Scope of the Study
MICE industry offers tourism services in which organizers and suppliers that 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 in 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’ and time from now.
The market study is being classified by Type (Inbound Meetings, Incentives, Conferences and Exhibitions), by Application (Hotel, Traffic, Retail and Entertainment) and major geographies with country level break-up. According to AMA, the Global MICE Tourism market is expected to see growth rate of 7.5%
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) are some of the key players profiled in the study.
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. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global MICE Tourism market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global MICE Tourism market by Type, Application and Region.
On the basis of geography, the market of MICE Tourism has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2019. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- 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
- Increasing infrastructural development and continuous technological advancements in emerging nations
- The high cost associated with MICE events
- lnvestments in infrastructural development and technological advancements are expected to provide avenues for growth in the coming future.
- The concern of uncertain global geopolitical conditions
Key Target AudienceProviders, Government Research Organisation, Private Research Organisation, Government Regulatory Bodies and Other
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