According to a new report published by Allied Market Research, titled,"MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global MICE industry size was $805 billion in 2017, and is projected to reach $1,439.3 billion in 2025, registering a CAGR of 7.6% from 2018 to 2025. The term MICE in the context of travel is an acronym for meetings, incentives, conferences, and exhibitions. The industry refers to a specialized niche of group tourism dedicated to planning, booking, and facilitating conferences, seminars, and other events, and it is the highest revenue contributor to the travel industry.
The industry is complex, consisting of participants, sponsors, planners, convention and visitor bureaus, meeting venues, accommodations, and suppliers generally being involved in the planning and execution of an event. The industry provides easy and convenient methods for organizing events and helps choose the right destination, which forms the basis of a successful event. The group market of the tourism industry has witnessed exponential growth owing to rapid globalization and expansion of service industries, and the continuous evolution of scientific and technological innovations.
In 2017, the meetings segment dominated the global MICE industry, accounting for $505.8 billion, and is expected to grow at a notable CAGR of 7.5% during the forecast period. This is attributed due to positive economic trends, improving infrastructure, and enhancing tourism combined with globalization of businesses. The segment is also estimated to witness a healthy growth rate in the future, owing to rise in number of international business travelers, surge in government initiatives for the development of MICE segment & SME sector coupled with ongoing MICE industry growth trends of organizing hybrid meetings and use of social media and meeting apps.
According to Shankar Bhandalkar, Senior Research Analyst, Consumer Goods at Allied Market Research, Recent MICE industry trends such as rise of social media, tailor-made experiences, shift towards virtual and augmented elements, and demand for non-traditional event spaces propel the global MICE industry
Based on region, Asia-Pacific is expected to witness the highest growth rate of 8.6% during the forecast period. This region is significantly driven by emerging countries such as Singapore, China, and India. Moreover, ease of visa restrictions, investments in better infrastructure, and high demand in commercial aviation further fuel the growth of the MICE industry.
Key Findings of the MICE Industry:
- In 2017, Europe dominated the global MICE industry with more than 42% of global MICE industry share, in terms of value.
- Asia-Pacific is estimated to witness the highest growth rate from 2018 to 2025.
- On the basis of country, U.S. generated the highest revenue in global MICE industry in 2017.
- Based on event type, meetings segment generated the highest revenue in 2017, and is expected to grow at a CAGR of 7.5%.
- The incentives segment is projected to witness highest growth in the global market.
Based on region, the MICE industry was dominated by Europe and Asia-Pacific as it is accounted for nearly 70.4% market share in 2017 and are expected to witness a CAGR of 6.9% and 8.6% during the forecast period.
The leading players in the MICE industry focus on providing customized solution to consumers as their key strategies to gain a significant share in the market. Strategies such as partnership or acquisition of similar companies or related companies in this case travel agencies, tourism company, or event management service company help these companies to expand their service portfolio and have also helped the key players to improve their MICE industry statistics. The key players profiled in the report Maritz, BI Worldwide, Ltd., ITA Group, Inc, One10, LLC, Meetings and Incentives Worldwide (M&IW), Creative Group, Inc., ACCESS Destination Service, 360 Destination Group, CSI DMC, Carlson Wagonlit Travel, IBTM, BCD Group, Cievents, ATPI Ltd, Conference Care Ltd, The Freeman Company, and The Interpublic Group of Companies, Inc.