Allied Market Research has published a report titled 'MICE Industry by Event Type (Meetings, Incentives, Conventions and Exhibitions) - Global Opportunity Analysis and Industry Forecast, 2017-2023'. 

The report provides an in-depth analysis of the key winning strategies, drivers and opportunities, market share, key segments and competitive landscape. According to the report, the global MICE market was worth US$805 billion in 2017 and is expected to reach US$1,245 billion by 2023, registering a CAGR of 7.5 per cent from 2017 to 2023.

 

Among event types, the meetings segment accounted for 62.5 per cent of the total market share in 2017 and is expected to continue its dominance through 2023, the report says. This is attributed to positive economic trends, improving infrastructure, growth in tourism, globalisation of businesses, the growing number of international business travellers, a rise in government initiatives for the development of MICE industry and SME sector and ongoing trends of organising hybrid meetings and use of social media and meeting apps. However, the incentives segment is expected to register the fastest CAGR - of eight per cent - from 2017 to 2023. This is because companies providing incentive travel services are increasing their focus on providing their customers with complete packages, concessions and a 'complete experience' along with other value-added services which attracts more and more incentive travellers.