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MICE Tourism Market Report 2021 is Booming Across the Globe by Share, Size, Growth, Segments and Forecast to 2027 | Industry Overview by Top Players - Maritz, BI Worldwide, ITA group, One10 LLC, Meetings and Incentives Worldwide, Creative Group, ACCESS De
MICE Tourism
Market Overview
The global MICE Tourism Market is experiencing significant growth on account of surging investments in infrastructural development and growing number of corporate tours among executives and employee of MNC’s. Moreover, rising government initiatives to promote SMEs and liberalization of market entry to increase FDIs has boosted the growth of this market even further. Some employees love to travel to different places for work. For instance, as per Booking.com, 30% of workers (and 43% of Indians) would accept lower salaries in exchange for more business trips. Furthermore, as per TripActions, 39% of Millennial and Gen Z workers wouldn’t accept a job that doesn’t let them travel.
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Furthermore, the increasing globalization of businesses and a growing number of SMEs all over the world is boosting the MICE Tourism industry. For instance, according to India Brand Equity Foundation, India has nearly 6.3 crore MSMEs. The number of registered MSMEs grew 18.5% Y-o-Y to reach 2.5 million units in 2020 from 2.1 million units in 2019. The Indian MSMEs sector further contributes about 29% towards the GDP through its national and international trade. Ongoing trends of using various social media platforms and online meeting applications for organizing meetings is expected to boost market growth in the near future.
COVID-19 Impact
The COVID19 has resulted in a profound reevaluation of the advantages and costs of business travel. In 2020, the coronavirus (COVID-19) pandemic threw the tourism industry into disarray, with travel prohibitions and emergency measures enacted in response to the health crisis disrupting routine travel. As a result, global business travel spending fell by 61% in 2020 compared to the previous year, reaching US$ 504 billion, down from US$ 1.29 trillion in 2019.
Global MICE Tourism Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Event Type, the market is primarily bifurcated into
• Meetings
• Incentives
• Conventions
• Exhibitions
Meetings segment dominated the global MICE Tourism market and is expected to grow at X% CAGR to reach US$ X billion by the year 2027.
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MICE Tourism Market Geographical Segmentation Includes:
• North America (United States, Canada)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World
Based on the estimation, the Asia-Pacific region dominated the MICE Tourism market with almost US$ X billion revenue in 2020. At the same time, the European region is expected to grow remarkably with a CAGR of X% over the forecast period.
The major players targeting the market includes
• Maritz
• BI Worldwide, Ltd.
• ITA Group, Inc.
• One10
• Meetings and Incentives Worldwide (M&IW)
• Creative Group, Inc.,
• ACCESS Destination Service
• 360 Destination Group
• CSI DMC
• The Freeman Company
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the MICE Tourism market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the MICE Tourism market?
• Which factors are influencing the MICE Tourism market over the forecast period?
• What are the global challenges, threats, and risks in the MICE Tourism market?
• Which factors are propelling and restraining the MICE Tourism market?
• What are the demanding global regions of the MICE Tourism market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
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UnivDatos Market Insights (UMI)
Email: sales@univdatos.com
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About Us:
UnivDatos Market Insights (UMI), is a passionate market research firm and a subsidiary of Universal Data Solutions. Rigorous secondary and primary research on the market is our USP, hence information presented in our reports is based on facts and realistic assumptions. We have worked with 200+ global clients, including some of the fortune 500 companies. Our clientele praises us for quality of insights, In-depth analysis, custom research abilities and detailed market segmentation.
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