Industry Background:
MICE industry offers tourism services in which organizers and suppliers manage and deliver meetings, conferences, exhibitions, and other related events held to achieve a range of professional, business, cultural, or academic objectives. MICE industry growth shall have a positive impact on the growth of businesses, cities, destinations, and other covered spectrums. According to expertise, The estimated global market size for MICE is 808 Bn USD for the year 2017. The industry is growing at a blistering pace of 7.5% per annum and is expected to touch 1200 Bn in 5 years’ time from now.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | ATPI (India), Capita Travel and Events (United Kingdom), IBTM Events (Spain), CWT Meetings & Events (United States), Interpublic Group (United States), BCD Meetings and Events (United States), Cievents (Australia), Grass Roots Meetings and Events (United Kingdom) and Questex (United States) |
According to AMA, the market for MICE Tourism is expected to register a CAGR of 7.5% during the forecast period to 2027. This growth is primarily driven by There has been a surge in presence of corporate industries all around the globe. This has increased the frequency of business activities such as client meetings, brand promotions, and employee training activities and has supplemented the growth of global MICE industry.
Globally, a noticeable market trend is evident Increasing infrastructural development and continuous technological advancements in emerging nations The Tourism sector in the Europe region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as ATPI (India), Capita Travel and Events (United Kingdom), IBTM Events (Spain), CWT Meetings & Events (United States), Interpublic Group (United States), BCD Meetings and Events (United States), Cievents (Australia), Grass Roots Meetings and Events (United Kingdom) and Questex (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The leading players in the MICE industry focus on providing customized solution to consumers as their key strategies to gain a significant share in the market. Strategies such as partnership or acquisition of similar companies or related companies in this case travel agencies, tourism company, or event management service company help these companies to expand their service portfolio and have also helped the key players to improve their MICE industry statistics.
Influencing Trend:
Increasing infrastructural development and continuous technological advancements in emerging nations
Market Growth Drivers:
There has been a surge in presence of corporate industries all around the globe. This has increased the frequency of business activities such as client meetings, brand promotions, and employee training activities and has supplemented the growth of global MICE industry
Challenges:
The concern of uncertain global geopolitical conditions
Restraints:
The high cost associated with MICE events
Opportunities:
lnvestments in infrastructural development and technological advancements are expected to provide avenues for growth in the coming future.
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in MICE Tourism Market
- Analysis about New Entrants in MICE Tourism Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, MICE Tourism Study Sheds Light on
The MICE Tourism Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the MICE Tourism industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where MICE Tourism industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.