Meetings, incentives, conferences, and exhibitions or MICE is a congregation which by using tourism creates itineraries for organizations and companies on business tours. It also helps in organizing to book conferences, seminars, and other events on similar lines. Being a part of the hospitality sector, it also holds a larger share in the market.
COVID-19 Impact on the Global MICE Industry
The COVID-19 virus started spreading all over the world in the initial months of 2020, which led to lockdowns and travel bans being implemented by a majority of the countries. The social distancing regulations in place also restricted gatherings in large numbers which caused the global MICE industry to experience a slowdown in its growth rate. Multiple events such as the Google Annual Developer Conference, Microsoft MVP Summit, and more were cancelled further adding to the negative effect on the market growth.
To ensure growth post pandemic, the market has been placing more safety measures such to ensure the safety of their guests. This along with new improved promotional marketing campaigns globally, as well as flexible pricing structure, and flexible work environment are factors predicted to help the market gain its momentum back in the coming years.
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Key Developments in the Industry
Several industries are working on building up their presence in the market while also involving in research which is a part of the efforts. The innovative methodologies by organizations of creating better products are also used, keeping in mind satisfaction of customers or companies in terms of quality.
For instance, in February 2021, Singapore-based company, SingEX which operates under Temasek, a pioneer in investments, announced a merger with an expert in events, Singapore Press Holdings’ subsidiary company known as Sphere Exhibits. This initiative is set to use the five decades of experience of both the organizations, to provide quality in trade and consumer events all over Singapore.
Additionally, in April 2021, the Thailand Convention and Exhibition Bureau (TCEB) announced a new initiative known as the ‘MICE Innovation, Winning, with the Innovation.’ This is expected to push more companies into further working on innovations, while also keeping the competitive spirit in the MICE sector of Thailand afloat.
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Forecast Analysis of the Global MICE Industry
As per the latest report by Research Dive, the global MICE industry is expected to witness a rise in revenue from $1,007.2 billion in 2020 to over $1,619.3 billion by 2028 at a steady CAGR of 5.9% from 2021-2028. The European region is predicted to dominate the market due to the presence of quality customer service, exceptional living facilities at hotels along with high speed internet connectivity.
The process of globalization has helping in speeding up the process of expansion of businesses worldwide. Many corporate are also vouching to spend more money which can help in the expansion of the company to many places. There has also been a change in the market strategies of several countries such as China, India, Saudi Arabia and more that have been experiencing liberalization. These factors have been the dominant reasons for the growth of the global MICE market.
The operational budget of any MICE event – a popular form of business tourism today is normally higher. It is inclusive of transportation, lodging facilities, convention service, shopping and entertainment, tourism, and more. The food choices of all the members also need to be considered in terms of different cuisines or dietary requirements such as paleo or vegan. These factors could limit the growth of the market.
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Additionally, the digitalization of meetings has made it more made things simpler for organizations as there is no requirement to reserve bookings in hotels or spend large amounts on flight tickets. Also the meetings also contain virtual whiteboards, along with a feature to message the participants and share the necessary document. This trend of being able to attend conference from the comforts of the participant’s home is predicted to provide an opportunity of growth for the global MICE market.
To add further, many experts and pioneers of the market have put in plenty of efforts to make future business meets more seamless and convenient. Some of them are- ATPI Ltd, BI Worldwide, Cievents, Creative Group, Inc, IBTM Events, ACCESS Destination Services, BCD Group, Carlson Wagonlit Travel, Conference Care Ltd, and CSI DMC.
About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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