At 6.5% CAGR, MICE Industry is Expected to Reach USD 2307.4 Million by 2027, says Brandessence Market Research

At 6.5% CAGR, MICE Industry is Expected to Reach USD 2307.4 Million by 2027, says Brandessence Market Research

PR Newswire

LONDON, Dec. 16, 2021

LONDON, Dec. 16, 2021 /PRNewswire/ -- MICE Industry is valued at USD 1468.2 Million in 2020 and expected to reach USD 2307.4 Million by 2027 with the CAGR of 6.5% over the forecast period., promising a robust forecast.  Research Analyzed by Brandessence Market Research & Consulting Pvt ltd. "MICE (Meetings, Incentives, Conferencing, Exhibitions) Market Size, Share & Trends Analysis Report By Type (Meetings, Incentives, Exhibitions), By Application (Academic Field, Business Field, Political Field, Exhibitions, Others) Based On Region, And Segment Forecasts, 2021 - 2027".

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The Meetings, incentives, conferences and exhibitions Market: Regional Analysis

The global MICE (Meetings, incentives, conferences and exhibitions) market report is divided on the basis of key regions into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America led the highest recovery for global travel sector. The region registered a growth rate or CAGR of 36.8% in 2021, followed by Asia pacific with a CAGR of 36.3%. Regions like Europe, and Middle East also promise substantial recovery with the CAGR of 27.1%, and 23.9% respectively. The global spending forecast for spending remains even more promising, with an improved growth rate of 61.7% in international travels, and 52.6% in domestic travel spending.  Leisure spending promises the most robust growth in the global MICE market, with China promising a growth rate of over 60% in 2022, and US with an estimate growth rate of 51.4% in 2022. Surveys in countries like the UK show that travellers are planning a domestic vacation, with staycations expected to rise in countries with longer restrictions.

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The demand for travelling continues to spring back into action, as travellers remain deeply reminiscent of travel activities, globally. The good news is despite a major decrease (49.1%) in 2020, the travel industry is expected to register growth of over 30% in 2021, followed by 31.7% growth in 2021.  Moreover, the covid-19 pandemic has also shifted traditional travel industry, with new trends like demand for longer vacation stays, first-time travellers, higher consciousness about health protocols, and free cancellations features continue to emerge. Overall, consumers also expect a better reflection of how they live their life on how they choose to travel. The comfort and safety of homes amidst a global pandemic has boosted demand for domestic travel globally. The global lockdowns and emergence of new covid-19 variants has also impacted future forecast of the global MICE market.

The Mice (Meetings, incentives, conferences and exhibitions) Industry Key Trends

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Key Players for Global MICE Market Report

Increasing Number of Corporate Meetings and Events from the Business Sectors is Expected to Drive the Market Growth.

The demand for MICE is on the rise from the past few years, as business travel seems to be continually increasing along with the increase in number and size of corporate meetings and events. This has created the huge opportunity to expand the tourism services for the corporate world which is beneficial to the event planners, hotels and event spaces. Additionally, corporate travelers are choosing the MICE tours to promote their businesses which is a good combination of business activity and sightseeing relaxation. The MICE industry has been gaining importance over past few years, since meeting planners and travel agents are organizing the corporate incentive travel programs to reward the employees for reaching specific targets.

The MICE Market: Notable Developments

Government programs promise a notable boost for travel sector, as it is generally acknowledged as the hardest hit sector globally. In countries like Singapore, every citizen has been handed the SingapoRediscovers Vouchers, also known as SRV. The $100 voucher is aimed at boosting domestic travel, with additional incentives for children. Over 1.2 million adults in the country used the voucher with a total spending of over 4178 million in total till September, 2021. 

On Special Requirement MICE Industry Report is also available for below region: https://brandessenceresearch.com/Checkout?report_id=351

North America

Europe

Asia-Pacific

South America

Middle East and Africa

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