The global MICE industry is set to reach $1.245 billion in 2023, according to the new “MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2017-2013” report by Allied Market Research.
With the MICE industry being valued at $752 billion in 2016, that would represent a growth rate of 7.5 percent from 2017 to 2023. The meetings segment dominated the global MICE industry in 2016, according to the report, due to the growth of the travel and tourism industry, increase in international business travels, and rise in government initiatives for the development of MICE segment and SME sector.
Recent trends of organizing hybrid meetings, and use of social media and meeting apps are also expected to the boost market growth in the near future.Based on region, Asia-Pacific is expected to witness the highest growth rate of 8.6 percent during the forecast period. This region is significantly driven by emerging countries such as Singapore, China, and India. Moreover, ease of visa restrictions, investments in better infrastructure, and high demand in commercial aviation further fuel the growth of the Asia-Pacific MICE industry.
Here are some more key findings from the study:
• In 2016, Europe dominated the global market with more than 42 percent market share, in terms of value.
• Asia-Pacific is estimated to witness the highest growth rate from 2017 to 2023.
• On the basis of country, the United States generated the highest revenue in global MICE industry in 2016.
• Based on event type, meetings segment generated the highest revenue in 2016, and is expected to grow at a rate of 7.5 percent.
• The incentives segment is projected to witness highest growth in the global market.The key players profiled in the report are International Meetings Review parent company Questex, LLC, as well as CWT Meetings & Events, IBTM Events, BCD Meetings and Events, Capital Travel and Events, CiEvents, Conference Care Ltd., The Freeman Company, ATPI Ltd., and Interpublic Group of Companies, Inc.
Source: internationalmeetingreview.com
