MICE industry proposes the tourism services in which organizers and suppliers manage and convey meetings, exhibitions, conferences and several other connected events controlled to obtain a wide-range of professional, business, cultural, or academic aims. MICE industry growth shall have an effective impression on the growth of businesses, destinations, cities and several other covered spectrums.
According to the report analysis, ‘MICE Tourism Market: Current Analysis and Forecast (2021-2027)’ states that the increment in the existence of corporate industries around the globe has augmented the frequency of the business activities likewise client meeting, brand promotions and employee training activities and has supplemented the growth of the worldwide MICE industry. In addition, the effective growth in the government initiatives to encourage the SMES and liberalization of market entry to augment FDIS has boomed up the growth of this market even further. Others are the foremost aspects that boosting the growth of the market are transformation in the lifestyles of the business travellers to seek the leisure trips, speedy urbanization, and the industrial growth. Not only has this, infrastructural improvement and consistent technological improvement in developing nations has propelled the MICE industry market growth. However, the great expenditure linked with MICE events and uncertain worldwide geopolitical situations limits the growth of the market.
For the better understanding of the market implementation of the MICE tourism market, the market is investigated based on its worldwide penetration around the region likewise North America, Asia Pacific, Europe and Rest of the World. Whereas, it is predicted that the Asia Pacific constitutes the foremost market for the MICE tourism industry and created revenue of USD XX million during 2020 due to the liberal VISA regulations and increasing investment for the better infrastructure by the organizations. In addition, this region is significantly propelled by emerging countries such as Singapore, China, and India. Moreover, affluence of visa restrictions, investments in better infrastructure, and high requirement in commercial aviation further foster the growth of the MICE tourism industry.
Although, the industry delivers easy and convenient approaches for organizing events and helps choose the accurate destination, which forms the basis of an efficacious event. The group market of the tourism industry has observed exponential growth owing to speedy globalization and enlargement of service industries, and the continuous evolution of scientific and technological modernizations.
Moreover, the surge in existence of corporate industries, owing to the massive augment in business activities such as client meetings, brand promotions, employee training activities, and several others drives the growth of the global MICE industry. Moreover, augment in government initiatives to encourage the SMEs and liberalization of market entry to augment FDIs is projected to boost the growth further. However, high cost linked with MICE events and uncertain global geopolitical conditions limit growth of the market. Aspects such as investments in infrastructural improvement and technological advancements are projected to deliver the lucrative opportunities for market growth. Therefore, in the near years, it is predicted that the market of MICE tourism will increase around the globe more effectively over the near future.
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Ankur Gupta, Head Marketing & Communications