Global MICE Industry by Event Type - $1.43 Trillion Opportunity Analysis & Industry Forecast to 2025
DUBLIN, Aug. 21, 2019 /PRNewswire/ --
The "MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025" report has been added to ResearchAndMarkets.com's offering.
- This study provides an in-depth analysis of the MICE Industry with current and future trends to elucidate the imminent investment pockets in the market.
- It presents information regarding key drivers, restraints, and opportunities with a detailed impact analysis.
- Porter's Five Forces model analysis of the industry illustrates the potency of the buyers and suppliers.
- Market player positioning in the report provides a clear understanding of the position of leading companies.
The global MICE industry size was $805 billion in 2017, and is projected to reach $1,439.3 billion in 2025, registering a CAGR of 7.6% from 2018 to 2025.
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.
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 7.5% 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 growth trends of organizing hybrid meetings and use of social media and meeting apps.
Recent MICE industry trends such as rise of social media, tailor-made experiences, shift towards virtual and augmented elements, and demand for non-traditional event spaces propel the global MICE industry
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.
Based on region, the MICE industry was dominated by Europe and Asia-Pacific as it is accounted for nearly 70.4% market share in 2017 and are expected to witness a CAGR of 6.9% and 8.6% during the forecast period.
The leading players in the MICE industry focus on providing customized solution to consumers as their key strategies to gain a significant share in the market. Strategies such as partnership or acquisition of similar companies or related companies in this case travel agencies, tourism company, or event management service company help these companies to expand their service portfolio and have also helped the key players to improve their MICE industry statistics.
The key players profiled in the report Maritz, BI Worldwide, Ltd., ITA Group, Inc, One10, LLC, Meetings and Incentives Worldwide (M&IW), Creative Group, Inc., ACCESS Destination Service, 360 Destination Group, CSI DMC, Carlson Wagonlit Travel, IBTM, BCD Group, Cievents, ATPI Ltd, Conference Care Ltd, The Freeman Company, and The Interpublic Group of Companies, Inc.
Key Findings
- In 2017, Europe dominated the global MICE industry with more than 42% of global MICE industry share, in terms of value.
- Asia-Pacific is estimated to witness the highest growth rate from 2018 to 2025.
- On the basis of country, U.S. generated the highest revenue in global MICE industry in 2017.
- Based on event type, meetings segment generated the highest revenue in 2017, and is expected to grow at a CAGR of 7.5%.
- The incentives segment is projected to witness highest growth in the global market.
Key Topics Covered
Chapter: 1: INTRODUCTION
Chapter: 2: EXECUTIVE SUMMARY
Chapter: 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pocket
3.2.2. Top winning strategies
3.3. Porter's five forces analysis
3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyer
3.3.3. Thereat of new entrants
3.3.4. Threat of substitute
3.3.5. Intensity of competitive rivalry
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.1.1. Rapid growth in travel & tourism industry
3.5.1.2. Increase in globalization of businesses
3.5.1.3. Rapid Increase in SMEs
3.5.1.4. Rise in Disposable Income
3.5.2. Restraints
3.5.2.1. High Operational Cost Associated with MICE Events
3.5.2.2. Growth in Geopolitical and Social Uncertainties
3.5.3. Opportunities
3.5.3.1. Technological Advancements
3.5.3.2. Infrastructural Investment
Chapter: 4: GLOBAL MICE INDUSTRY, BY EVENT TYPE
4.1. Overview
4.2. Meetings
4.3. Incentives
4.4. Conventions
4.5. Exhibitions
Chapter: 5: GLOBAL MICE INDUSTRY, BY REGION
5.1. Overview
5.2. North America
5.3. Europe
5.4. Asia-Pacific
5.5. LAMEA
Chapter: 6: COMPANY PROFILES
6.1. Access Destination Services
6.2. ATPI Ltd.
6.3. BCD Group (BCD Meetings & Events)
6.4. BI Worldwide
6.5. Carlson Wagonlit Travel (CWT Meetings & Events)
6.6. CIEvents
6.7. Conference Care Ltd.
6.8. Creative Group Inc.
6.9. CSI DMC
6.10. IBTM
6.11. Ita Group
6.12. Maritz
6.13. Meetings & Incentives Inc.
6.14. One10 LLC
6.15. The Freeman Company
6.16. The Interpublic Group of Companies Inc.
6.17. 360 Destination Group
For more information about this report visit https://www.researchandmarkets.com/r/w6gkzy
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