Global MICE Industry Market Expected to Make a Strong Come Back with a Rising CAGR of 7.0% in the 2022-2031 Timeframe [310-Pages] | Described by Research Dive

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20 Mar, 2023, 10:59 GMT

The global MICE industry market is expected to experience remarkable growth by 2031, owing to the growing advancements in the travel & tourism sector. Regionally, the Europe region is predicted to hold the largest share of the market.  

NEW YORK, March 20, 2023 /PRNewswire/ -- Global Mice Industry Market Forecast Analysis:

As per the report published by Research Dive, the global MICE industry market is anticipated to generate a revenue of $1,990.1 billion and rise at a CAGR of 7.0% throughout the estimated timeframe from 2022 to 2031.

Segments of the MICE Industry Market

The report has divided the market into the following segments:

Type: meetings, incentives, conventions, exhibitions, and region

Region: North America, Europe, Asia-Pacific, and LAMEA

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Segment

                                                       Sub-Segment

Type

Meetings – Dominant market share in 2021

Meetings promote teamwork among staff, help in streamlining business operations, boost employee engagement, and facilitate a faster decision-making process which is expected to foster the growth of this market sub-segment further.

Region

Europe – To Have Wide Growth Opportunities 

The rising number of business travelers, steady economic growth, improvement in building infrastructures, and increasing online booking across the region are the major factors predicted to fuel the growth of the regional market in the forecast period.

Dynamics of the Global MICE Industry Market

With the rapid economic expansion due to the growing globalization of businesses, the MICE industry market is predicted to observe prominent growth during the analysis timeframe. Besides, the businesses are investing to visit different locations, organize events, and provide cross-culture employee training that delivers unique opportunities to employees, which is expected to bolster the growth of the market in the coming period. However, the high operational cost linked with the MICE Industry may hamper the growth of the market over the analysis timeframe.

The growing technological advancements in the MICE industry such as the implementation of facial recognition technology, controlling events with the help of the Internet of Things (IoT), incorporation of augmented, virtual, and mixed reality for immersive and engaging events, and many more are expected to create massive growth opportunities for the market during the forecast period.

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Covid-19 Impact on the Market

The outbreak of the Covid-19 pandemic has devastated various leading industries along with the global MICE industry market. This is mainly due to the unprecedented lockdowns, stringent travel restrictions, and ban on social meetings and gatherings. Moreover, the adoption of the "work from home" culture across organizations has caused severe revenue loss for the market. In addition, the shutdown of popular MICE destinations around the world has further declined the market growth over the crisis.

Key Players of the Global MICE Industry Market

The major players of the market include

  • Carlson Wagonlit Travel
  • Conference Care Ltd.
  • Cievents
  • BI Worldwide
  • Creative Group Inc.
  • BCD Group
  • CSI DMC
  • ATPI Ltd.
  • IBTM Events
  • ACCESS Destination Services

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to attain a leading position in the global industry.

For instance, in September 2022, ATPI Ltd., a provider of world-leading corporate travel and event solutions to organizations, announced its collaboration with Meetingselect, a cloud-based strategic meeting management marketplace. With this collaboration, the companies aimed to strengthen their services and positions in the field of business travel, meetings, and events.

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What the Report Covers 

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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