GLOBAL MICE TOURISM MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD. ASIA-PACIFIC TO WITNESS THE HIGHEST GROWTH
Global MICE Tourism Market is expected to reach the market valuation of USD XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX billion in 2020. 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.
The surge in presence of corporate industries worldwide has increased the frequency of business activities such as client meetings, brand promotions, and employee training activities, this had emerged as one of the major growth factors for the global MICE tourism industry. Moreover, rise in government initiatives to promote SMEs and liberalization of market entry to increase FDIs flow has boosted the growth of this market even further. Other key factors that boosting the growth of the market are changing lifestyle of business travelers to seek leisure trips, rapid urbanization, and industrial growth. Furthermore, infrastructural development and continuous technological advancements in emerging countries has fueled the MICE Industry market growth. However, the high costs associated with MICE events and uncertain global geopolitical conditions hamper’s growth of the market.
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The COVID-19 outbreak and the subsequent economic crisis had a major effect on the business travel industry. As per one of the top market research firm, the business travel market worldwide is expected to lose US$810.7 bn because of the pandemic. China has seen the greatest reduction in business travel spend at US$404 bn, followed by Europe and the Asia Pacific region. Furthermore, IATA in their report published in June 2020, estimated that global airline revenue will decline by US$419bn by end of 2020. Studies have found that it takes 5 years on average for an airline traffic to return to normal from substantial unanticipated shocks.
For a detailed analysis of the COVID-19 Impact on MICE Tourism browse through – https://univdatos.com/report/mice-tourism-market
Based on event types, the market is fragmented into meetings, incentives, conventions, and exhibitions. The meetings segment dominated the market in 2020 and generated the total revenue of USD XX billion. It is anticipated to maintain its dominance during the forecast period owing to the technological advancement and rapid globalization of businesses.
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Additionally, the report provides detailed analysis for major regions including North America (US, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. Asia-Pacific dominated the market and generated revenue of USD XX billion in 2020 owing to the increasing globalization of businesses and a growing number of SMEs. For instance, according to India Brand Equity Foundation, India has nearly 6.3 crore MSMEs. Maritz, BI Worldwide, ITA group, One10 LLC, Meetings and Incentives Worldwide, Creative Group, ACCESS Destination Service, 360 Destination Group, CSI DMC, and The Freeman Company are some of the prominent players operating in the global MICE Tourism market.
Global MICE Tourism Market Segmentation
Market Insight, by Event Type
Market Insight, by Region
- North America
- United States
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- BI Worldwide, Ltd.
- ITA Group, Inc.
- Meetings and Incentives Worldwide (M&IW)
- Creative Group, Inc.,
- ACCESS Destination Service
- 360 Destination Group
- CSI DMC
- The Freeman Company