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2022
Outbound Mice Market

Outbound MICE Market

By Event Type (Meetings, Incentives, Conventions, Exhibitions): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A14462
Pages: 206
Sep 2022 | 1978 Views
Author(s) : Anil K , Roshan D
Tables: 107
Charts: 45
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The global outbound mice market was valued at $225.9 billion in 2021, and is projected to reach $1272.2 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.

The global MICE market had weakened because of the COVID-19 pandemic. Due to the travel and tourism bans implemented by governments all over the world in an attempt to prevent the spread of the coronavirus, companies involved in the MICE business incurred significant income losses. As a result, practically all MICE activities were either postponed or canceled.

Major growth engine for the global tourism sector is MICE tourism, which is the future of business travel. The enormous potential of MICE tourism and the lasting effects it has on the economy, whether directly or indirectly, have been seen all over the world. This is in addition to the variety of stakeholders it affects, including organizers, venues or other physical infrastructure, ancillary contractors, and other parties who are crucial to the ecosystem. Exceptional meeting, lodging, and entertainment infrastructure, an excellent connection with top international destinations, reasonable tourism credentials, and safe and secure destinations are some of the key drivers boosting the growth of the outbound MICE market.

The government of the countries are forming government bodies, offices, and policies to strengthen the tourism and MICE industry in their countries. For instance, The India Convention Promotion Bureau (ICPB) was founded under the direction of the Ministry of Tourism along with well-known industry specialists with the goal of developing MICE sector in India. The Ministry of Tourism had long recognized the potential of MICE tourism. The goal of this is to advertise India as a MICE tourism destination.

Various factors are driving the global outbound MICE market Growth such as growth of activities by the mice industry, increasing investments in the development of infrastructure and technological advancements, increase in internet penetration, growing adoption of smart devices and digitalization of travel payments. Some of the factors that are projected to promote market expansion during the forecast period include rapid globalization, growth in the tourist, travel, and hospitality industries, and a rise in disposable income. There has been a tremendous increase in the corporate segment. Businesses plan official and informal vacations to domestic and foreign destinations. There are rewards tied to their output, such as trips and staycations, the staff is also encouraged to increase their output and productivity. Thereby, the incentive segment has been continuously contributing to increase the outbound MICE market demand during the forecast period.

Outbound MICE Market

According to the outbound MICE market analysis, the outbound MICE market is segmented into event type, and region. By event type, it is segregated into meeting, incentive, convention and exhibition. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, Spain, France, Italy and Rest Of Europe), Asia-Pacific (China, India, Singapore, Australia, Japan, Malaysia, South Korea, Hong Kong and Rest Of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

According to the outbound MICE market trends, on the basis of event type, the meeting segment was the highest contributor to the market, with $139.0 billion in 2021, and is estimated to reach $708.6 billion by 2031, at a CAGR of 12.1% during the forecast period. Trade tourism categories like exhibitions serve as the main hubs for promoting venues and destinations since decisions regarding where events will take place can have a significant impact. They set up public events and offer a variety of trade items. Presentations typically take place inside exhibition halls, presentation lanes, and international trade shows. They include a variety of things, including craftsmanship in large galleries and smaller exhibitions, interpretative presentations, regular history display halls, history exhibition halls, as well as selections like more commercially oriented exhibitions and trade fairs. Thus, growing economy and rise in business rivalry are likely to favor the growth of the outbound MICE market size through the exhibitions segment during the forecast period.

Outbound MICE Market
By Event Type

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The meetings segment was the highest revenue contributor to the market and is expected to grow at a CAGR of 12.1%. The incentives and conferences segments are expected to witness considerable CAGRs of 16.1% and 14.4%, respectively, during the forecast period.

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According to the outbound MICE market opportunities, region-wise, Europe garnered the major outbound MICE market share in 2021, and is expected to maintain its market share throughout outbound MICE market forecast period. According to CBI, the Centre for the Promotion of Imports from developing countries, the proportion of European nations is remarkably consistent. For MICE and business travel in Europe, the UK and Germany have long been the two largest source markets. The top choices for Chinese MICE travel decision-makers in all of Europe are Germany, France, Italy, Switzerland, the Netherlands, Spain, and the United Kingdom. France and Italy are cited the most frequently in comparison to the other countries in Germany. All of them are established, developed nations that serve as prime venues for trade shows and exhibitions. As a result, the outbound MICE industry in Europe is expanding due to rising demand for Europe's MICE destination countries and their advanced technological infrastructure.

Outbound MICE Market
By Region

2031
Europe 
North America
Asia-Pacific
LAMEA

Europe was the highest revenue contributor to the market and is estimated to reach $433.8 billion by 2031, with a CAGR of 12.3%. Asia-Pacific is growing at a highest CAGR of 15.5%.

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The players operating in the global outbound MICE industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report  360 Destination Group,     Access Destination Services, ATPI LTD., BCD GROUP (BCD MEETINGS & EVENTS), BI Worldwide, Carlson Wagonlit Travel (CWT Meetings & Events), CIEVENTS, Conference Care Ltd., Creative Group, Inc., CSI DMC, IBTM, ITA Group, MARITZ, Meetings & Incentives Worldwide, Inc., ONE10, LLC, The Freeman Company and The Interpublic Group of Companies, Inc.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the outbound mice market analysis from 2021 to 2031 to identify the prevailing outbound mice market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the outbound mice market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global outbound mice market trends, key players, market segments, application areas, and market growth strategies.

Outbound MICE Market Report Highlights

Aspects Details
Market Size By 2031 USD 1272.2 billion
Growth Rate CAGR of 13.3%
Forecast period 2021 - 2031
Report Pages 206
Event Type
  • Meetings
  • Incentives
  • Conventions
  • Exhibitions
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, Spain, France, Italy, Rest Of Europe)
  • Asia-Pacific  (China, India, Singapore, Australia, Japan, Malaysia, South Korea, Hong Kong, Rest Of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players 360 Destination Group, Access Destination Services, ATPI LTD., BCD GROUP (BCD MEETINGS & EVENTS), BI Worldwide, Carlson Wagonlit Travel (CWT Meetings & Events), CIEVENTS, Conference Care Ltd., Creative Group, Inc., CSI DMC, IBTM, ITA Group, MARITZ, Meetings & Incentives Worldwide, Inc., ONE10, LLC, The Freeman Company, The Interpublic Group of Companies, Inc.
 

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The CXOs of the largest international corporations claim that the outbound MICE sector generates significant profits for the travel sector. It offers simple and practical techniques for planning events and aids in selecting the ideal location, which is the cornerstone of a successful event. The MICE industry has direct ties to the hotel and transportation sectors. By providing their services and facilities to the organizers and guests of MICE events, these sectors may profit from MICE business. Hotels are the primary providers of MICE and also the primary recipients. CXOs further add that, top CXOs from around the world claim that business visitors to MICE events spend more than 65% of their money on hotel accommodations and meals, and only 15% on eateries outside the hotel. 10% goes toward retail and 10% goes toward local transit.

In addition, the expansion of business travel, which indirectly fosters the expansion of the global MICE industry, is supported by high internet and technology penetration in densely populated nations. Therefore, growth in the MICE sector is a vital force behind economic expansion, regional collaboration, and intellectual advancement. Furthermore, the rise in business rivalry, the establishment of new companies & organizations, and growth in manufacturing & production activities are anticipated to support the growth of the outbound MICE market during the forecast period. Companies with a substantial proportion of the outbound MICE market, particularly those in the financial, insurance, pharmaceutical, and automobile industries, spend a lot of money on events and incentives. Typically, these sectors plan conferences, meetings, and kickoff events.

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FREQUENTLY ASKED QUESTIONS?

A. The global outbound MICE market size was valued at $225.9 billion in 2021, and is estimated to reach $1,272.2 million by 2031.

A. 13.3% is the CAGR of outbound MICE market.

A. You can request sample from the website (www.alliedmarketresearch.com) or you can call our sales representative on U.S. - Canada toll free - +1-800-792-5285, Int'l : +1-503-894-6022 and for Europe region + 44-845-528-1300.

A. 2021 is the base year calculated in the outbound MICE market report.

A. 360 Destination Group, Access Destination Services, ATPI LTD., BCD GROUP (BCD MEETINGS & EVENTS), BI Worldwide, Carlson Wagonlit Travel (CWT Meetings & Events), CIEVENTS, Conference Care Ltd., Creative Group, Inc. and others are some of the top companies considered in the outbound MICE market report.

A. The outbound MICE market is segmented into event type and region.

A. Growing manufacturing & service sector, rising foreign direct investment and government actively supporting for MICE sector through infrastructure development are some of the key trends shaping the growth of the outbound MICE market.

A. Europe region holds the maximum market share of the outbound MICE market.

A. Outbreak of COVID-19 was negatively impacted the growth of the outbound MICE market in 2020.

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