CO_182433
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Pages: 172
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Jan 2018 | 23103 Views
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Author(s) :
Yash Doshi
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Tables: 81
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Charts: 36
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Meetings, incentives, conventions, and exhibitions or MICE represents a sector of tourism that includes business events and activities. Travelers attending MICE activities have a purpose beyond leisure tourism, and are in fact business travelers. These business travelers are connected to different sectors of the tourism and hospitality industry through their MICE activities. In general, MICE events are events and activities that involve attendees who share a common interest and gather in a place. The place for the gathering needs to be a venue arranged beforehand. The venue will provide space and facilities necessary to satisfy the needs of those who attend the gathering. The global MICE industry generated revenue of $752 billion in 2016, and is expected to grow at a CAGR of 7.5% to reach $1,245 billion by 2023.
The global MICE industry is gaining popularity worldwide, owing to the increase in frequency of the various types of events and meetings being organized globally, growth in business travel, rise in disposable incomes, and the rapid growth in tourism and hospitability sectors. Currently, technology plays a vital role in the MICE business growth as many corporations adopt e-conferences as a substitute for face-to-face meetings and conferences. The major restraint for the growth of the MICE industry is the operational cost associated with these companies. However, the use of tele-seminars and virtual meetings to eliminate travel expenses may prove out to be a significant growth opportunity in the future.
The market is segmented on the basis of event type and region. Based on event type, the market is classified into meetings, incentives, conventions, and exhibitions. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Asia-Pacific is expected to be the fastest growing segment during the forecast period, owing to the rapid growth in the business travel sector in recent decades. Furthermore, economic growth, regional cooperation, intellectual development, and high penetration of internet & technology in the densely populated countries are expected to boost the market growth in the region. Penetration of IoT supports both travelers and travel operators in managing different operations related to business travel such as planning, booking, and being updated with the current status of their travel program.
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The meetings segment dominated the MICE industry by process in 2016, and the segment is also estimated to witness a healthy growth rate in the future, owing to the growing number of international business travelers, rise in government initiatives for the development of MICE segment & SME sector coupled with ongoing trends of organizing hybrid meetings and use of social media and meeting apps.
The key players profiled in the report are Questex, LLC, CWT Meetings & Events, IBTM Events, BCD Meetings and Events, Capital Travel and Events, CiEvents, Conference Care Ltd., The Freeman Company, ATPI Ltd., and Interpublic Group of Companies, Inc.
Key Benefits For Stakeholders
The term "MICE" in the context of travel is an acronym for meetings, incentives, conferences, and exhibitions. The MICE market refers to a niche of group tourism dedicated for planning, booking, and facilitating conferences, seminars, and other events. This industry is garnering high revenues in the travel industry. The MICE industry provides easy and convenient methods for organizing events and helps choose the right destination, which is the basis of a successful event.
Hotel and transportation industries are directly involved in the MICE industry. These industries may benefit from MICE business by offering their services and facilities to the planner and attendees of MICE events. Hotels are the main suppliers of MICE and are the main beneficiaries as well.
According to top CXOs across the world, business travelers who attend MICE events spend over 65% of their money on hotels for rooms and hotel dining while 15% is spent on other restaurants outside the hotel. Around 10% is spent on shopping and another 10% on local transportation.
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