Global MICE Industry Market to Witness Widespread Growth by 2031 with Increasing Developments in the Travel and Tourism Sector

Business travel has indeed gained popularity in recent years. It is an essential part of tourism that involves travelers who attend conferences, congresses, exhibitions, events, incentive travels, and corporate business travels. Many nations have realized the importance of this aspect of tourist development and how it affects the organization, promotion, and realization of tourism. Nowadays, both local and international organizations increasingly use the acronym MICE to refer to various sorts of travel.

MICE stand for meetings, incentives, conferences, and exhibitions in the context of travel. The MICE industry is a specialist area of group travel that focuses on booking, planning, seminars, facilitating conferences, and other events. It is the largest revenue contributor to the travel sector. The MICE industry is complex, with many different parties engaged in the organization and execution of an event, including attendees, planners, sponsors, convention and visitor bureaus, meeting locations, lodging, and suppliers. The industry offers simple, practical strategies for event planning and aids in selecting the ideal location, all of which are essential components of a successful event. The global MICE industry market is expanding at a rapid pace due to the modernization of businesses and the rising number multinational businesses looking to take advantage of new economic opportunities.

Newest Insights in the MICE Industry Market

An increase in SMEs that offer a variety of job opportunities to boost the economic growth of any nation has boosted the demand for the services offered by MICE industry. As per a report by Research Dive, the global MICE industry market is expected to surpass a revenue of $1,990.1 billion in the 2022–2031 timeframe. The Europe MICE industry market is expected to perceive foremost growth in the years to come. This is because the region has a huge demand for the MICE industry due to a consistent economic expansion, an increase in online booking resulting from technology, and advancements in developing infrastructure, roads, and airports in the region.

How are Market Players Responding to the Rising Demand for MICE Industry Services?

Market players are greatly investing in pioneering research and inventions to cater for the growing need for infrastructure development, including new highways, roads, airports, and building constructions to meet the demand of business and government travelers. Some of the foremost players in the MICE Industry market are ATPI Ltd., ACCESS Destination Services, BI Worldwide, BCD Group, Cievents, Carlson Wagonlit Travel, Conference Care Ltd., CSI DMC, Creative Group, Inc., IBTM Events and others. These players are focused on implementing strategies such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market. For instance:

• In January 2021, Meetingselect, the top marketplace for meetings, group bookings, and workspaces in the globe, announced the completion of the acquisition of MICE Access, a global meetings distribution technology with headquarters in Germany.
   
• In February 2021, Thomas Cook, a travel company with its headquarters in Mumbai, India, launched the first live MICE event in India in collaboration with Marriott, the biggest hotel chain across the world by the number of available rooms.
   
• In December 2022, Tripjack, a company that makes travel plans and provides a B2B travel portal, flight tickets, hotel reservations, and visa services, launched MICE vertical to establish a prominent position in the market by utilizing its existing network.

COVID-19 Impact on the Global MICE Industry Market

The unpredicted rise of the coronavirus pandemic in 2020 adversely impacted the global MICE industry market. During the pandemic period, several travel restrictions, unprecedented lockdowns, and the prohibition of social gatherings negatively impacted market growth. Furthermore, the 'work from home" module greatly impacted the MICE industry's income. Some MICE sector organizers faced financial difficulty and were compelled to fire numerous staff as a result of a drop in demand. These key factors stated that the COVID-19 health emergency had a detrimental impact on the MICE industry market growth. However, as per market analyst, the market is expected to recover soon in the post-pandemic period.