In 2017, the meetings segment dominated the global MICE industry, accounting for $505.8 billion, and is expected to grow at a notable CAGR of 7.5% dur
In 2017, the meetings segment dominated the global MICE industry, accounting for $505.8 billion, and is expected to grow at a notable CAGR of 7.5% during the forecast period. This is attributed due to positive economic trends, improving infrastructure, and enhancing tourism combined with globalization of businesses. The segment is also estimated to witness a healthy growth rate in the future, owing to rise in number of international business travelers, surge in government initiatives for the development of MICE segment & SME sector coupled with ongoing MICE industry growth trends of organizing hybrid meetings and use of social media and meeting apps.
Based on region, Asia-Pacific is expected to witness the highest growth rate of 8.6% during the forecast period. This region is significantly driven by emerging countries such as Singapore, China, and India. Moreover, ease of visa restrictions, investments in better infrastructure, and high demand in commercial aviation further fuel the growth of the MICE industry.
The leading players in the MICE industry focus on providing customized solution to consumers as their key strategies to gain a significant share in the market. Strategies such as partnership or acquisition of similar companies or related companies in this case travel agencies, tourism company, or event management service company help these companies to expand their service portfolio and have also helped the key players to improve their MICE industry statistics.
Key Findings of the MICE Industry:
- In 2017, Europe dominated the global MICE industry with more than 42% of global MICE industry share, in terms of value.
- Asia-Pacific is estimated to witness the highest growth rate from 2018 to 2025.
- On the basis of country, U.S. generated the highest revenue in global MICE industry in 2017.
- Based on event type, meetings segment generated the highest revenue in 2017, and is expected to grow at a CAGR of 7.5%.
- The incentives segment is projected to witness highest growth in the global market.