India-based market research firm Research Dive released a comprehensive study about MICE perspectives. According to that report, the global MICE industry is estimated to garner a revenue of US$1,619.3bn (eds: €1,433bn) by 2028, and rise at a compound annual growth rate (CAGR) of 5.9% in a period comprised between 2021 to 2028.
The report on the MICE industry provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities.
The meetings sub-segment to be the most profitable
For Research Dive, the rapid increase in globalisation along with the rapid expansion of businesses around the world are the major factors to explain the growth of the global MICE industry over the forecast period. A global activity will drive organisations to become actively involved in cross-culture employee training, mergers and acquisitions of overseas companies and international marketing. All these factors are estimated to drive the demand for MICE and conferences during the forecast period.
Based on type, the meetings sub-segment is anticipated to hold a dominating market share and generate a revenue of US$979.6bn (eds: €867bn) by 2028 growing from US$623.3bn (eds: €551.4bn) in 2020.
According to Research Dive, the strong performance of the meetings sector is mainly due to the possibility for people to again hold face-to-face meetings. The format of the meeting is generally perceived as an added value for businesses as it brings new ideas, helps in sharing information, and also assists in carrying out problem solving. In addition, meetings encourage teamwork among clients as well as staff and also facilitate opportunities for personal growth. These factors are expected to drive growth in the meetings sub-segment.
By comparison, the exhibitions sub-segmentis anticipated to witness the fastest growth and generate a revenue of US$130.7bn (eds: €115.6bn) by 2028 compared to US$73.4bn (eds: €64.9bn) in 2020.
Europe will continue to dominate the MICE Industry
By region, the Europe MICE industry is expected to dominate the global industry. It would generate a revenue of US$626bn (eds: €554bn) during the analysis period. This achievement is due to a strong presence of popular destinations in Europe for MICE events.
According to Research Dive, top meeting destinations are located in the UK, Germany and France. Besides, the increased popularity of MICE events in Europe is mainly due to the high level of customer service, excellent catering, safe and comfortable means of transportation, safe and comfortable accommodation, and excellent Wi-Fi access & internet connectivity. All these factors are estimated to boost the growth of MICE industry in the Europe region.
The share of the Asia-Pacific MICE industry is anticipated to grow at a CAGR of 6.7% to reach a revenue of US$501.3bn (eds: €443.5bn) by 2028. This growth is majorly attributed to rapid economic growth and infrastructure development in countries such as India, China, Japan or South Korea.
The development of roads, airports, hotels, and use of advanced technologies with excellent internet connectivity will contribute to driving the growth of the entire MICE sector in Asian and Pacific destinations.