Portland, OR, April 28, 2020 (GLOBE NEWSWIRE) -- According to the report, the global MICE industry accounted for $805 billion in 2017, and is expected to reach $1,439 billion by 2025, growing at a CAGR of 7.6% from 2018 to 2025. The report provides a detailed analysis of changing market trends, major winning strategies, key segments, drivers & opportunities, and competitive scenario.
Increase in globalization of businesses, rise in SMEs across the world, and growth of travel & tourism industry augmented the growth of the industry. However, rise in social and geopolitical uncertainty and high cost of operation related to MICE events impede the growth in the market. Contrarily, rise in infrastructural investments and technological advancements create new opportunities in the industry.
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MICE industry is segmented on the basis event type, and region. Based on event type, the market is segmented into meetings, incentives, conventions, and exhibitions. The meetings segment held the major market share in 2017, accounting for more than three-fifths of the total share. Furthermore, the segment is anticipated to maintain its lead position throughout the forecast period. On the other hand, the incentives segment is expected to register the highest growth rate, with a CAGR of 8.1% from 2018 to 2025.
Based on regions, the market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. The region across Asia-Pacific is anticipated to register the fastest growth with a CAGR of 8.6% during the forecast period.Huge economic growth, rapid development in business travel sector, and huge penetration of internet & technology in the populated countries are the major driving factors of the segment. However, Europe accounted for more than two-fifths of the total market share in 2017 and is expected to maintain its dominance throughout the forecast period. The surge in meetings and events and preference for conferences of international associations in the region have augmented the growth.
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Key market players analyzed in the research include IBTM Events, Capital Travel and Events, BCD Meetings and Events, Conference Care Ltd., CiEvents,Questex, LLC, ATPI Ltd., The Freeman Company, Interpublic Group of Companies, Inc., and CWT Meetings & Events. The market players have adopted different strategies such as collaborations, expansions, joint ventures, partnerships, mergers & acquisitions, and others to gain a stronghold in the industry.
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