According to a new report published by Allied Market Research, titled, “Outbound MICE Market,” The outbound mice market was valued at $225.90 billion in 2021, and is estimated to reach $1272.2 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.
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Large worldwide firms’ CXOs assert that the outbound MICE sector contributes significantly to the tourism industry’s profitability. It provides straightforward and useful event planning advice and helps choose the perfect venue, which is essential to a successful event. The hotel and transportation industries are directly related to the MICE industry. These industries can benefit from MICE business by offering their products and services to the attendees and organizers of MICE events. Both the principal producers and consumers of MICE are hotels. Top CXOs from around the world report that hotel lodging and meals account for more than 65% of the money spent by business attendees at MICE events, with only 15% going to restaurants outside the hotel. 10% goes toward retail and 10% goes toward local transit.
In addition, a high internet and technology penetration in densely populated countries supports the growth of business travel, which indirectly promotes the growth of the global MICE industry. As a result, the development of the MICE industry is a key factor in regional cooperation, intellectual advancement, and economic prosperity. Additionally, it is projected that during the projection period, increased business competition, the creation of new companies and organizations, and an increase in manufacturing and production activities would boost the expansion of the outbound MICE market. Financial, insurance, pharmaceutical, and automotive companies in particular, which account for a sizable chunk of the outbound MICE industry, invest a lot of money in events and incentives. Typically, these industries organize kickoff events, conferences, and meetings.
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For market analysis, the outbound MICE market is segmented into event type and region. By event type, it is segregated into meeting, incentive, convention, and exhibition. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, Spain, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Singapore, Australia, Japan, Malaysia, South Korea, Hong Kong, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
According to the outbound MICE market trends, on the basis of event type, incentive segment was the significant revenue contributor to the market, with $27.8 billion in 2021, and is estimated grow at a CAGR of 16.1% during the forecast period. Employees are usually rewarded with incentive travel. A non-work-related vacation intended to maintain performance motivation. It is advantageous if a company that offers MICE services is situated in a nation that attracts leisure travelers and has a pleasant climate. The requisite airports, hotels, and airline connections are probably already in place. Thus, above mentioned factors are likely to boost the outbound MICE market demand during forecast period.
They draw incentive travelers to their location. A notable example for such an incentive location is Tanzania. In order to get the best performance from their employees, business owners may be encouraged by a growing economy and the expansion of the service and manufacturing industries to invest in their employees through incentive travel. This is expected to help the outbound MICE market growth during the forecast period.
According to the outbound MICE market opportunities, region wise, Asia-Pacific garnered a significant outbound MICE market share in 2021, and is expected to maintain its market share throughout outbound MICE market forecast period. Asia-Pacific has been gaining significant traction in global outbound market owing various factors such as rise in the manufacturing and service sector, infrastructural development, and free trade agreement between India and other countries. Furthermore, Government is actively taking interest in promoting MICE market in their respective countries by forming ministries and policies. For instance, the tourism policy for Gujarat, introduced by former Chief Minister Vijay Rupani, aims to position the state as the top tourist destination in the nation with a focus on investment and employment possibilities. Gujarat is to become a “MICE” tourism hotspot as a result of the initiative.
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In this policy, the government proposed an incentive of $63.01 for the event organizer per foreign participant staying over, up to a maximum of $6,301.16, to encourage international events. The players operating in the global outbound MICE industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market.
The key players profiled in this report are 360 Destination Group, Access Destination Services, ATPI LTD., BCD GROUP (BCD MEETINGS & EVENTS), BI Worldwide, Carlson Wagonlit Travel (CWT Meetings & Events), CIEVENTS, Conference Care Ltd., Creative Group, Inc., CSI DMC, IBTM, ITA Group, MARITZ, Meetings & Incentives Worldwide, Inc., ONE10, LLC, The Freeman Company, and The Interpublic Group of Companies, Inc.
Key findings of the study
- The global outbound MICE market size was valued at $225.9 billion in 2021 and is estimated to reach $1,272.2 billion by 2031, registering a CAGR of 13.3% from 2022 to 2031.
- On the basis of event type, the exhibitions segment acquired $17.7 billion in 2021, exhibiting 7.8% of the global market share.
- On the basis of region, China was the most prominent market in Asia-Pacific in 2021, and is projected to reach $138.1 billion by 2031, growing at a CAGR of 19.0% during the forecast period.
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U.S. Event Market : https://www.alliedmarketresearch.com/us-events-market-A15196
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