MICE industry size is expected to reach $1,337.4 billion by 2028 at a CAGR of 21.3% from 2021 to 2028
PORTLAND, OR, UNITED STATES, August 16, 2021 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global MICE industry size is expected to reach $1,337.4 billion by 2028 at a CAGR of 21.3% from 2021 to 2028.
The term MICE in the context of travel is an acronym for meetings, incentives, conferences, and exhibitions. The MICE market refers to a specialized niche of group tourism dedicated to planning, booking, and facilitating conferences, seminars, and other events, and it is the highest revenue contributor to the travel industry. The MICE industry is complex, consisting of participants, sponsors, planners, convention and visitor bureaus, meeting venues, accommodations, and suppliers generally being involved in the planning and execution of an event. The industry provides easy and convenient methods for organizing events and helps choose the right destination, which forms the basis of a successful event. The group market of the tourism industry has witnessed exponential growth owing to rapid globalization and expansion of service industries, and the continuous evolution of scientific and technological innovations.
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In 2017, the meetings segment dominated the global MICE industry, accounting for $505.8 billion, and is expected to grow at a notable CAGR of 23.5% during the forecast period. This is attributed due to positive economic trends, improving infrastructure, and enhancing tourism combined with globalization of businesses. The segment is also estimated to witness a healthy growth rate in the future, owing to rise in number of international business travelers, surge in government initiatives for the development of MICE segment & SME sector coupled with ongoing MICE industry trends of organizing hybrid meetings and use of social media and meeting apps.
Based on region, Asia-Pacific is expected to witness the highest growth rate of 8.6% 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 MICE industry.
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Key findings of the study
The MICE industry was valued at $805.0 billion in 2017, and is estimated to reach $1,337.4 billion by 2028, growing at a CAGR of 21.3% during the forecast period.
By event type, the incentive segment is estimated to witness the fastest growth, registering a CAGR of 24.1% during the forecast period.
In 2017, depending on event type, the meeting segment was valued at $505.8 billion, accounting for 62.8% of the global MICE industry share.
In 2017, the U.S. was the most prominent market in North America, and is projected to reach $109.1 billion by 2028, growing at a CAGR of 22.9% during the forecast period.
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