According to Research Dive analysis, the global MICE industry is estimated to generate a revenue of $1,619.3 billion by 2028, increasing from $1,007.2 billion in 2020, at a healthy CAGR of 5.9%.
Impact Analysis of COVID-19 on the Global MICE Industry:
The global MICE industry experienced a negative impact due to the COVID-19 unprecedented lockdown imposed across various countries that has led to ban on domestic and international travel. Many corporate offices were closed and work from home has became new normal. This has led to cancellation and postponements of several events, meetings, business conferences, exhibitions, and others. Various MICE events cancelled due to COVID-19 are Microsoft MVP Summit, TED, IBM Think, Facebook F8, Mobile World Congress 2020 Barcelona, and others. The cancellation of such big-ticket events has resulted in huge revenue losses. Even after booking space and confirming participation the COVID-19 fears has led to last minute cancellation of events that resulted huge revenue loss. In addition, various events were conducted virtually such as Adobe Summit, Google Cloud Next 2020 that resulted in decline in demand for MICE industry. All these factors have led to negative impact on the global MICE industry.
MICE Industry Analysis:
The global event industry market experienced appreciable growth owing to rise in tourism & travel industry, increase in SMEs, and rise in disposable income before the pandemic. The advancements in the tourism and travel industry due to ease of accessibility to transportation facilities, easy access to hotel due to online booking and payment, infrastructure developments, expansion of airlines, visa-on-arrival facilities are estimated to drive the growth of MICE industry. The rapid growth in SMEs due to government initiatives Skill India, Udayami Helpline, and others is propelling the growth of MICE industry as business travelers in this segment travel to different countries to seek the business opportunities. These factors are estimated to drive the overall MICE industry growth in the upcoming years.
Huge cost is involved in setting up any MICE event as it includes the on-site event expenses, food & catering cost, venue cost, event rentals including linens, table skirting, labor & delivery cost, domestic & international travel expenses, tourism, shopping, convention service, and others. These factors are anticipated to create a negative impact on the MICE industry growth during the analysis period.
The MICE industry is growing rapidly owing to technological advancements that has become protagonist for all events including meeting, incentives, exhibitions, conventions, and others. The development of cutting-edge technologies such as augmented reality to project the data and images that we see through the smartphones, 3D printers, facial recognition that allows thousands of people to access the inside of a venue, and hybrid meetings. Hybrid meetings have become quite popular due to lockdown and social distancing norms laid down by the pandemic. Hybrid meetings facilitate the participation of attendees either virtually or physically. The hybrid meetings support the COVID-19 regulations by reducing the number of physical employees and allowing the meeting to take place. These meetings also reduce the event expenses by reducing the travelling cost, hotel cost, and food expenses. Such technological advancements are predicted to generate huge opportunities for the growth of MICE industry during the analysis period.
Based on type, the global market for MICE industry is divided into meetings, incentives, conventions, and exhibitions, The meetings sub-segment is projected to have the fastest market growth and generate a revenue of $979.6 billion by 2028.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific MICE industry is anticipated to rise at a growth rate of 6.7% by 2028 from the revenue generated in 2020.
The companies involved in the global MICE industry are ACCESS Destination Services, ATPI Ltd., BCD Group, BI Worldwide, Carlson Wagonlit Travel, Cievents, Conference Care Ltd., Creative Group, Inc., CSI DMC, and IBTM Events.