MICE Tourism Market- Industry Analysis by Size, Share & Growth


MICE Tourism

The MICE Tourism industry is witnessing an uptick on account of increasing frequency of business activities, business travelers to seek leisure trips, and industrial growth. Moreover, rising government initiatives and investment strategy to promote SMEs and liberalization of market entry to increase FDIs flow has boosted the growth of this market even further. Some employees love to travel to different places for work. For instance, as per Booking.com, 30% of workers (and 43% of Indians) would accept lower salaries in exchange for more business trips. Furthermore, as per TripActions, 39% of Millennial and Gen Z workers wouldn’t accept a job that doesn’t let them travel.
Fiurthermore, as per a survey conducted by one of the top consulting firm 90% of respondents stated that business travel is essential for company growth and employee motivation.

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The COVID-19 pandemic has adversely impacted the market of MICE Tourism due to disruptions in the supply chain and a temporary halt in the manufacturing sector due to lockdown. The COVID-19 outbreak and the subsequent economic crisis had a major effects on the business travel industry. As per one of the top market research firm, the business travel market worldwide is expected to lose US$810.7 bn as a result of the obgoing Covid-19 pandemic. China has seen the greatest reduction in business travel spend at US$404 Bn, followed by Europe and the Asia Pacific region. Furthermore, IATA in their June report, estimated that global airline revenue will decline by US$ 419bn by end of 2020. Studies have found that it takes on average five years for airline traffic to return to normal from substantial unanticipated shocks.

According to UnivDatos Market Insights (UMI)’ research report “Global MICE Tourism Market Analysis, 2020”, the Global MICE Tourism market is projected to grow at a CAGR of XX% during 2021-27F. The surge in the number of business travelers across the globe augmenting the growth of the MICE tourism market. For Instance: The worldwide spending on business was valued at US$1.054 billion in 2015 and has increased to US$1.228 billion and US$1.294 billion in 2018 and 2019, respectively.

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Meetings segment to Witness Robust growth
Based on the Event type, the meetings segment acquired the major market share and grabbed US$ XX Mn revenue from the MICE Tourism market in 2020. Technological advancement and rapid globalization of businesses is boosting the growth of MICE Tourism.

Asia-Pacific to Grab Lion’s Share, Bit Europe to witness Explicit Growth
Based on the Region, Asia-Pacific dominated the Global MICE Tourism market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to high penetration of internet & technology and by strongly influenced government policies. Moreover, most of the countries in this region are emerging countries, which offers lucrative business opportunities for investors. For instance, as per one of the top business consulting firm, 69% of Asian work travelers are given freedom to choose their airline or hotel (from a list, or with no restrictions at all). However, Europe is expected to skyrocket with a CAGR of XX% in the forecast period owing to rising investments from corporate, as stated in UnivDatos Market Insights (UMI)’ research report “Global MICE Industries Market Analysis, 2020”.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global MICE Tourism market are Maritz, BI Worldwide, ITA group, One10 LLC, Meetings and Incentives Worldwide, Creative Group, ACCESS Destination Service, 360 Destination Group, CSI DMC, and The Freeman Company among others. The players are focused on launching new products for gaining customers’ traction and expanding their geographical reach to get a competitive edge in the industry.

“Global MICE Tourism Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for MICE Tourism providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor’s capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

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Market Segmentation:
1. By Event (Meetings, Incentives, Conventions and Exhibitions)
2. By Region (North America, Europe, Asia-Pacific, Rest of the World)
3. By Company (Maritz, BI Worldwide, ITA group, One10 LLC, Meetings and Incentives Worldwide, Creative Group, ACCESS Destination Service, 360 Destination Group, CSI DMC, and The Freeman Company., etc.)

Key questions answered in the study:
1. What are the current and future trends of the Global MICE Tourism industry?
2. How the industry has been evolving in terms of event type area?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the MICE Tourism industry?
5. What are the customer orientation, purchase behavior, and expectations from the MICE Tourism firms across various regions?

Table of Content –
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 TOP START-UPS UNDER MICE TOURISM SECTOR
6 MICE TOURISM AMID COVID-19
7 GLOBAL MICE TOURISM MARKET REVENUE (USD BN), 2021-2027
8 MARKET INSIGHTS BY EVENT TYPE
9 MARKET INSIGHTS BY REGION
10 MICE TOURISM MARKET DYNAMICS
11 MICE TOURISM MARKET OPPORTUNITIES
12 MICE TOURISM MARKET TRENDS
13 LEGAL & REGULATORY FRAMEWORK
14 DEMAND AND SUPPLY SIDE ANALYSIS
15 VALUE CHAIN ‚Äč‚ÄčANALYSIS
16 COMPETITIVE SCENARIO
17 COMPANY PROFILED
18 DISCLAIMER

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About Us:
UnivDatos Market Insights (UMI), is a passionate market research firm and a subsidiary of Universal Data Solutions. Rigorous secondary and primary research on the market is our USP, hence information presented in our reports is based on facts and realistic assumptions. We have worked with 200+ global clients, including some of the fortune 500 companies. Our clientele praises us for quality of insights, In-depth analysis, custom research abilities and detailed market segmentation.

This release was published on openPR.

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