At 6.5% CAGR, MICE Industry is Expected to Reach USD 2307.4 Million by 2027, says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Dec 16, 2021, 07:00 ET

LONDON, Dec. 16, 2021 /PRNewswire/ -- MICE Industry is valued at USD 1468.2 Million in 2020 and expected to reach USD 2307.4 Million by 2027 with the CAGR of 6.5% over the forecast period., promising a robust forecast.  Research Analyzed by Brandessence Market Research & Consulting Pvt ltd. "MICE (Meetings, Incentives, Conferencing, Exhibitions) Market Size, Share & Trends Analysis Report By Type (Meetings, Incentives, Exhibitions), By Application (Academic Field, Business Field, Political Field, Exhibitions, Others) Based On Region, And Segment Forecasts, 2021 - 2027".

The Meetings, incentives, conferences and exhibitions Market: Regional Analysis

The global MICE (Meetings, incentives, conferences and exhibitions) market report is divided on the basis of key regions into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America led the highest recovery for global travel sector. The region registered a growth rate or CAGR of 36.8% in 2021, followed by Asia pacific with a CAGR of 36.3%. Regions like Europe, and Middle East also promise substantial recovery with the CAGR of 27.1%, and 23.9% respectively. The global spending forecast for spending remains even more promising, with an improved growth rate of 61.7% in international travels, and 52.6% in domestic travel spending.  Leisure spending promises the most robust growth in the global MICE market, with China promising a growth rate of over 60% in 2022, and US with an estimate growth rate of 51.4% in 2022. Surveys in countries like the UK show that travellers are planning a domestic vacation, with staycations expected to rise in countries with longer restrictions.

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The demand for travelling continues to spring back into action, as travellers remain deeply reminiscent of travel activities, globally. The good news is despite a major decrease (49.1%) in 2020, the travel industry is expected to register growth of over 30% in 2021, followed by 31.7% growth in 2021.  Moreover, the covid-19 pandemic has also shifted traditional travel industry, with new trends like demand for longer vacation stays, first-time travellers, higher consciousness about health protocols, and free cancellations features continue to emerge. Overall, consumers also expect a better reflection of how they live their life on how they choose to travel. The comfort and safety of homes amidst a global pandemic has boosted demand for domestic travel globally. The global lockdowns and emergence of new covid-19 variants has also impacted future forecast of the global MICE market.

The Mice (Meetings, incentives, conferences and exhibitions) Industry Key Trends

  • In a study in 2020, over 58% travellers preferred booking flights that offered flexible cancellation policies. On the other hand, over 76% travellers opted for the same in relation to hotel bookings. 55% noted free cancellation as primary concern while booking, and this figure stood at a meager 20% before the pandemic. Furthermore, this preference varies widely between regions, with 89% of travellers from Spain, 87% from France, and 84% from UK highlighted the importance of the free cancellation policies. On the other hand, 82% of travel industry executives noted that they have made changes to their existing policies to accommodate the growing demand for free cancellations. While 69% have eliminated the need to keep a deposit, 61% are changing rules that mandated minimum duration stays. Despite growing demand, financial implication for free cancellation are difficult to accommodate for the industry, and postponement options are increasingly being offered to travelers to tackle their challenges.
  • The pandemic has also resulted in major changes in air-travel bookings, as travellers opt for short-bookings increasingly. The average time-span for air-travel bookings dropped to 23 days, as opposed to earlier trend of 53 days in advance. Furthermore, hotel bookings also have witnessed this trend with advance booking dropping from 32 days in advance in 2019, to 10 days in the first half of 2021. Major hotels like Hyatt have reported that most of their bookings were made just 4 days in advance in 2021, in the US.
  • The domestic travel continues to outgrow the international travel segment globally. It remains to be seen, how this trend will impact growth of the MICE market. However, the international travelling is estimated to outpace growth of domestic travel in 2022. The increased prospect of global vaccination, and ease of restrictions globally remain key drivers of growth. The international travel is expected to grow at a robust CAGR of 9.3% CAGR during 2021, while witnessing a massive projected increase of 93.8% in 2022. The growing active response from tourism industry to emerging consumer trends and eagerness to welcome business prospects lead the way for increased resilience.
  • The trend of 'staycation', meaning a business engagement that leads to longer stays at a destination, combining a vacation, promises new opportunities for growth. Furthermore, the increased eagerness of business travelers also remains a promising driver of future growth. Over 80% business executives report that their travel arrangements have at least some impact on their job offer consideration. Similarly, business clients also convey comfortable and convenient hotel preferences as the top comfort in travelling. The growing demands for domestic exhibitions also promise to remain a key driver of growth in the MICE market. Exhibitions witnessed emergence of 4.5 million exhibitors around the world in 2018. Moreover, over 300 million visitors attended these exhibitions globally, in the same year.
  • Furthermore, new regions like Asia Pacific continue to emerge, thanks to promising investment in global business center development. Regions like Asia Pacific accounted for over 26.9% of all global travellers in 2018, with total number amounting to over 80 million visitors. Similarly, Europe, and North America also promise considerable growth, taking the total financial contribution of the exhibition industry to over USD 300 billion, with over 32,000 exhibitions globally in 2018.

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  • The increased emergence of remote work has also led to increased growth of staycations, or longer work-based vacations. As people increasingly normalize remote work around the world, the vacations to accommodate business remains high, with increased longer stays, increased demand for work-related facilities like WiFi, and booking options like free cancellations. The fears of cancellations remain high in the global travel sector, with travellers preferring isolated place to crowded vacation spots. Furthermore, increased health consciousness driven by covid-19 pandemic has also led to increased demand for wellness centers, and beautiful natural landscapes. The increased stress on children to limit their daily playful activities has also pushed parents to take longer trips, with increased involvement of first-generation travellers. This further drives increased need for health-consciousness on part of travel organizers.

Key Players for Global MICE Market Report

  • Capita Travel and Events
  • CWT Meetings & Events
  • IBTM Events
  • Interpublic Group of Companies (IPG)
  • ATPI
  • BCD Meetings and Events
  • Cievents
  • Freeman
  • Grass Roots Meetings and Events
  • Questex
  • 360 DESTINATION GROUP
  • ACCESS DESTINATION SERVICES
  • BCD GROUP (BCD MEETINGS & EVENTS)
  • BI WORLDWIDE
  • CONFERENCE CARE LTD.
  • CREATIVE GROUP, INC.
  • CSI DMC
  • ITA GROUP
  • MARITZ
  • MEETINGS & INCENTIVES WORLDWIDE, INC.
  • ONE10, LLC
  • THE FREEMAN COMPANY
  • THE INTERPUBLIC GROUP OF COMPANIES, INC.

Increasing Number of Corporate Meetings and Events from the Business Sectors is Expected to Drive the Market Growth.

The demand for MICE is on the rise from the past few years, as business travel seems to be continually increasing along with the increase in number and size of corporate meetings and events. This has created the huge opportunity to expand the tourism services for the corporate world which is beneficial to the event planners, hotels and event spaces. Additionally, corporate travelers are choosing the MICE tours to promote their businesses which is a good combination of business activity and sightseeing relaxation. The MICE industry has been gaining importance over past few years, since meeting planners and travel agents are organizing the corporate incentive travel programs to reward the employees for reaching specific targets.

The MICE Market: Notable Developments

Government programs promise a notable boost for travel sector, as it is generally acknowledged as the hardest hit sector globally. In countries like Singapore, every citizen has been handed the SingapoRediscovers Vouchers, also known as SRV. The $100 voucher is aimed at boosting domestic travel, with additional incentives for children. Over 1.2 million adults in the country used the voucher with a total spending of over 4178 million in total till September, 2021. 

On Special Requirement MICE Industry Report is also available for below region: https://brandessenceresearch.com/Checkout?report_id=351

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

South America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA

Get Full Research Report: https://brandessenceresearch.com/technology-and-media/mice-meetings-incentives-conferencing-exhibitions-market-size

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