An increase in international meetings upraises industry growth to nearly $1.3 billion by 2023, a 7.5 percent CAGR.
A recent report by Allied Market Research (AMR) that projects the state of the MICE industry 2017 to 2023 has revealed a positive trajectory for the MICE industry through 2023. At the helm of this upswing is a rise in international meetings—accounting for 62.5 percent of the market share—followed by conventions, incentives and exhibitions, respectively.
Europe contributed to nearly half of the total market share in 2017, according to AMR, and is anticipated to dominate during the forecast period, while rapid growth in the region’s business travel sector is expected to give Asia-Pacific the fastest CAGR of 8.6 percent. The shift of incentive travel toward providing complete packages and experiences, as well as value-added services is projected to give this segment the fastest CAGR of 8.0 percent.
AMR credits increases in the globalization of business, government initiatives for the development of the MICE segment and disposable income, rapid growth in hospitality sectors, and ongoing trends such as hybrid meetings and the utilization of social media and meetings apps for this positive outlook.
The Changing Landscape
Technology is having a dual effect on MICE while playing a vital role in international events and MICE business growth. Many corporations are adopting e-conferences, tele-seminars and virtual meetings as a substitute for face-to-face meetings and conferences due to operational costs. Technology will also serve as an opportunity for significant future growth, however.