The global MICE industry market is expected to experience remarkable growth by 2031, owing to the growing advancements in the travel & tourism sector.
Regionally, the Europe region is predicted to hold the largest share of the market.
As per the report published by Research Dive, the global MICE industry market is anticipated to generate a revenue of $1,990.1 billion and rise at a CAGR of 7.0% throughout the estimated timeframe from 2022 to 2031.
Dynamics of the Global MICE Industry Market
With the rapid economic expansion due to the growing globalization of businesses, the MICE industry market is predicted to observe prominent growth during the analysis timeframe.
Besides, the businesses are investing to visit different locations, organize events, and provide cross-culture employee training that delivers unique opportunities to employees, which is expected to bolster the growth of the market in the coming period.
However, the high operational cost linked with the MICE Industry may hamper the growth of the market over the analysis timeframe.
The growing technological advancements in the MICE industry such as the implementation of facial recognition technology, controlling events with the help of the Internet of Things (IoT), incorporation of augmented, virtual, and mixed reality for immersive and engaging events, and many more are expected to create massive growth opportunities for the market during the forecast period.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has devastated various leading industries along with the global MICE industry market.
This is mainly due to the unprecedented lockdowns, stringent travel restrictions, and ban on social meetings and gatherings.
Moreover, the adoption of the "work from home" culture across organizations has caused severe revenue loss for the market. In addition, the shutdown of popular MICE destinations around the world has further declined the market growth over the crisis.
Key Players of the Global MICE Industry Market
The major players of the market include
- Carlson Wagonlit Travel
- Conference Care Ltd.
- BI Worldwide
- Creative Group Inc.
- BCD Group
- CSI DMC
- ATPI Ltd.
- IBTM Events
- ACCESS Destination Services
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to attain a leading position in the global industry.
For instance, in September 2022, ATPI Ltd., a provider of world-leading corporate travel and event solutions to organizations, announced its collaboration with Meetingselect, a cloud-based strategic meeting management marketplace. With this collaboration, the companies aimed to strengthen their services and positions in the field of business travel, meetings, and events.