Rise in the emergence of corporate industries and increase in government initiatives to promote SMEs &FDIs are expected to push the global MICE market. However, the COVID-19 pandemic has negatively impacted the MICE market due to global travel restrictions, uncertain business environment, and dependability on online platforms to conduct events. By region, Europe, followed by Asia-Pacific and North America is expected to lead the market.
Portland, OR, Dec. 09, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global MICE market generated $805.0 billion in 2017, and is anticipated to reach $1,337.4 billion by 2028, manifesting a CAGR of 21.3% from 2021 to 2028. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Fast-paced growth in the travel & tourism industry, surge in globalization, increase in the number of SMEs, and rise in disposable income fuel the global MICE market. On the other hand, high operational cost of conducting MICE events and increase in geopolitical and social uncertainties hamper the market growth. On the contrary, technological developments and infrastructural investments create lucrative business opportunities.
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The pandemic imposed strict lockdown regulations that resulted in a partial or complete ban on travel across the world. As a result, all the MICE events during 2020 were either cancelled or postponed hampering the global MICE industry.
During the pandemic online and ICT platforms such as Zoom and Google Meet gained traction. Companies started using these platforms to conduct MICE events. This trend is expected to have a long-term impact on the MICE market.
The report segments the global MICE market on the basis of event type and region.
Based on event type, the meeting segment contributed to the highest market share in 2017, attributing to more than three-fifths of the total market share, and is anticipated to dominate the market during the forecast period. On the other hand, the incentive segment is expected to manifest the fastest CAGR of 24.1% from 2021-2028.
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Based on region, Europe, followed by Asia-Pacific and North America, contributed to the highest share in 2017, holding more than two-fifths of the total share, and is expected to maintain dominance during the forecast period. The global MICE market across Middle East is anticipated to exhibit the fastest CAGR of 25.3% during the forecast period.
Key players of the global MICE market analyzed in the research include 360 Destination Group, Access Destination Services, Atpi Ltd., Bi Worldwide, Bcd Group (Bcd Meetings & Events), The Freeman Company, Carlson Wagonlit Travel (Cwt Meetings & Events), Creative Group, Inc., Cievents, Meetings & Incentives Worldwide, Inc., Conference Care Ltd., Ibtm, One10, Llc, The Interpublic Group Of Companies, Inc., Ita Group, Csi Dmc, and Maritz.
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