MICE Industry to Grow at 6.1% CAGR by 2030
Increasing globalization with expanding business all around the globe with increasing trade practices and increase in tourism industry are expected to drive the growth of MICE industry during the forecast period of 2020-2030.
The MICE Industry is expected to grow at the CAGR of 6.1% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
MICE industry represents for meetings, incentives, conference and exhibitions along with arrangements related to the same on a global level. All the activities differ from each other and require different arrangements and itenary. For meetings everything is arranged by the company and incentives are given to employee as the token of appreciation. Conferences and exhibitions arrangements are done by the organizing committee or agents. Such events include the individuals from the same profession or background to share their experiences & knowledge.
According to the report, Constant growth in globalization led to the development in trade practices with exchanges of goods, culture and others. On the other hand, surge in business activities with growth in global expansion of MNC’s are also anticipated the market growth. Moreover, development of tourism industry is also expected to support the growth of MICE industry. Furthermore, increase in international events and government initiatives to further promote the small business ideas are expected to influence the market trend with friendly policies.
However, high cost of the MICE events along with different geopolitical conditions may restrain the market growth. On the contrary, Technological advancements as well as growing investments in such events can bring major shifts in the business to provide numerous opportunities to the market in the coming few years.
On the basis of event type, the MICE industry share is segmented into meetings, incentives, conventions and exhibitions. Meetings segment dominates the global anti-foaming agent market in terms of market share and will be the dominant during the forecasted period.
On the basis of application, the MICE industry is categorised into Academic Field, Business Field, Political Field, Exhibitions, and Others. Business field is the fastest growing segment followed by exhibitions to dominate the application segment over the forecast period with significant growth rate.
Europe is likely to account for the highest size share of the MICE industry in the forecast period 2020–2030 owing to the presence of advanced technology with high internet penetration rate owing to the high adoption rate of smart devices. North America accounts for the second leading position in the MICE industry size. Asia Pacific is expected to be the fastest developing region owing to the rapid industrialization with rapidly growing business activities and tourism. Moreover, high internet penetration with supporting government policies has anticipated the market growth.
According to the report, some the key players in the MICE industry are BI Worldwide, Ltd., BCD Group, One10, LLC, ITA Group, Inc, Conference Care Ltd, Meetings and Incentives Worldwide (M&IW), Maritz, Cievents, ACCESS Destination Service, 360 Destination Group, CSI DMC, The Freeman Company, Carlson Wagonlit Travel, IBTM, Creative Group, Inc., ATPI Ltd, and The Interpublic Group of Companies, Inc..
Browse key industry insights from the report at https://www.nextmsc.com/report/mice-industry in detail along with the table of contents:
Key Insights from the MICE Industry Report:
- Asia Pacific is the fastest growing MICE industry owing to the increase in industrialization with increase in business activities and global expansion of MNC’s. Moreover, supporting government policies and increase in tourism industries are further anticipated the market growth.
- The Business Field application dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are BI Worldwide, Ltd., BCD Group, One10, LLC, ITA Group, Inc, Conference Care Ltd, Meetings and Incentives Worldwide (M&IW), Maritz, Cievents, ACCESS Destination Service, 360 Destination Group, CSI DMC, The Freeman Company, Carlson Wagonlit Travel, IBTM, Creative Group, Inc., ATPI Ltd, and The Interpublic Group of Companies, Inc.
The report MICE industry– segmented by event type, application and geography
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