MICE Market to Surpass Market Valuation of $1.85 Trillion by 2031 | SkyQuest Technology
MICE market has been witnessing strong growth in recent years impacted by globalization, high focus on corporate events, and growing trend of work from home.
Westford, USA, Oct. 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global MICE Market will reach a value of USD 1.85 Trillion by 2031, with a CAGR of 7.8% during the forecast period 2024 to 2031. MICE market has been witnessing strong growth in recent years impacted by globalization, high focus on corporate events, and growing trend of work from home. Besides, rising integration of technology like virtual reality, sustainability, and personalization are shaping the growth of the market. Overall, the market continues to progress, adapting to opportunities and challenges in the ever-changing business landscape.
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Browse in-depth TOC on the "MICE Market" Pages – 197, Tables – 95, Figures – 76
Report Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 1.01 Trillion |
| Estimated Value by 2031 | USD 1.85 Trillion |
| Growth Rate | Poised to grow at a CAGR of 7.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Trillion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type of Event, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Rising Trend of Global Networking |
| Key Market Drivers | Innovations in Event Formats and Growing Corporate Demand |
Meetings to Dominate Market Owing to Mounting Demand by Businesses and Greater Flexibility
By type of event, the meetings segment led the MICE market with maximum share and will continue dominance over the forecast period owing to the rising business demand and better networking opportunities. Corporations mostly conduct meetings for planning strategies, training, and team building, thus impacting the segment’s growth. Meetings also streamline direct interaction among employees, nurturing bonding that stimulates alliances and business growth. In addition, the flexibility offered by meetings is further driving the growth of the segment.
However, the incentives segment is the fastest-growing segment observed in the MICE market owing to customization offered and employee motivation. Businesses and enterprises are increasingly using incentive programs and trips to strengthen employee confidence and morale, loyalty, and productivity, thus increasing the value of the segment. Moreover, these programs can be customized as per objective and goals, enabling businesses to develop personalized prizes that vibe with personnel.
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Growing Demand for Collaboration to Help Corporate Segment Flourish
By application, the corporate segment is projected to lead the market owing to the rising demand for collaboration and a number of incentive programs. Businesses focus and highlight conferences and meetings to drive strategy development, collaboration, and decision-making. Furthermore, companies often conduct events and incentive trips to reward and encourage employees, which enhances productivity and engagement.
Nonetheless, the healthcare segment is observed to be the fastest-growing owing to the need for continuous education and better collaboration and networking. Medical professionals need continuous training and education, impacting the need for workshops, conferences, and seminars for knowledge on the recent updates and technologies. Events offer key opportunities for medical professionals to share knowledge, connect, and partner for best practices and research.
Strong Corporate Presence and Infrastructure to Drive the Market in North America
North America held a larger share of the market owing to the presence of strong infrastructure and a number of technological advancements and innovations. North America brags about its high-tech infrastructure, comprising different hotels, venues, and transportation options, streamlining widespread events. Also, the region leads in terms of faster integration of technologies in events which improve experiences via advanced engagement tools and hybrid format, thus driving the market.
Europe is the fastest-growing region and is projected to lead the market over the forecast period owing to its rich cultural heritage and widespread infrastructure. Europe holds different kinds of cultural and historical venues that appeal and force businesses to seek memorable and unique event locations. High-quality accommodation and developed transport networks simplify comfort and easy access for the candidates.
MICE Market Insight
Drivers:
- Growing Networking Opportunities
- Initiatives for Employee Engagement
- Growing Sustainability Trends
Restraints:
- Travel Restrictions Due to Political Instabilities or Natural Calamities
- High Cost of MICE Events
- Concerns Associated with Sustainability
Prominent Players in MICE Market
- CWT Meetings & Events (US)
- BCD Meetings & Events (Netherlands)
- American Express Meetings & Events (US)
- Maritz Global Events (US)
- Carlson Wagonlit Travel (France)
- EventsAIR (Australia)
- Conference Care Ltd (UK)
- Eventbrite (US)
- GES (Global Experience Specialists) (US)
- MCI Group (Switzerland)
Key Questions Answered in Global MICE Market Report
- What is the growth rate and size of the MICE Market, according to SkyQuest Technology?
- What are the main trends and advancements reshaping the Market?
- What are the key opportunities observed in the Market?
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This report provides the following insights:
Analysis of key drivers (wide range of venue options, favorable government initiatives, growing trend of globalization), restraints (growing competition among venues, technological challenges in terms of training and cost, changing preferences among attendees), opportunities (rising popularity of hybrid events, focus on safety and health of attendees, trend of personalization), and challenges (sustainability pressure, regulatory compliance, economic volatility) influencing the growth of MICE market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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