Reportocean.com have announced the addition of a new report titled "MICE Industry by Event Type (Meetings, Incentives, Conventions, and Exhibitions): Global Opportunity Analysis and Industry Forecast, 2018 - 2025"
Delhi, India -- (SBWIRE) -- 11/25/2019 -- Based on the latest insights in the report title "MICE Industry by Event Type (Meetings, Incentives, Conventions, and Exhibitions): Global Opportunity Analysis and Industry Forecast, 2018 - 2025" by Report Ocean, the market is estimated to reach $1,439.3 billion in 2025 growing at a CAGR of 7.6%.
Meetings, Incentives, Conventions, and Exhibitions, abbreviated as MICE, represents a part of the tourism sector that comprises business events and activities. Generally, MICE are events or activities that involve a bunch of attendees who share a common interest and gather at a particular location. Most commonly, the travelers visiting for MICE events are business travelers that are connected to different areas of the tourism and hospitality industry through their own particular MICE activities. The service providers of MICE comprise a team of organizers as well as suppliers who offer a broad range of services that are related to business events. Herein, activities like on-site event logistics and staffing, event photography, and AV/technical production, event marketing and sponsorship management, kiosks/exhibit space, banners, supplier management, directional signage, displays, virtual meetings, and risk management services.
The report revealed the global MICE industry market to exhibit a notable CAGR of 7.6% during the forecast period of 2018-2025. The MICE industry market was further stated to surpass its previous valuation of $805 billion in 2017 and reach a projected valuation of $1,439.3 billion by 2025.
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The global MICE industry market has been segmented in terms of event type.
By event type, the market breaks down into conventions, incentives, meetings, and exhibitions. The meetings segment of the market is expected to garner the highest revenue during the forecast period by registering a CAGR of 7.5%. The incentives segment is, however, expected to lead the market with the maximum growth percentage. The meetings segment stood at a valuation of $505.8 billion back in 2017. The growth of the segment can be attributed to the improving tourism industry, positive economic results, and improving infrastructural development. The increasing number of international business travelers, globalization of business, and the introduction of a number of government initiatives has led to the growth of the market segment.
The global MICE industry market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. The Asia Pacific regional market for Meetings, Incentives, Conventions, and Exhibitions is expected to generate the highest CAGR over the forecast period of 8.6%. Herein, countries like India, China, and Singapore are expected to be the major contributors. The booming demand in commercial aviation, investments in better infrastructure, and ease in visa restrictions are some of the other driving factors behind the growth of the regional market.
Europe, on the other hand, dominated the market landscape with more than 42% of the global pool to its name back in 2017. Combined, Europe and Asia Pacific, accounted for more than 70% of the market share back in 2017. The European regional market is primed to garner a CAGR of 8.6% over the ongoing forecast period to remain standing as one of the essential geographical areas for the market.
The global MICE industry market comprises a host of key players. This includes names like Cievents, ATPI Ltd, Meetings and Incentives Worldwide (M&IW), Maritz, BI Worldwide, BCD Group, Conference Care Ltd, One10, LLC, Creative Group, Inc., 360 Destination Group, CSI DMC, 360 Destination Group, CSI DMC, ITA Group, Inc, The Freeman Company, ACCESS Destination Service, Carlson Wagonlit Travel, IBTM, and The Interpublic Group of Companies, Inc
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