PORTLAND, OR, UNITED STATES, November 18, 2021 /EINPresswire.com/ – The COVID-19 pandemic has had a negative impact on the global growth of the MICE industry. Players operating in the industry have suffered huge revenue losses due to travel and tourism bans by governments around the world in an attempt to contain the spread of the coronavirus. As a result, almost all MICE events have been canceled or postponed. Additionally, most businesses have started using online platforms, such as Skype, Zoom, and Google Meet, to host MICE events. Therefore, the increasing adoption of these online video conferencing technologies could have a negative effect on the global demand of the MICE industry in the foreseeable future.
According to a new report released by Allied Market Research titled “MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2021-2028”, the global MICE industry size is expected to reach 1337.4 billion by 2028 at a CAGR of 21.3% from 2021 to 2028.
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The term MICE in the context of travel is an acronym for meeting, incentive, conference, and exhibition. The MICE market refers to a specialized niche of group tourism dedicated to the planning, reservation, animation of conferences, seminars and other events. It is the largest contributor to the revenue of the travel industry. The MICE industry is complex and includes attendees, sponsors, planners, convention and hospitality offices, meeting venues, accommodations, and vendors typically involved in the planning and execution of an event. The industry provides simple and practical methods of organizing events and helps to choose the right destination, which forms the basis of a successful event. The MICE market of the tourism industry has grown exponentially, due to rapid globalization, the expansion of service industries and the continuous evolution of scientific and technological innovations.
The COVID-19 pandemic has had a negative impact on the global MICE industry. Players operating in the MICE industry have suffered huge revenue losses due to travel and tourism bans by governments around the world in an attempt to contain the spread of the coronavirus. As a result, almost all MICE events have been canceled or postponed. Additionally, most businesses have started using online platforms, such as Skype, Zoom, and Google Meet, to host MICE events. Therefore, the increasing adoption of these online video conferencing technologies could have a negative effect on the global MICE industry in the foreseeable future.
The global MICE industry is segmented on the basis of event type and region. Depending on the type of event, it is divided into meeting, incentive, convention and exhibition. The market is analyzed in North America, Europe, Asia Pacific, Latin America, Middle East and Africa to understand its regional trends. The report highlights the drivers, restraints, opportunities and growth strategies adopted by key players to understand market dynamics and potential.
In-depth analysis of how the COVID-19 outbreak is affecting the MICE industry market: https://www.alliedmarketresearch.com/request-for-customization/2433?reqfor=covid
In 2020, the meetings segment dominated the global MICE industry, accounting for $ 132.9 billion, and is expected to grow at a notable CAGR of 23.5% during the forecast period. This is attributed to positive economic trends, improved infrastructure and improved tourism combined with corporate globalization.
The segment is also expected to experience a healthy growth rate in the future, owing to the increase in the number of international business travelers, the increase in government initiatives for the development of the MICE segment and the SME sector, as well. as current trends in the MICE industry in meeting planning and hybrid usage. social media and meeting applications.
Based on region, Asia-Pacific is expected to experience the highest growth rate of 8.6% during the forecast period. This region is strongly driven by emerging countries like Singapore, China and India. In addition, the ease of visa restrictions, investments in better infrastructure, and strong demand in commercial aviation are further fueling the growth of the MICE industry.
The major players operating in the MICE industry are Maritz, BI Worldwide, Ltd., ITA Group, Inc, One10, LLC, Meetings and Incentives Worldwide, Inc. (M&IW), Creative Group, Inc., ACCESS Destination Service, 360 Destination Group, CSI DMC, Carlson Wagonlit Travel, IBTM, BCD Group, Cievents, ATPI Ltd, Conference Care Ltd, Freeman Company and Interpublic Group of Companies, Inc.
Main conclusions of the study
The MICE industry was valued at $ 215.1 billion in 2020 and is expected to reach $ 1,337.4 billion by 2028, with a CAGR of 21.3% during the forecast period.
By type of event, the Incentives segment is expected to experience the fastest growing, registering a CAGR of 24.1% during the forecast period.
In 2020, depending on the type of event, the meetings segment was valued at $ 132.9 billion, or 61.7% of the global share of the MICE industry.
In 2020, the United States was the largest market in North America and is expected to reach $ 109.1 billion by 2028, with a CAGR of 22.9% during the forecast period.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advisory services to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 verticals, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Electricity, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.