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MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025

  • ID: 4828483
  • Report
  • Region: Global
  • 186 pages
  • Allied Analytics LLP
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The MICE industry consists of organizers and suppliers that manage and deliver meetings, conferences, exhibitions, and other related events held to achieve a range of professional, business, cultural, or academic objectives. The activities of the MICE industry play a key role in the future growth for businesses, cities, destinations, and other covered spectrums. Organizers of MICE events also provide other creative services that include show displays, directional signage, banners, kiosks/exhibit space, event photography, and AV/technical production; and event marketing and sponsorship management, group air fulfillment, on-site event logistics and staffing, supplier management, virtual meetings, and risk management services.

The surge in presence of corporate industries, due to the massive increase in business activities such as client meetings, brand promotions, employee training activities, and others drives the growth of the global MICE industry. Moreover, the rise in government initiatives to promote SMEs and liberalization of market entry to increase FDIs are anticipated to boost the growth further. Other significant factors that promote the growth of the market are the change in lifestyle of business travelers to seek leisure trips, rapid urbanization, and industrial growth. Moreover, infrastructural development and continuous technological advancements fuel market growth. However, the high cost associated with MICE events and uncertain global geopolitical conditions hampers the growth of the market. Factors such as investments in infrastructural development and technological advancements are expected to provide lucrative opportunities for market growth.

The global MICE industry is segmented based on event type into meetings, incentives, conventions, and exhibitions. The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA to understand its regional trends. The report highlights the drivers, restraints, opportunities, and growth strategies adopted by the key players to understand the dynamics and potential of the market. Key players operating in the global MICE industry are also profiled to provide a competitive landscape of the marketspace.

The major players profiled in the report are as follows:

  • Maritz
  • BI Worldwide
  • ITA Group, Inc.
  • One10 LLC
  • Meetings and Incentives Worldwide (M&IW)
  • Creative Group, Inc.
  • ACCESS Destination Service
  • 360 Destination Group
  • CSI DMC
  • CWT
  • IBTM
  • BCD Group
  • Cievents
  • ATPI Ltd
  • Conference Care Ltd
  • The Freeman Company
  • The Interpublic Group of Companies, Inc.

KEY BENEFITS FOR STAKEHOLDERS

  • The 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 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.

KEY MARKET SEGMENTS

  • By Event Type

     Meetings
     Incentives
     Conventions
     Exhibitions

  • By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • Spain
    • UK
    • Italy
    • France
    • Rest Of Europe
  • Asia-Pacific
    • China
    • South Korea
    • Japan
    • Australia
    • Singapore
    • Rest Of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
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Chapter: 1: INTRODUCTION
1.1. Report description
1.2. Key benefits for stakeholders
1.3. Key market segments
1.4. Research methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

Chapter: 2: EXECUTIVE SUMMARY
2.1. Snapshot
2.2. CXO perspective

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 the 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 the travel & tourism industry
3.5.1.2. Increase in the globalization of businesses
3.5.1.3. Rapid Increase in SMEs
3.5.1.4. The 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
4.1.1. Market size and forecast
4.2. Meetings
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast
4.2.3. Market analysis by region
4.3. Incentives
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast
4.3.3. Market analysis by country
4.4. Conventions
4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast
4.4.3. Market analysis by country
4.5. Exhibitions
4.5.1. Key market trends, growth factors, and opportunities
4.5.2. Market size and forecast
4.5.3. Market analysis by country

Chapter: 5: GLOBAL MICE INDUSTRY, BY REGION
5.1. Overview
5.1.1. Market size and forecast
5.2. North America
5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast, by event type
5.2.3. Market size and forecast, by country
5.2.4. U.S.
5.2.4.1. Market size and forecast
5.2.5. Canada
5.2.5.1. Market size and forecast
5.2.6. Mexico
5.2.6.1. Market size and forecast
5.3. Europe
5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast, by event type
5.3.3. Market size and forecast, by country
5.3.4. Germany
5.3.4.1. Market size and forecast
5.3.5. UK
5.3.5.1. Market size and forecast
5.3.6. Spain
5.3.6.1. Market size and forecast
5.3.7. France
5.3.7.1. Market size and forecast
5.3.8. Italy
5.3.8.1. Market size and forecast
5.3.9. Rest of Europe
5.3.9.1. Market size and forecast
5.4. Asia-Pacific
5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast, by event type
5.4.3. Market size and forecast, by country
5.4.4. China
5.4.4.1. Market size and forecast
5.4.5. India
5.4.5.1. Market size and forecast
5.4.6. Singapore
5.4.6.1. Market size and forecast
5.4.7. Thailand
5.4.7.1. Market size and forecast
5.4.8. Indonesia
5.4.8.1. Market size and forecast
5.4.9. Australia
5.4.9.1. Market size and forecast
5.4.10. New Zealand
5.4.10.1. Market size and forecast
5.4.11. Japan
5.4.11.1. Market size and forecast
5.4.12. Malaysia
5.4.12.1. Market size and forecast
5.4.13. South Korea
5.4.13.1. Market size and forecast
5.4.14. Vietnam
5.4.14.1. Market size and forecast
5.4.15. Hong Kong
5.4.15.1. Market size and forecast
5.4.16. Taiwan
5.4.16.1. Market size and forecast
5.4.17. Rest of Asia-Pacific
5.4.17.1. Market size and forecast
5.5. LAMEA
5.5.1. Key market trends, growth factors, and opportunities
5.5.2. Market size and forecast, by event type
5.5.3. Market size and forecast, by country
5.5.4. Latin America
5.5.4.1. Market size and forecast
5.5.5. Middle East
5.5.5.1. Market size and forecast
5.5.6. Africa
5.5.6.1. Market size and forecast

Chapter: 6: COMPANY PROFILE
6.1. ACCESS DESTINATION SERVICES
6.1.1. Company overview
6.1.2. Company snapshot
6.1.3. Operating business segments
6.1.4. Product portfolio
6.2. ATPI LTD.
6.2.1. Company overview
6.2.2. Company snapshot
6.2.3. Operating business segments
6.2.4. Product portfolio
6.2.5. Key strategic moves and developments
6.3. BCD GROUP (BCD MEETINGS & EVENTS)
6.3.1. Company overview
6.3.2. Company snapshot
6.3.3. Operating business segments
6.3.4. Product portfolio
6.3.5. Business performance
6.3.6. Key strategic moves and developments
6.4. BI WORLDWIDE
6.4.1. Company overview
6.4.2. Company snapshot
6.4.3. Operating business segments
6.4.4. Product portfolio
6.5. CWT
6.5.1. Company overview
6.5.2. Company snapshot
6.5.3. Operating business segments
6.5.4. Product portfolio
6.5.5. Key strategic moves and developments
6.6. CIEVENTS
6.6.1. Company overview
6.6.2. Company snapshot
6.6.3. Operating business segments
6.6.4. Product portfolio
6.6.5. Key strategic moves and developments
6.7. CONFERENCE CARE LTD.
6.7.1. Company overview
6.7.2. Company snapshot
6.7.3. Operating business segments
6.7.4. Product portfolio
6.8. CREATIVE GROUP, INC.
6.8.1. Company overview
6.8.2. Company snapshot
6.8.3. Operating business segments
6.8.4. Product portfolio
6.8.5. Key strategic moves and developments
6.9. CSI DMC
6.9.1. Company overview
6.9.2. Company snapshot
6.9.3. Operating business segments
6.9.4. Product portfolio
6.10. IBTM
6.10.1. Company overview
6.10.2. Company snapshot
6.10.3. Operating business segments
6.10.4. Product portfolio
6.10.5. Key strategic moves and developments
6.11. ITA GROUP
6.11.1. Company overview
6.11.2. Company snapshot
6.11.3. Operating business segments
6.11.4. Product portfolio
6.11.5. Key strategic moves and developments
6.12. MARITZ
6.12.1. Company overview
6.12.2. Company snapshot
6.12.3. Operating business segments
6.12.4. Product portfolio
6.13. MEETINGS & INCENTIVES, INC
6.13.1. Company overview
6.13.2. Company snapshot
6.13.3. Operating business segments
6.13.4. Product portfolio
6.13.5. Key strategic moves and developments
6.14. ONE10,LLC
6.14.1. Company overview
6.14.2. Company snapshot
6.14.3. Operating business segments
6.14.4. Product portfolio
6.15. THE FREEMAN COMPANY
6.15.1. Company overview
6.15.2. Company snapshot
6.15.3. Operating business segments
6.15.4. Product portfolio
6.15.5. Key strategic moves and developments
6.16. THE INTERPUBLIC GROUP OF COMPANIES, INC.
6.16.1. Company overview
6.16.2. Company snapshot
6.16.3. Operating business segments
6.16.4. Product portfolio
6.16.5. Business performance
6.17. 360 DESTINATION GROUP
6.17.1. Company overview
6.17.2. Company snapshot
6.17.3. Operating business segments
6.17.4. Product portfolio
6.17.5. Key strategic moves and developments


*Full List of Tables and Figures Available on Enquiry.

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According to this report titled 'MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025', 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 term MICE in the context of travel is an acronym for meetings, incentives, conferences, and exhibitions. The industry 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 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.

In 2017, the meetings segment dominated the global MICE industry, accounting for505.8 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.

According to Shankar Bhandalkar, Senior Research Analyst, Consumer Goods, 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.

Key Findings of the MICE Industry:

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.

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
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The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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