MICE Market is Poised to Register CAGR of 7.8% by 2031, Owing to Rising Corporate Sector

MICE event or Meetings, Incentives, Conferences, and Exhibitions event technology has been growing like never before; innovation in the field is another add-on that has been driving the industry.
Global [https://www.skyquestt.com/report/mice-market] size was valued at USD 1.01 trillion in 2023 to USD 1.85 trillion by 2031, at a CAGR of 7.8% during the forecast period (2024-2031). MICE event or Meetings, Incentives, Conferences, and Exhibitions event technology has been growing like never before; innovation in the field is another add-on that has been driving the industry. When COVID-19 hit, businesses had no choice but to use hybrid and virtual events since they could not host MICE, Meetings, Incentives, Conferences, or Exhibitions. Money would rather be earned than spent. This shift to the internet eradicated most of the traditional expenses, including travel, catering, and venues. This has meant that these companies have lost many opportunities in the bargain. Growth in the corporate world, especially in emerging economies, also remains one of the biggest factors propelling the mouse market. Companies have become more and more indispensable for conferences, meetings, and exhibitions because they are now expanding across the globe. More international exhibits and events are being brought into the location as business activity mushrooms in developing markets such as China and India, for instance.

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Maximizing Resources for Optimal Event Outcomes

A strategy implemented by the Intent Strategy Group, in association with Bizly, engages in the integration of cutting-edge technology in the meeting and events industry. Considering the objective of overall improvement in experience for organizers and attendees, they use cutting-edge technologies and platforms that ensure events are interesting but productive as well. Simplified+ places a big focus on making data-driven choices guide decisions. Market players will be able to produce a better event plan, understand more of the demands of attendees, and deploy more resources effectively resulting in higher outcomes and happier customers-by focusing on data-driven insights. The approach emphasizes why originality is highly important in designing an event.

The Intent Strategy Group believes that in the competitive MICE sector, by making a strong thrust on unique and memorable experiences, they can differ themselves. Simplifying+ seeks to make meetings and events more efficient and effective and give enterprises the opportunities to focus on the great experience that has a result. The Intent Strategy Group hopes to remove administrative burdens through the streamlining of business operations, leverages the use of technology, and frees up enterprises to focus on creating great experiences that yield results.

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Navigating Competition in the MICE Market

Companies such as ITA Group, Flight Centre Travel Group Limited, Freeman, and BCD Group have concentrated on modern technology, innovation, partnerships, and company expansions to maintain a strong foothold in this aggressively competitive industry. To establish a strong brand identity, major players in the market are focusing on marketing and promotion strategies.

BCD Group and Sabre agreed to deepen their partnership in technology development and raise the volume of bookings.

BCD Travel acquired the corporate travel, meetings, and events division from Ventura Spa of Milan, Italy, which is long-time partner.

Strategic Moves by Key Players

March 2024: Siam Piwat, a major real estate and retail developer besides being the owner and operator of world-class attractions, further extending its entire global ecosystem and focusing more on quality visitors, is strengthening its leadership in creating world-class destinations. The firm is presently working with 16 top airline partners to offer the best possible experience.

April 2023: Impact Point Group is a women-owned and nationally accredited organization that offers a full range of strategic event consulting services. The company was acquired by Freeman. Following the acquisition, the business will expand its client base, thereby raising the revenues.

November 2022: The solution provider for corporate engagement ITA Group announced that it is joining forces with PRM Marketing Services. The collaboration would help the business expand its operations across Asia Pacific.

This report covers following segments:

A. Type of Event

Meetings

Incentives

Conferences

Exhibitions

B. Application

Corporate

Healthcare

Technology

Tourism & Hospitality

This report covers following players:

CWT Meetings & Events (US)

BCD Meetings & Events (Netherlands)

American Express Meetings & Events (US)

Maritz Global Events (US)

Carlson Wagonlit Travel (France)

EventsAIR (Australia)

Conference Care Ltd (UK)

Eventbrite (US)

GES (Global Experience Specialists) (US)

MCI Group (Switzerland)

International Conference Services (Canada)

Meetingselect (Netherlands)

HelmsBriscoe (US)

GSK Global Travel & Meetings (UK)

Cvent (US)

ATPI Group (UK)

B-Com Event Technology (Belgium)

Pacific World (Singapore)

One World Rental (UK)

Meeting Professionals International (MPI) (US)

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Corporate Travel Driving MICE Event Growth

Since the moment when it has been considered as basic to develop the networking and knowledge-sharing activities of an organization and business, the internationalization of enterprises, and business travel which is rapidly increasing, the demand for MICE events rises. Therefore, also, the enhanced development of corporate travel and global business partnerships led to an increased demand for effective planning and organization of MICE events.

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