Global MICE industry to achieve $1,245 billion by 2023: AMR

AMR-logoAccording to a report published by Allied Market Research, the global MICE industry generated $752 billion in 2016 and is expected to attain $1,245 billion by 2023, growing at a CAGR of 7.5% during the forecast period, 2017-2023. The growth of the MICE industry is driven by the rapid surge in the tourism industry, increase in international business travels, rise in frequency of various types of events and meetings being organised globally, and surge in disposable income of consumers. Additionally, rapid technological advancements and infrastructural investments would provide lucrative opportunities for emerging market players in the near future. However, high operational cost related to MICE events and uncertainties in social and geopolitical scenarios hamper market growth. By event types, the meetings segment generated almost two-thirds of the global market revenue in 2017 and is expected to maintain this dominance throughout the forecast period. This is due to rapid infrastructure development, growth in tourism, positive economic trends, globalisation of business, and surge in the number of international business travelers. However, the incentives segment is projected to grow at the fastest CAGR of 8.0% from 2017 to 2023, on account of increased focus of incentive travel services companies to provide complete packages to their customers and the adoption of value-added services which attracts more incentive travelers.
Regionally, Europe occupied more than two-fifths of the total market share in 2017 and is anticipated to maintain this trend during the forecast period. This is attributed to low inflation rate, rise in domestic demand for meetings and incentives, lower oil prices, rapid development of labor market, and steady economic growth. However, Asia-Pacific is poised to register the fastest CAGR of 8.6% through 2023, owing to strong economic growth, regional cooperation, intellectual development, and rapid growth in the region’s business travel sector in recent years.
The key players analysed in the report include Questex, LLC, CWT Meetings & Events, IBTM Events, BCD Meetings and Events, Capital Travel and Events, CiEvents, Conference Care Ltd., The Freeman Company, ATPI Ltd., and Interpublic Group of Companies, Inc. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.