MICE Industry is valued around USD 916.1 Million in 2019and expected to reach USD 1.78 Billion by 2030 with the CAGR of 6.1% over theforecast period.
Meetings, incentives,conferences and exhibitions together known as MICE industry which involves theorganization of event, planned in advance with all the required arrangements. Meetingsare planned by the companies and arrangements are done them only. On the otherhand incentives are given to the employee as a reward of the performance.Conferences and exhibitions are organized by the committee and involveindividuals from the same profession. It also involves the detail discussionsrelated to work, advancement in the field, display of products or services andothers.
Global MICE Industry report issegmented on the basis of event type, application and by regional. Based upon eventtype, the MICE industry is fragmented into meetings, incentives, conference andexhibitions. On the basis of applications, the market is categorized into AcademicField, Business Field, Political Field, Exhibitions, and Others. The regionalbifurcation of countries includes North America, Europe, Asia-Pacific, and RoWwhich are further segmented into major countries such as U.S., UK, France, andothers.
The MICE industry is mainlydriven by the growth in globalization which is further added by the growinginternational trade practices. Moreover, development in business activities alongwith the global expansion of MNC’s as well as enlargement of tourism industryall around the globe are likely to positively affect the market growth. On theother hand, rising government initiatives to promote the business ideas withtechnological advancements as well as changing lifestyles. In addition, risingforeign investments along with the rapid urbanization is also expected to addthe market growth. However, high cost of the MICE events and uncertaingeopolitical conditions may negatively affect the market growth.
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The developed regions suchas Europe and North America are expected to hold the major market share owingto the surge adoption of smart devices along with high internet penetration andamplification in business activities with advanced technology. Moreover, AsiaPacific is expected to dominate the MICE industry market in terms of growthrate owing to the rapid industrialization with growing international tradepractices. Moreover, rapid urbanization & globalization with supportinggovernment policies are anticipated the market growth.
The major market playersprofiled in the MICE industry market includes BI Worldwide, Ltd., BCD Group, One10, LLC, ITAGroup, Inc, Conference Care Ltd, Meetings and Incentives Worldwide (M&IW), Maritz,Cievents, ACCESS Destination Service, 360 Destination Group, CSI DMC, TheFreeman Company, Carlson Wagonlit Travel, IBTM, Creative Group, Inc., ATPI Ltd,and The Interpublic Group of Companies, Inc. and others.
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