MICE Industry by Event Type to Reach $2.1 Trillion, Globally, by 2031 at 15.2% CAGR

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Allied Market Research published a report, titled, “MICE Industry by event type (Meetings, Incentives, Conventions, and Exhibitions): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global MICE industry by event type was estimated at $345.8 billion in 2021, and is anticipated to generate $2.1 trllion by 2031, registering a CAGR of 15.2% from 2022 to 2031.



Prime determinants of growth
The increase in the presence of corporate industries due to the massive growth of business activities, such as client meetings, brand promotions, employee training activities, and others, drives the growth of the global MICE industry. On the other hand, high operational cost associated with MICE events and growth in geopolitical and social uncertainties restrain the growth of the market. Nevertheless, technological advancement in the MICE Industry by event type and the rise in infrastructural investment are expected to create multiple opportunities for the key players in the industry.



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Report Coverage & details:







Report Coverage



Details

Forecast Period

2022-2031


Base Year

2021

Market Size in 2021

$345.8 billion


Market Size in 2031

$2.1 trillion


CAGR

15.2%

No. of Pages in Report

244

Segment covered

Event type and Region


Drivers

Continuous development in the travel & tourism industry and integration of various segments, such as hospitality & infrastructure with government initiatives The increase in globalization of businesses


Opportunities

Technological advancement in the MICE Industry by event type The rise in Infrastructural investment


Restraints

High operational cost associated with MICE events Growth in geopolitical and social uncertainties
Covid-19 scenario-

The outbreak of the COVID-19 pandemic forced governments to impose strict restrictions on travel and tourism activities to contain the spread of coronavirus. This halted business meeting, incentive, conferencing, and exhibition (MICE) tourism. Therefore, digital platforms, such as Zoom, Skype, and Google Meet emerged as the most preferable alternative to host and attend MICE events.
Online platforms eliminated the need for the players operating in the global MICE industry. Moreover, conducting MICE events through digital media drastically reduced the costs of such events. Furthermore, most of the companies in different industries suffered huge losses due to lockdowns imposed globally.
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The meetings segment to maintain its leadership status throughout the forecast period

By event type, the meetings segment held the highest market share in 2021, accounting for more than three fifths of the global MICE industry by event type and is estimated to maintain its leadership status throughout the forecast period, as the recent trend of organizing hybrid meetings involve the use of social media and meeting apps. Hybrid meeting solutions connect speakers and attendees with online audiences in a virtual way. Meeting attendance can range from ten to thousands of people. Meeting times vary depending on the meeting type. However, the incentives segment is projected to manifest the highest CAGR of 15.9% from 2022 to 2031, as incentive travel programs are often used by companies to motivate and engage their employees by providing them with unique travel experiences as a reward for achieving specific business objectives.


Europe to maintain its dominance by 2031-

Based on region, Europe held the highest market share in term of revenue in 2021, accounting for more than two-fifths of the global MICE industry by event type and is estimated to maintain its leadership status throughout the forecast period. On a positive note, Europe has been extremely successful in winning conferences of international associations with over half of its top cities and countries selected as destinations for international association conferences. UK and Germany are the top investing pockets for the MICE Industry by event type in Europe. Moreover, the market is witnessing growth due to increase in trend of online booking. However, the Middle East region is expected to witness the highest CAGR of 22.7% from 2022 to 2031, owing to the increase in number of events in the Middle East region and growth of tourism.



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Leading Market Players:

360 DESTINATION GROUP



ACCESS DESTINATION SERVICES



ATPI LTD.



BCD GROUP

BI WORLDWIDE



CWT



FCM TRAVEL



CONFERENCE CARE LTD.



CREATIVE GROUP, INC.

CSI DMC



IBTM WORLD



ITA GROUP



MARITZ



MEETINGS AND INCENTIVES WORLDWIDE, INC

ONE10, LLC



THE FREEMAN COMPANY, LLC



THE INTERPUBLIC GROUP OF COMPANIES, INC.



The report analyzes these key players in the global MICE Industry by event type. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.