Press release
MICE Industry Expected to Reach $1,245 Billion by 2023 | Top Key Players are CWT Meetings & Events, IBTM Events, BCD Meetings and Events, Capital Travel and Events, CiEvents, Conference Care, Questex, Interpublic Group of Companies
MICE Industry
The growth of the MICE market is backed by factors such as increased globalization, growth of the SMEs, constant innovation in science and technology, rapid growth in travel & tourism industry, and rise in disposable income. However, the growth in geopolitical and social uncertainties and high operational cost associated with MICE events act as barriers for the market growth. On the other hand, technological advancements and infrastructural investment are expected to offer lucrative opportunities for the market in future.
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.
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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.
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Key Findings of the MICE Industry Market:
•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.
KEY PLAYERS
•Questex LLC
•CWT Meetings & Events
•IBTM Events
•BCD Meetings and Events
•Capital Travel and Events
•CiEvents, Conference Care
•The Freeman Company
•ATPI Ltd
•Interpublic Group of Companies
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