A lead analyst at AMR highlighted that the MICE industry in Middle East is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the MICE industry market. The findings of the report states that the global market for MICE industry generated $805.0 billion in 2017, and is estimated to reach $1,337.4 billion by 2028, registering a CAGR of 21.3% from 2021 to 2028. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Significant surge in the presence of corporate industries, rapid urbanization and increase in the standard of living among people, increase in internet and technology penetration, change in professional lifestyle and work environment are expected to drive the growth of the global MICE industry. On the other hand, high operational cost involved is expected to hinder the growth to some extent. However, rise in government initiatives to promote SMEs and liberalization of market entry are expected to create ample opportunities for the industry.
“The COVID-19 pandemic had adversely impacted the global MICE industry growth. The players operating in the industry suffered huge revenue losses due to ban on travel and tourism by governments across the globe in an attempt to contain the spread of coronavirus. Therefore, almost all the MICE events were either cancelled or postponed. Moreover, most of the companies started using online platforms, such as Skype, Zoom, and Google Meet, to host MICE events. Therefore, the growing adoption of these online video conferencing technologies may have a negative effect on the global MICE industry demand in the foreseeable future,” says Aniket Kadam, Senior Research Analyst, Consumer Goods.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the MICE industry market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global MICE industry, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in the postponement or cancellation of all sorts of meetings, conferences or exhibition, negatively affecting its demand. This is majorly due to the stringent social distancing restrictions imposed by the government to curb the spread of the virus during the pandemic. However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global MICE industry based on event type and region.
Based on event type, the meeting segment held the largest market share in 2017, holding more than three-fifths of the global market. The incentive segment, on the other hand, is expected to cite the fastest CAGR of 24.1% during the forecast period.
Based on region, the market across Europe region held the lion’s share in 2017, holding more than two-fifths of the global market. The Middle East region, on the other hand is predicted to cite the fastest CAGR of 25.3% during the forecast period.
The key players analzyed in the global MICE industry report include 360 Destination Group, Access Destination Services, Atpi Ltd., Bi Worldwide, Bcd Group (Bcd Meetings & Events), The Freeman Company, Carlson Wagonlit Travel (Cwt Meetings & Events), Creative Group, Inc., Cievents, Meetings & Incentives Worldwide, Inc., Conference Care Ltd., Ibtm, One10, Llc, The Interpublic Group of Companies, Inc., Ita Group, Csi Dmc, and Maritz.
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