MICE Industry to Reach $1,245 Billion, Globally, by 2023 at 7.5% CAGR, Says AMR
Growing number of meetings and events taking place globally, growth in international business travels, rapid growth in tourism and hospitability sectors, and rise in consumer disposable incomes are expected to drive the growth of the global MICE industry
Allied Market Research recently published a report, titled, “MICE Industry by Event Type (Meetings, Incentives, Conventions, and Exhibitions) – Global Opportunity Analysis and Industry Forecast, 2017-2023″. The report provides an in-depth analysis of the key winning strategies, drivers & opportunities, market share, key segments, and competitive landscape. According to the report, the global MICE market garnered $805 billion in 2017 and is expected to reach $1,245 billion by 2023, registering a CAGR of 7.5% from 2017 to 2023.
Increase in frequency of the various types of events and meetings being organized globally, rapid growth in tourism industry, increase in international business travels, and rise in disposable income of consumers drive the market growth. However, uncertainties in social and geopolitical scenario and high operational cost associated with MICE events restrain the growth of the market. Conversely, technological advancements and infrastructural investments are expected to provide opportunities for the growth of the market.
Meetings segment to lead in terms of revenue, incentives to grow the fastest through 2023
Among event types, the meetings segment accounted for 62.5% of the total market share in 2017 and would continue its dominance through 2023. This is attributed to positive economic trends, improving infrastructure, growth in tourism, globalization of businesses, the growing number of international business travelers, rise in government initiatives for the development of MICE industry & SME sector, and ongoing trends of organizing hybrid meetings and use of social media and meeting apps. However, the incentives segment would register the fastest CAGR of 8.0% from 2017 to 2023. This is because companies providing incentive travel services are increasing their focus on providing their customers with complete packages, concessions, and complete experience along with other value-added services which attracts more and more incentive travelers. The incentive travel market is mature in the U.S. and Europe, and is developing in the Asia-Pacific, especially in countries such as Singapore, Japan, and India.
Europe to remain dominant, Asia-Pacific to grow the fastest
The market in Europe contributed 41.9% of the total market share in 2017 and is anticipated to continue its dominance during the forecast period. Low inflation rate, rise in domestic demand for meetings and incentives, low oil prices, supportive monetary policies, development of the labor market, and steady economic growth in the region are the factors driving the growth of the region. Moreover, surge in adoption of smart devices, rise in internet penetration, and decline in flight fares fuel the growth of the market in the region. However, Asia-Pacific would grow at the fastest CAGR of 8.6% from 2017 to 2023, owing to rapid growth in the region’s business travel sector in recent years. Furthermore, strong economic growth, regional cooperation, intellectual development, and high penetration of internet & technology in the densely populated countries of the region such as China & India are expected to boost the market growth. The other regions analyzed in the market study include North America and LAMEA (Latin America, Middle East, and Africa).
Industry Frontrunners
The key market players analyzed in the report include Questex, LLC, CWT Meetings & Events, IBTM Events, BCD Meetings and Events, Capital Travel and Events, CiEvents, Conference Care Ltd., The Freeman Company, ATPI Ltd., and Interpublic Group of Companies, Inc. These companies have implemented various strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to gain a stronghold in the industry.