The global MICE industry is projected to observe striking growth over the forecast period, owing to the increasing globalization and rapid expansion of businesses across the globe. The meetings sub-segment is predicted to witness substantial growth by 2028. Geographically, the Europe region is estimated to witness prominent growth during the analysis period.
New York, USA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global MICE industry is estimated to garner a revenue of $1,619.3 billion by 2028, and rise at a CAGR of 5.9% in the forecast period from 2021 to 2028. The all-inclusive report on MICE industry provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
Analysts at Research Dive states that the rapid increase in globalization along with the rapid expansion of rapid expansion of businesses around the world are the major factors anticipated to propel the growth of the global MICE industry over the forecast period. Besides, technological advancements and the growing popularity of virtual meetings across the globe are predicted to create massive growth opportunities for the global market by 2026. Conversely, the high operation costs associated with the MICE events may restrict the MICE industry growth in the coming years.
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Impact of COVID-19 Pandemic on the MICE Industry
The COVID-19 outbreak has undesirably impacted the global MICE industry growth during the pandemic period, mainly due to the unprecedented lockdowns, restrictions of social gatherings & meetings, travel restrictions, and social distancing measures to curb the coronavirus spread. Majority of MICE event destinations were closed during the pandemic period owing to the complete lockdown in many countries worldwide. However, the growing popularity of online MICE events conducted 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 to be Most Profitable
Based on type, the meetings sub-segmented is anticipated to hold a dominating market share and garner a revenue of $979.6 billion by 2028. This is mainly because meetings bring people together and help individuals as well as businesses in contributing their ideas, share information, and also carry out problem solving & discussions. In addition, meetings encourage teamwork among clients as well as staff and also facilitates opportunities for personal growth. These factors are expected to drive the meetings sub-segment growth of the global MICE industry.
Europe Region to be Most Dominant
By region, the Europe MICE industry is expected to dominate in the global industry and generate a revenue of $626.0 billion during the analysis period. This is majorly owing to the presence of popular destinations in Europe for MICE events. The top meeting destinations are in UK, Germany, and France. Besides, the increased popularity of MICE events in Europe is mainly due to the high level of customer service, excellent catering, safe & comfortable transport, safe & comfortable accommodation, and excellent WiFi access & internet connectivity. All these factors are estimated to boost the growth of MICE industry in the Europe region.
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Prominent Market Players
The report presents several aspects of these major players such as strategic moves and business & financial performance of key players, latest developments, SWOT analysis, and product portfolio. Some of the key players of the global MICE industry are:
ACCESS Destination Services
Carlson Wagonlit Travel
Conference Care Ltd.
Creative Group, Inc.
These players are executing several strategies to gain a dominant position in the global industry.
For instance, in February 2021, SingEX, the Singapore-based pioneer in investments, announced a merger with Sphere Exhibits, the Singapore Press Holdings’ subsidiary company and an expert in events. The aim behind this merger is to use the experience of both the organizations to provide better quality in trade & consumer events in Singapore.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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