MICE Industry Market - Forecast(2022 - 2027)

Report Code: CPR 63055 Report Format: PDF + Excel

MICE Industry Market Overview

MICE Industry Market size is estimated to reach $1,780 million by 2026, growing at a CAGR of 6.1% over 2021-2026. MICE Industry is a type of tourism services where organizers and suppliers manage & deliver meetings, seminars, exhibitions, and other events. MICE event organizers provide different services such as show displays, brand promotion, on-site event logistics and staffing, supplier management, virtual meetings, and risk management services. This industry also offers services in luxury tourism that provides medical facilities services. Increasing number of corporate meetings and events from the business sectors and growing acceptance of online travel agencies are the major factors driving the growth of this market. Furthermore, rising disposal income and increasing investments in the development of infrastructure and technological advancements is set to further enhance the overall market demand for MICE Industry Market for the period 2021-2026.

MICE Industry Market Report Coverage

The report: “MICE Industry Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the MICE Industry Market.   
By Type: Meetings, Incentives, Conventions, and Exhibitions
By Application: Academic Field, Business Field, and Political Field
By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others), and Rest of the World (Middle East, Africa)

Key Takeaways

Geographically, in 2020, North America dominated the MICE Industry Market owing to increasing attraction towards MICE tourism industry and rising trends of social networking platform.
Increasing number of corporate meetings and events from the business sectors and growing acceptance of online travel agencies are likely to aid in the market growth of the MICE Industry. 
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the MICE Industry Market report.  
High cost associated with MICE events and uncertain global geopolitical conditions is set to create hurdles for the MICE Industry Market.  
MICE Incentives Market Size, By Type  2020-2026 (USD Million)

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MICE Industry Market Segment Analysis – By Type

The global MICE Industry Market based on Type can be further segmented into Meetings, Incentives, Conventions, and Exhibitions. The Meetings segment is the major segment generating revenue in 2020. This is owing to increase in the globalization of businesses and rise in the number of (SME) Small and Medium-Sized Enterprise increases the brand production. Moreover, increase in the growth of travel and tourism as well as hospitality sector increases the growth of this segment. The Incentives segment is estimated to register the fastest CAGR of 3.8% for the period 2021-2026. This is owing to incentive trip provides hotel stays, tour packages, and planned activities such as dinners, parties and games that increases the demand of incentive travel and are increasing the growth of this segment.

MICE Industry Market Segment Analysis – By Application

The global MICE Industry Market based on application can be further segmented into Academic Field, Business Field, and Political Field. The Business Field segment registered highest market share in 2020. This is owing to increasing adoption of MICE in business tourism and MICE turns business meetings and conferences into more intense, diverse and enjoyable events for delegates and participants that increases the growth of this segments. The Academic Field segment is estimated to register the fastest CAGR of 2.3% for the period 2021-2026, due to various information in academic field that are rising the growth of this market.

MICE Industry Market Segment Analysis – By Geography

North America dominated the MICE Industry Market with major share of 40% in 2020. This is owing to increasing attraction towards MICE tourism industry and rising trends of social networking platform that increases the demand of this market. However, Asia-Pacific is estimated to outpace all the regions by clocking the highest CAGR of 8.6% during the forecast period 2021-2026 owing to increasing number of tourism and according to National Tourism Organizations in Asia, about 6.3% tourism increases in 2019 that increases the initiatives to organize MICE form of tourism and are increasing the market growth.

MICE Industry Market Market Drivers

Increasing Number of Corporate Meetings and events from the business Sector

Increasing number of corporate meetings and events expands the business travel and increases the growth of the MICE Industry Market. Moreover, corporate travelers are choosing the MICE tours to promote their businesses which is good combination of business activity that are increasing the growth of the MICE Industry Market over 2021-2026. 

Growing Acceptance of Online Travel Agencies

Rising number of online travel agencies is increasing the growth of the MICE Industry Market. Moreover, various travelling portals and agents are offering new innovative and attractive schemes to promote their online portals that increases the trends in virtual meetings and attract customers that increases the growth of MICE Industry Market over 2021-2026.  

Covid-19 Impact: 

COVID-19 pandemic had adversely affected the growth of MICE Industry Market. During pandemic, there is lockdowns, social distancing, and quarantines which results reduction in tourism sector. Moreover, airlines, hotels, and other tourism-related businesses has significant material losses and disrupted in supplier management that are negatively impacted the growth of this market.

MICE Industry Market Challenges

High Cost Associated with MICE Events

The factors that is set to impede the growth of the MICE Industry Market are the high cost associated with MICE events. Moreover, uncertain global geopolitical conditions is set to create hurdles for the MICE Industry Market. 

MICE Industry Market Landscape

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the MICE Industry Market. MICE Industry top 10 companies include, Maritz,  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.

Developments

In August 2019, Caribbean Meeting & Incentive travel Exchange (CMITE) recently organized event to increase the development in business tourism and increases the brand promotion.

Relevant Reports:

Report Code: CPR 36002

Report Code: ITR 22435

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1. MICE Industry Market Overview
    1.1 Definitions and Scope
2. MICE Industry Market Executive Summary
    2.1 Market Size and Key Trends
    2.2 Key trends by Type
    2.3 Key trends by Application
    2.4 Key trends by Geography
3. MICE Industry Market Landscape
    3.1 Market Share Analysis- Key Companies
    3.2 Product Benchmarking- Key Companies
    3.3 Financial Analysis - Key Companies
    3.4 Patent Analysis
    3.5 Pricing Analysis
4. MICE Industry Market - Startup companies Scenario Premium Premium
    4.1 Key startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Application Analysis
        4.1.4 Venture Capital and Funding Scenario
5. MICE Industry Market - Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of successful ventures
6. MICE Industry Market Forces
    6.1 Market Drivers
    6.2 Market Constraints/Challenges
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Customers
        6.3.3 Threat of New Entrants
        6.3.4 Rivalry Among Existing Players
        6.3.5 Threat of Substitutes
7. MICE Industry Market Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. MICE Industry Market – By Type (Market Size -$Million/$Billion)
    8.1 Meetings
    8.2 Incentives
    8.3 Conventions
    8.4 Exhibitions
9. MICE Industry Market – By Application (Market Size -$Million/$Billion)
    9.1 Academic Field
    9.2 Business Field
    9.3 Political Field
10. MICE Industry Market - By Geography (Market Size -$Million/$Billion)
    10.1 North America
        10.1.1 U.S.
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 U.K.
        10.2.2 Germany
        10.2.3 Italy
        10.2.4 France
        10.2.5 Spain
        10.2.6 Russia
        10.2.7 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Australia
        10.3.3 Japan
        10.3.4 South Korea
        10.3.5 India
        10.3.6 Rest of Asia-Pacific
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Others 
    10.5 Rest of the World
        10.5.1 Middle East
        10.5.2 Africa
11. MICE Industry Market Entropy
12. MICE Industry Market - Industry / Segment Competition landscape Premium Premium
    12.1 Market Share Analysis
        12.1.1 Market Share by Country- Key companies
        12.1.2 Market Share by Region- Key companies
        12.1.3 Market Share at Global Level- Key companies
        12.1.4 Best Practices for Companies
13. MICE Industry Market - Key Company List by Country Premium Premium
14. MICE Industry Market Company Analysis
    14.1 Company Revenue, Products, M&A, Developments
    14.2 Company 1
    14.3 Company 2
    14.4 Company 3
    14.5 Company 4
    14.6 Company 5
    14.7 Company 6
    14.8 Company 7
    14.9 Company 8
    14.10 Company 9
    14.11 Company 10
"*Financials for private companies would be provided on a best efforts basis”.

LIST OF TABLES

1.Global GLOBAL MICE INDUSTRY, BY EVENT TYPE Market 2019-2024 ($M)
1.1 Meetings Market 2019-2024 ($M) - Global Industry Research
1.2 Incentives Market 2019-2024 ($M) - Global Industry Research
1.3 Conventions Market 2019-2024 ($M) - Global Industry Research
1.4 Exhibitions Market 2019-2024 ($M) - Global Industry Research
2.Global GLOBAL MICE INDUSTRY, BY EVENT TYPE Market 2019-2024 (Volume/Units)
2.1 Meetings Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Incentives Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 Conventions Market 2019-2024 (Volume/Units) - Global Industry Research
2.4 Exhibitions Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America GLOBAL MICE INDUSTRY, BY EVENT TYPE Market 2019-2024 ($M)
3.1 Meetings Market 2019-2024 ($M) - Regional Industry Research
3.2 Incentives Market 2019-2024 ($M) - Regional Industry Research
3.3 Conventions Market 2019-2024 ($M) - Regional Industry Research
3.4 Exhibitions Market 2019-2024 ($M) - Regional Industry Research
4.South America GLOBAL MICE INDUSTRY, BY EVENT TYPE Market 2019-2024 ($M)
4.1 Meetings Market 2019-2024 ($M) - Regional Industry Research
4.2 Incentives Market 2019-2024 ($M) - Regional Industry Research
4.3 Conventions Market 2019-2024 ($M) - Regional Industry Research
4.4 Exhibitions Market 2019-2024 ($M) - Regional Industry Research
5.Europe GLOBAL MICE INDUSTRY, BY EVENT TYPE Market 2019-2024 ($M)
5.1 Meetings Market 2019-2024 ($M) - Regional Industry Research
5.2 Incentives Market 2019-2024 ($M) - Regional Industry Research
5.3 Conventions Market 2019-2024 ($M) - Regional Industry Research
5.4 Exhibitions Market 2019-2024 ($M) - Regional Industry Research
6.APAC GLOBAL MICE INDUSTRY, BY EVENT TYPE Market 2019-2024 ($M)
6.1 Meetings Market 2019-2024 ($M) - Regional Industry Research
6.2 Incentives Market 2019-2024 ($M) - Regional Industry Research
6.3 Conventions Market 2019-2024 ($M) - Regional Industry Research
6.4 Exhibitions Market 2019-2024 ($M) - Regional Industry Research
7.MENA GLOBAL MICE INDUSTRY, BY EVENT TYPE Market 2019-2024 ($M)
7.1 Meetings Market 2019-2024 ($M) - Regional Industry Research
7.2 Incentives Market 2019-2024 ($M) - Regional Industry Research
7.3 Conventions Market 2019-2024 ($M) - Regional Industry Research
7.4 Exhibitions Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
2.Canada MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
3.Mexico MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
4.Brazil MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
5.Argentina MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
6.Peru MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
7.Colombia MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
8.Chile MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
9.Rest of South America MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
10.UK MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
11.Germany MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
12.France MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
13.Italy MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
14.Spain MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
15.Rest of Europe MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
16.China MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
17.India MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
18.Japan MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
19.South Korea MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
20.South Africa MICE Industry By Event Type Report Market Revenue, 2019-2024 ($M)
21.North America MICE Industry By Event Type Report By Application
22.South America MICE Industry By Event Type Report By Application
23.Europe MICE Industry By Event Type Report By Application
24.APAC MICE Industry By Event Type Report By Application
25.MENA MICE Industry By Event Type Report By Application
26.ACCESS DESTINATION SERVICES, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.ATPI LTD., Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.BCD GROUP, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.BI WORLDWIDE, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.CARLSON WAGONLIT TRAVEL, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.CIEVENTS, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.CONFERENCE CARE LTD., Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.CREATIVE GROUP, INC., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.CSI DMC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.IBTM, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.ITA GROUP, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.MARITZ, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.MEETINGS INCENTIVES, INC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.ONE10,LLC, Sales /Revenue, 2015-2018 ($Mn/$Bn)
40.THE FREEMAN COMPANY, Sales /Revenue, 2015-2018 ($Mn/$Bn)
41.THE INTERPUBLIC GROUP OF COMPANIES, INC., Sales /Revenue, 2015-2018 ($Mn/$Bn)
42.360 DESTINATION GROUP, Sales /Revenue, 2015-2018 ($Mn/$Bn)