Recent trends of organizing hybrid meetings, and use of social media and meeting apps are also expected to the boost market growth in the near future.
PUNE, India - According to a new report published by Allied Market Research, titled, "MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global MICE industry was valued at $752 billion in 2016, and is projected to reach $1,245 billion in 2023, registering a CAGR of 7.5% from 2017 to 2023. The MICE 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 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.
The meetings segment dominated the global MICE industry in 2016, due to the growth of the travel & tourism industry, increase in international business travels, and rise in government initiatives for the development of MICE segment & SME sector. Recent trends of organizing hybrid meetings, and use of social media and meeting apps are also expected to the boost market growth in the near future.
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 Asia-Pacific MICE industry.
Key findings of the study
- In 2016, Europe dominated the global market with more than 42% market share, in terms of value.
- Asia-Pacific is estimated to witness the highest growth rate from 2017 to 2023.
- On the basis of country, U.S. generated the highest revenue in global MICE industry in 2016.
- Based on event type, meetings segment generated the highest revenue in 2016, and is expected to grow at a CAGR of 7.5%.
- The incentives segment is projected to witness highest growth in the global market.
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.