Press release
MICE Market Size, Share, Growth, Statistics, Demand, Overview, Industry Report, 2032
The global MICE market size was valued at USD 904.30 billion in 2023. The market is projected to grow from USD 970.76 billion in 2024 to USD 1,932.73 billion by 2032, exhibiting a CAGR of 8.99% during the forecast period. Europe dominated the MICE market with a market share of 50.81% in 2023.The term MICE is the acronym for Meetings, Incentives, Conferences, and Exhibitions. The market refers to a specific segment of group travel that is dedicated to booking, planning, and organizing conferences, seminars, and other events. MICE tourism consists of several elements and agents working in this sector and providing a full range of conference and travel services for both small and larger groups and events of longer and shorter duration.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐ ๐ซ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ - https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/mice-market-108653
๐๐ข๐ฌ๐ญ ๐จ๐ ๐ญ๐ก๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ ๐๐ฉ๐๐ซ๐๐ญ๐ข๐ง๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ:
โถ ITA Group (U.S.)
โถ Flight Centre Travel Group Limited (Australia)
โถ Freeman (U.S.)
โถ Meetings and Incentives Worldwide, Inc. (U.S.)
โถ Conference Care (U.K.)
โถ One10, LLC (U.S.)
โถ BCD Meetings & Events (U.S.)
โถ Creative Group, Inc. (U.S.)
โถ Access (U.S.)
โถ CWT Meetings & Events (U.S.)
๐๐๐ซ๐ค๐๐ญ ๐๐ฏ๐๐ซ๐ฏ๐ข๐๐ฐ:
Pune, India, 24th September 2024: The global MICE market size was valued at USD 904.30 billion in 2023 and is expected to be worth USD 970.76 billion in 2024. The market is projected to reach USD 1,932.73 billion by 2032, recording a CAGR of 8.99% during the forecast period.
MICE, an acronym for Meetings, Incentives, Conferences, and Exhibitions, represents a vital segment of the travel and tourism industry. This sector focuses on the planning and organization of various events aimed at achieving academic, professional, business, and cultural objectives. The increasing globalization has opened numerous business opportunities, including business expansion, increased revenue, and heightened business tourism worldwide, which are expected to further drive market growth.
๐๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง:
Meetings Segment Dominates Market Due to Significant Surge in Number of Corporate Events
Based on event type, the market is categorized into meetings, incentives, conventions, and exhibitions. Meetings are the dominant segment in the global market, and this dominance can be attributed to the significant surge in the number of corporate events worldwide.
With respect to region, the market covers North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฏ๐๐ซ๐๐ ๐:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, event types, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
๐๐ซ๐ข๐ฏ๐๐ซ๐ฌ ๐๐ง๐ ๐๐๐ฌ๐ญ๐ซ๐๐ข๐ง๐ญ๐ฌ:
Increase in Tourist Arrivals and Rise in Global Business Travels to Fuel Market Expansion
The increase in tourist arrivals, coupled with a rise in global business travel, has significantly driven the MICE market growth. As per the United Nations World Tourism Organization (UNWTO), approximately 235 million tourists traveled internationally in the first quarter of 2023, more than double the number from the same period in 2022. Enhancements in infrastructure, lifestyle changes, and simplified booking processes are expected to drive market growth. Globalization and heightened promotion of tourist destinations via various social media have also amplified the number of tourists globally.
However, the market growth is impeded by factors including an increase in geopolitical tensions and political instability between nations.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
Europe Led Global Market Owing to Increase in Corporate Events and Exhibitions in Region
Europe holds the leading position with a significant MICE market share. This dominance is due to the increase in corporate events and exhibitions in the region. Additionally, factors such as the advancements in the travel and tourism sector and improvements in hospitality and infrastructure are expected to contribute to the region's market growth.
North America is projected to witness substantial expansion, driven by the integral role of MICE in the tourism industry. The increasing number of companies offering MICE services is expected to bolster market development in this region.
๐๐ฌ๐ค ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง: https://www.fortunebusinessinsights.com/mice-market-108653
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐๐ง๐๐ฌ๐๐๐ฉ๐:
Leading Market Players to Focus on Partnerships and Business Expansions to Strengthen Their Market Position
The market is characterized by intense competition. The leading market players include ITA Group, Flight Centre Travel Group Limited, Freeman, and others. These players are increasing their focus on technology, innovation, partnerships, and business expansions to strengthen their market position. They are also emphasizing promotion and marketing strategies to increase their brand awareness.
๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ:
April 2023: Freeman finalized its acquisition of Impact Point Group, a nationally recognized women-owned consulting firm specializing in comprehensive strategic event services. This acquisition aims to expand Freeman's client base and boost its revenue streams, enhancing its overall service offerings.
๐๐ซ๐จ๐ฐ๐ฌ๐ ๐๐๐ญ๐๐ข๐ฅ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ฎ๐ฆ๐ฆ๐๐ซ๐ฒ: https://www.fortunebusinessinsights.com/mice-market-108653
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐ฌ:
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