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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅- https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/mice-market-108653

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:

▶ ITA Group (U.S.)
▶ Flight Centre Travel Group Limited (Australia)
▶ Freeman (U.S.)
▶ Meetings and Incentives Worldwide, Inc. (U.S.)
▶ Conference Care (U.K.)
▶ One10, LLC (U.S.)
▶ BCD Meetings & Events (U.S.)
▶ Creative Group, Inc. (U.S.)
▶ Access (U.S.)
▶ CWT Meetings & Events (U.S.)

𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
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.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:
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.

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
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.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:
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.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
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.

𝐀𝐬𝐤 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: https://www.fortunebusinessinsights.com/mice-market-108653

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:
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.

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
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.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐮𝐦𝐦𝐚𝐫𝐲: https://www.fortunebusinessinsights.com/mice-market-108653

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This release was published on openPR.