PORTLAND—A new report published by Allied Market Research finds that the global meetings, incentives, conventions, and exhibitions (MICE) industry registers a compound annual growth rate (CAGR) of 7.5 percent from 2017 to 2023. Valued at $752 billion in 2016, the MICE industry is projected to reach $1,245 billion in 2023.
The MICE industry is complex, consisting of participants, sponsors, planners, convention and visitor bureaus, meeting venues, accommodations, and suppliers generally involved in the planning and execution of an event. The report, MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, shows that the group market of the tourism industry has witnessed exponential growth owing to rapid globalization and expansion of service industries, and the continuous evolution of scientific and technological innovations.
The meetings segment dominated the global MICE industry in 2016, due to the growth of the travel and tourism industry, increase in international business travels, and rise in government initiatives for the development of MICE segment and the small and medium enterprises (SME) sector. Recent trends of organizing hybrid meetings and the use of social media and meeting apps are also expected to the boost market growth in the near future.
The Asia-Pacific region is expected to witness the highest growth rate of 8.6 percent during the forecast period from 2017-2023. This region is significantly driven by emerging industries in countries such as Singapore, China, and India. Moreover, ease of visa restrictions, investments in better infrastructure, and high demand in commercial aviation further fuel the growth of the Asia-Pacific MICE industry.
On the basis of country, the United States generated the highest revenue in global MICE industry in 2016. When comparing regions, Europe dominated the global market with more than 42 percent market share in 2016, in terms of value.
Based on event type, meetings segment generated the highest revenue in 2016, and is expected to grow at a CAGR of 7.5 percent. The incentives segment is projected to witness highest growth in the global market from 2017 to 2023.