New York, USA, December 1, 2021 (GLOBE NEWSWIRE) – Research Dive reports that the global MICE industry should generate a turnover of $ 1,619.3 billion by 2028, and go up to a 5.9% CAGR in the forecast period of 2021 to 2028. The comprehensive MICE industry report provides a brief summary of the current market scenario along with key aspects of the industry such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the market estimations which allows new participants to gain a better understanding of the global market.
Research Dive analysts say that the rapid increase in globalization as well as the rapid expansion of rapid business expansion around the world are the main factors that are expected to propel the growth of the global MICE industry during the forecast period. In addition, technological advancements and increasing popularity of virtual meetings across the globe are expected to create massive growth opportunities for the global market by 2026. Conversely, high operating costs associated with MICE events could restrain the growth of the MICE industry in the years to come.
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Impact of the COVID-19 pandemic on the MICE industry
The COVID-19 outbreak has had an undesirable impact on the global growth of the MICE industry during the pandemic period, mainly due to unprecedented lockdowns, restrictions on social gatherings and meetings, travel restrictions and social distancing measures to curb the spread of the coronavirus. The majority of MICE event destinations were closed during the pandemic period due to complete lockdowns in many countries around the world. However, the growing popularity of online MICE events held on video conferencing platforms such as Zoom and Google Meet is expected to help the market recover from the crisis.
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Meetings sub-segment must be the most profitable
Based on the type, the sub-segmented meetings are expected to hold a dominant market share and generate a revenue of $ 979.6 billion by 2028. This is mainly because meetings bring people together and help. individuals as well as businesses contribute ideas, share information, and also perform problem-solving and discussion. Additionally, meetings encourage teamwork between clients as well as staff and also facilitate opportunities for personal growth. These factors are expected to drive the growth of the meetings sub-segment of the global MICE industry.
The Europe region will be the most dominant
By region, the European MICE industry is expected to dominate the global industry and generate sales of $ 626.0 billion during the analysis period. This is mainly due to the presence of popular destinations in Europe for MICE events. The main meeting destinations are in the UK, Germany and France. In addition, the growing popularity of MICE events in Europe is mainly due to the high level of customer service, excellent catering, safe and comfortable transportation, safe and comfortable accommodation, and excellent WiFi access and internet connectivity. All of these factors are expected to drive the growth of the MICE industry in the Europe region.
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Important market players
The report presents several aspects of these major players such as strategic movements and business and financial performance of key players, latest developments, SWOT analysis and product portfolio. Some of the major players in the global MICE industry are:
- ACCESS to destination services
- BCD Group
- ATPI Ltd.
- BI around the world
- Carlson Wagonlit Trip
- Care Ltd. Conference
- CSI DMC
- Creative Group, Inc.
- IBTM Events.
These players are implementing several strategies to gain a dominant position in the global industry.
For example, in February 2021, SingEX, the Singapore-based investment pioneer, announced a merger with Sphere Exhibits, the Singapore Press Holdings subsidiary and an events expert. The goal of this merger is to use the experience of both organizations to deliver better quality business and consumer events in Singapore.
Besides, the report contains detailed information of Major Business Manufacturers such as SWOT Analysis, Product Portfolio, Financial Status – Learn to Access the Detailed Top Companies Development Strategy Report.
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