MICE Tourism Market to Witness Significant growth by 2027, Globally

A comprehensive overview of the Global MICE Tourism market is recently added by UnivDatos Market Insights to its humongous database. The Global MICE Tourism market report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Global MICE Tourism market. The Global MICE Tourism market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global MICE Tourism market at the global and regional levels. The Global MICE Tourism market is expected to grow significantly by 2027.

Market Overview

The global MICE Tourism Market is experiencing significant growth on account of surging investments in infrastructural development and growing number of corporate tours among executives and employee of MNC’s. Moreover, rising government initiatives to promote SMEs and liberalization of market entry to increase FDIs 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.

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Furthermore, the increasing globalization of businesses and a growing number of SMEs all over the world is boosting the MICE Tourism industry. For instance, according to India Brand Equity Foundation, India has nearly 6.3 crore MSMEs. The number of registered MSMEs grew 18.5% Y-o-Y to reach 2.5 million units in 2020 from 2.1 million units in 2019. The Indian MSMEs sector further contributes about 29% towards the GDP through its national and international trade. Ongoing trends of using various social media platforms and online meeting applications for organizing meetings is expected to boost market growth in the near future.

COVID-19 Impact

The COVID19 has resulted in a profound reevaluation of the advantages and costs of business travel. In 2020, the coronavirus (COVID-19) pandemic threw the tourism industry into disarray, with travel prohibitions and emergency measures enacted in response to the health crisis disrupting routine travel. As a result, global business travel spending fell by 61% in 2020 compared to the previous year, reaching US$ 504 billion, down from US$ 1.29 trillion in 2019.

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Global MICE Tourism Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Event Type, the market is primarily bifurcated into

• Meetings
• Incentives
• Conventions
• Exhibitions

Meetings segment dominated the global MICE Tourism market and is expected to grow at X% CAGR to reach US$ X billion by the year 2027.

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MICE Tourism Market Geographical Segmentation Includes:

• North America (United States, Canada)
• Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
• Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
• Rest of the World

Based on the estimation, the Asia-Pacific region dominated the MICE Tourism market with almost US$ X billion revenue in 2020. At the same time, the European region is expected to grow remarkably with a CAGR of X% over the forecast period.

The major players targeting the market includes

• Maritz
• BI Worldwide, Ltd.
• ITA Group, Inc.
• One10
• Meetings and Incentives Worldwide (M&IW)
• Creative Group, Inc.,
• ACCESS Destination Service
• 360 Destination Group
• CSI DMC
• The Freeman Company

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the MICE Tourism market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the MICE Tourism market?
• Which factors are influencing the MICE Tourism market over the forecast period?
• What are the global challenges, threats, and risks in the MICE Tourism market?
• Which factors are propelling and restraining the MICE Tourism market?
• What are the demanding global regions of the MICE Tourism market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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