Summary
The global MICE Tourism Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
MICE tourism is a type of tourism that includes meetings, incentives, conferences, and exhibitions in which large groups, usually planned well are brought together. Meetings, negotiations, exhibitions, and conferences are now a form of hospitality where large groups, normally well in advance, are brought together under the umbrella of one organization. In fact, this is now widely used in all kinds of meeting-related materials, including seminar handouts and business documents. Mice Tourism is basically an international hospitality concept that integrates the need for meetings and the participation of its participants in order to facilitate business, career development, and networking opportunities.
Development of infrastructure and improving tourism coupled with the globalization of businesses are driving the growth of MICE tourism. Moreover, growth in the international business travelers and an increase in the government initiatives for the development of the MICE industry are driving the growth of the market. Growing focus on organizing hybrid meetings and increasing use of social media and meeting apps is again propelling the growth of the MICE tourism market. Expanding social media, shifting towards virtual and augmented elements, and growing demand for non-traditional event spaces is further projected to foster the growth of the global MICE industry.
Europe is projected to gain significant growth over the forecast period and this is attributed to the according to the Global Business Travel Association (GBTA), Germany, the United Kingdom, France, Spain, and Italy represent 70% of the European business travel market. In 2017, this market was estimated to increase by 6.8% to almost €200 billion.
Key Developments:
- In December 2020, SOTC Travel along with Singapore Tourism Board (STB) hosted an engaging and insightful Virtual MICE event - “Growing MICE Connections, Achieving Together” for its esteemed clients
- In February 2021, The Singapore Tourism Board (STB) announced the launch of the SingapoReimagine MICE Virtual Show, the first such collaboration between STB and local MICE players
- In January 2021, NexTech AR Solutions formed a partnership with Coex, a South Korean convention, and exhibition hall, and the largest of its kind in Seoul. This is the start of the launch of its platform in Asia where the industry of meetings, incentives, conferences, and events, known as MICE, has grown more rapidly
- In February 2021, Thomas Cook (India) Ltd., launched a strategic corporate outreach – India’s first such physical MICE event since lockdown, in partnership with Marriott International
The MICE Tourism Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the MICE Tourism Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- ATPI
- Capita Travel and Events
- IBTM Events
- CWT Meetings & Events
- Interpublic Group
- BCD Meetings and Events
- Cievents
- Grass Roots Meetings and Events
- Questex
By the Product Type, the market is primarily segmented into:
- Inbound Meetings
- Incentives
- Conferences
- Exhibitions
By Applications, the market is segmented into:
- Hotel
- Traffic
- Retail
- Entertainment
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the MICE Tourism Market Report:
- To assess the size of the market by value and volume
- Analyze the MICE Tourism Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the MICE Tourism Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the MICE Tourism Market
The MICE Tourism Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the MICE Tourism Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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