New York, USA, Jan. 10, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global MICE industry is predicted to grow at a tremendous CAGR of 5.9%, thereby garnering a revenue of $1,619.3 billion in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the global industry including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the nature and working of the market.
Dynamics of the Market
Drivers: Strategic alliances between key market players of the industry in the form of acquisitions and partnerships is expected to be the primary growth driver of the MICE industry in the forecast period. Moreover, rapid globalization which has led to overall increase in the number of customers is predicted to propel the market growth.
Opportunities: Technological advancements in the MICE industry is predicted to offer numerous growth opportunities to the market in the forecast period. Additionally, strategic collaborations between major industry participants are anticipated to augment the growth rate of the market.
Restraints: High operational costs associated with MICE industry, however, might restrict the growth of the global market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The MICE industry, too, faced a similar fate. Due to lockdowns and ban on social gatherings and events, many of the popular MICE event destinations were closed for an indefinite period of time. This led a general decrease in the demand for these destinations and caused a decline in growth rate of the market.
Segments of the Market
The report has divided the market into certain segments based on type and region.
Type: Meeting Sub-segment to Have the Highest Market Share
By type, the meetings sub-segment of the MICE industry is expected to hold the dominant market share and register a revenue of $979.6 billion by 2028. The crucial role played by meetings such as board meetings, seminars, product launch meetings, training seminars in corporate world is predicted to augment the growth rate of this sub-segment.
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Market in Europe Region to be the Most Lucrative
By regional analysis, the MICE industry in the Europe region is projected to be the most profitable and register a revenue of $626.0 billion in the analysis timeframe. Presence of top meeting destinations such as UK, France, and Germany is expected to be the main factor behind the growth of the market in this region.
Prominent Market Players
Some prominent market players of the MICE industry are
- ACCESS Destination Services
- Carlson Wagonlit Travel
- Creative Group Inc.
- ATPI Ltd.
- Cievents
- CSI DMC
- BCD Group
- Conference Care Ltd.
- IBTM Events
- BI Worldwide
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
Broader Insights Pertaining for the Specific Segments or Regions of the MICE Industry
For instance, in May 2022, Meetingselect, a leading marketplace for meetings and group bookings announced the acquisition of MICE Access, a global MICE distribution system. This acquisition is anticipated to expand the capabilities of Meetingselect and help the company to cater to the demands of the corporate industry in a better way.
Finally, this report published by Research Dive, also offers many vital facets of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about MICE Industry:
- How Does the MICE Industry Function?
- Global MICE Industry to Witness Immense Growth as Globalization has Led to Newer Customers Joining the Industry
- What New Trends Can Help in Shaping the MICE Business Worldwide After the Covid-19 Pandemic?
