantly. The MICE events that were canceled in 2020, include Google annual developer conference, Microsoft MVP Summit, IBM Think, Mobile World Congress 2020 Barcelona, and others. All these events were canceled to prevent the spread of the COVID-19 virus, which directly impacted the MICE industry.
Global MICE Industry Market Analysis
Globalization of businesses owing to the rise in the number of multinational companies with a goal to tap more business opportunities is estimated to boost the MICE industry market size during the forecast period. In addition, liberalization in the market entry strategies especially in various countries such as India, Saudi Arabia, China, and others is estimated to expand the MICE industry market size in the upcoming years. Rise in the number of SMEs that provides various job opportunities to boost the economic growth of any country is another factor positively impacting the market development. Although SMEs face several challenges majorly in terms of finance, government initiatives such as incentives and tax credits for SMEs are helping the companies to enter the global market. Business travelers in SMEs travel frequently to seek every small business opportunity to expand their business. This is estimated to boost the MICE industry market growth during the forecast period.
However, high operational costs owing to heavy capital investment in hospitality services such as hotels, food & beverage, convention facilities, catering, transportation, retail, shopping, entertainment, and others, increase the operational cost of the MICE industry. This factor is expected to hamper the MICE industry market growth. In addition, an increase in tele-events and virtual events is anticipated to restrain the market development during the forecast period.
The progress in the MICE industry facilitated by wireless connectivity, LCD projectors, video conferencing, fast notebooks, and online banking that makes communications and transactions easier, and cost-effective is anticipated to generate lucrative growth opportunities. Also, infrastructural development of roads, highways, airports, and building structures to cater to the demand from corporate & government travelers is anticipated to provide potential growth opportunities for the key players operating the MICE industry market during the forecast period.
Global MICE Industry Market, Segmentation
The MICE industry market is segmented based on type and region.
The type segment is further classified into meetings, incentives, conventions, and exhibitions. Among these, the meetings sub-segment accounted for the dominant market share in 2021 and is estimated to show the fastest growth in the upcoming years. Meetings are often held in hotel meeting rooms or convention halls. They are one-day conferences that bring together a group of professionals to discuss an important topic or set organizational goals. Meetings include training seminars, management meetings, shareholder meetings, board meetings, and meetings with partners and suppliers. The terms ‘meetings industry’ and ‘events industry’ are gaining favor. As every industry has some sort of event scheduled throughout the year, the meetings segment accounts for a sizable portion of global business travel.
The primary objective of meetings is to bring professionals together, encourage new ideas, and build connections. Furthermore, several meeting organizers are now introducing leisure components into larger events to better engage visitors and create a more pleasant experience. The growth of the global MICE industry is being driven by an increase in the presence of corporate industries owing to the significant growth in business activities such as client meetings, brand promotions, staff training activities, and others. Furthermore, an increase in government activities to support small and medium enterprises (SMEs) and market entrance liberalization to improve foreign direct investments (FDIs) are expected to drive the market growth.
The MICE industry market in Asia-Pacific is projected to grow at the fastest rate during the forecast period. Asia-Pacific is one of the fastest developing MICE tourism markets across the world. It is majorly owing to economic growth, regional cooperation, and infrastructure development such as the development of roads, airports, and others. Substantial developments in the travel & tourism industry, hospitality sector, and rapid expansion of multinational companies are the major factors driving the demand for the Asia-Pacific MICE industry market. For instance, in June 2021, in India, The Ministry of Tourism identified six cities for development as MICE destinations to boost tourism throughout the year. Udaipur, Pune, Agra, Varanasi, Thiruvananthapuram, and Bhubaneswar are the cities prioritized for MICE development.
Key Players in the Global MICE Industry market
Some of the leading MICE industry market players are
- ACCESS Destination Services
- ATPI Ltd.
- BCD Group
- BI Worldwide
- Carlson Wagonlit Travel
- Conference Care Ltd.
- Creative Group Inc.
- CSI DMC
- IBTM Events
For instance, in September 2021, BCD Travel, a leading travel company, introduced BCD Pay, a wide range of solutions that use machine learning, artificial intelligence, and open APIs. With these technologies, the company can simplify, reconciliation and invoice management for clients, and digitize and automate corporate travel payments.
Mr. Abhishek Paliwal
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