Evolve Business Intelligence has published a research report on the Global MICE Tourism Market, 2021–2030. The global MICE Tourism market is projected to exhibit a CAGR of around 26.1% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has documented the following companies as the key players in the global MICE Tourism market are Access destination services, 360 destination group, BCD group, ATPI Ltd, BI worldwide, Cievents, Conference care ltd, Carlson Wagonlit Travel, Creative Group Inc, ITA Group, IBTM, Meetings & incentives worldwide Inc, Maritz, One10, The Interpublic Group Of Companies Inc, The Freeman Company.
The global MICE Tourism market is projected to be valued at USD 1,638.78 Billion by 2030, recording a CAGR of around 26.1% during the forecast period. The MICE in the context of travel is an acronym for meetings, incentives, conferences, and exhibitions. Meetings, incentives, conferences, and exhibits are all abbreviated as MICE in the tourism industry. MICE tourism is defined as the tourism dedicated to arranging, scheduling, and organizing conferences, seminars, other business events, and it is the tourism industry’s largest income source.
The MICE market is multifaceted, consists of various participants, planners, sponsors, convention and visitor bureaus, meeting venues, lodgings, and suppliers who are all engaged in the planning and implementation of an event. The industry provides simple and convenient methods for planning events, and also assistance in selecting the appropriate location, which is the foundation of a successful event. Due to the rapid globalization and expansion of service sectors, and the continual evolution of scientific and technological breakthroughs, the corporate market in the tourism industry has seen exponential growth.
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The COVID-19 pandemic posed a significant threat to the global MICE market. Travel and tourism were partially or completely prohibited as a result of the stringent lockdown laws. The majority of tourism destinations around the world have imposed entry restrictions on visitors. International tourist arrivals have dropped in the global tourism market. As a result, all MICE events scheduled for 2020 were either canceled or postponed, causing significant harm to MICE stakeholders. In such a setting, online and ICT platforms such as Skype, Zoom, and Google Meet have exploded in popularity. Furthermore, most businesses have begun to use these digital platforms to host MICE events, which has resulted in significant cost savings.
The MICE sector is projected to be affected for a long time by the increasing use of online platforms for performing MICE activities. Business travel is expensive, and many companies considered it an unnecessary expense during the COVID-19 period. As a result, they may use online platforms to host MICE events in the future. As a result, COVID-19 has had a significant negative impact on the worldwide MICE business, which may have a long-term influence.
The global MICE Tourism market has been segmented based on the type, industry, and region.
By Type, the MICE Tourism market is segmented based on Meetings, Incentives, Conventions, and Exhibitions. The meeting segment dominates the market. This can be linked to strong economic developments, improved infrastructure, increased tourism, and business globalization. The segment is expected to grow at a healthy rate in the future, owing to an increase in the number of international business travelers, a surge in government initiatives to develop the MICE segment and SME sector, and ongoing MICE industry trends such as blended meetings and the use of social media and meeting apps.
Based on Industry, the MICE Tourism market is segmented based on Retail, Hospitality, Transportation, Entertainment, and Others. The hospitality segment is anticipated to hold the largest market share due to increased demand from the corporate sector. The transportation segment will is estimated to register the faster CAGR Due to travel by own vehicle, transportation provided by travel agencies, transportation by chartered buses, chartered flights, and chartered trains.
The MICE Tourism market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. The North American region is projected to dominate the global MICE Tourism market. This is due to a growing interest in the MICE tourism business, as well as developing social networking platform trends, which are driving up demand in this market. However, due to a surge in travel, Asia-Pacific is expected to outstrip all other areas by clocking the highest CAGR, according to National Tourism Organizations in Asia.
As tourism grows, so do initiatives to organize MICE tourism, which is driving the market growth. The MICE tourism business in Europe has been consistently growing. The Middle East is predicted to develop at the fastest rate. The increased demand for international MICE events is one of the most important elements driving this growth. Latin America and Africa are expected to grow at a rapid pace.