DUBAI, UAE, May 9, 2023 /PRNewswire/ — As per the recent research report published by Extrapolate, the Global MICE Market is poised to experience robust growth and accrue a market size of USD 1,478 billion by 2032, exhibiting a CAGR of 27.5% between 2023 and 2032. This is a significant increase from the base market size of USD 506.1 billion in 2022, with the growing proliferation of event organizations.
The significant advancement in the use of technology for MICE events is propelling the market further. With hybrid and virtual events being the only option for meetings, incentives, conferences, and exhibitions during the COVID-19 pandemic, several companies have shifted to this medium for every event.
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Trending Now: Turkiye Hosted a Successful MICE Familiarization Trip for Premium Corporate Groups
The primary goal of this trip was to provide visitors with the opportunity to interact with local partners and corporate leaders to forge future relationships and assist them in discovering Turkey’s hidden gems. During this 6-day tour, guests were entertained for three days each in Turkey’s two most renowned and fascinating cities, Istanbul and Antalya.
The delegates visited popular tourist sites such as Hagia Sophia, Grand Bazaar, Basilica Cistern, and Galataport. While the corporates enjoyed sightseeing, they were also allowed to participate in team-building activities as they investigated the ICC (Istanbul Congress Center) and ICEC (Istanbul Lutfi Kirdar International Convention and Exhibition Centre) for future MICE events.
Growing Proliferation of Business Events to Augment MICE Market Growth
The meetings segment dominated the market in 2022 owing to the growing number of global business events. Furthermore, the growing popularity of regional destinations and less densely populated tier cities are anticipated to drive demand for meetings in such areas. Several governments, for instance, provide grants to promote business events and travel. The Australian government has announced USD 50 million in grants for the MICE market, which can cover up to 50% of the expenses.
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Business Tourism Continues to Gain Popularity, Propelling High Demand for Business Field
The business field segment is anticipated to account for the largest market share. The significant growth of the segment is mainly attributable to the fact that MICE is becoming increasingly popular in business tourism, as it transforms business meetings and conferences into more intense, diverse, and enjoyable events for delegates and participants.
Availability of Numerous Apps Designed for MICE to Accelerate Market Growth
The availability of numerous apps specifically designed to meet the needs of various types of travelers has raised awareness about MICE in various countries and made the entire process easier and more exciting. Furthermore, these travel apps and websites assist in discovering new ways to travel in luxury. According to a State of Business Travel Survey conducted in June 2022, approximately 90% of millennials engage in leisure travel.
Growing Encouragement to Professional Networking in Europe to Gain Traction
Europe has dominated the MICE market in recent years and is expected to maintain its dominance over the forecast period. The growth of the regional market can be attributed to an increase in the number of business travelers versus leisure travelers. MICE events provide networking opportunities for various businesses, which benefits local tourism and business growth. MICE events promote professional networking and knowledge sharing, which boosts creativity and innovation.
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Growing Number of Small and Medium Businesses in Asia Pacific to Promote Growth
The Asia-Pacific is expected to grow at the fastest rate due to an increase in the number of medium and large businesses. Moreover, Asia-Pacific is the region with popular MICE destinations such as China, India, Singapore, Hong Kong, Japan, and Thailand, which is ultimately driving the MICE market growth in the region. The fact that these countries provide an impressive combination of lodging, conference support, and high-tech facilities that meet global standards, the market is projected to grow significantly in the upcoming years.
Competitive Landscape
The MICE Industry is divided by the presence of both established and emerging players. To maintain their competitive edge, these major players are increasingly focusing on expansion and mergers and acquisitions. For instance, ATPI Group, the leading MICE market player, expanded its international network with new partners in major countries such as Asia, Europe, the Middle East, and South America in April 2021.
Prominent players in the market include:
- CSI DMC
- FBT Adventures (I) Pvt. Ltd.
- FGNC Event Management (M) Sdn Bhd.
- Freeman
- IMC International
- ITA Group, Inc.
- Mice International
- REVEZ Corporation Ltd.
- TCIL (India). Ltd
- TI Infotech Pvt. Ltd.
- Tripkonnect
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Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on MICE Market
Chapter 5. Global MICE Market Overview, By Event Type, 2018 – 2032 (USD Million)
Chapter 6. Global MICE Market Overview, By Application, 2018 – 2032 (USD Million)
Chapter 7. Global MICE Market Overview, By Geography, 2018 – 2032 (USD Million)
…
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
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SOURCE Extrapolate