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

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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

Portland,OR, April 19, 2023 (GLOBE NEWSWIRE) — 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. 

Similar Reports We Have on Consumer Goods Industry: 

Outbound MICE Market is projected to reach $1272.2 billion by 2031 
Corporate Luxury Events Market is projected to reach $526,165.5 million by 2030 
Thailand MICE and Mega Event Market is estimated to reach $12.23 billion by 2027 
Caribbean MICE Market Opportunity Analysis and Industry Forecast, 2018-2025 
Asia-Pacific MICE industry to reach $441.1 billion by 2025

About Us:  

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. 
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. 

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