Global Meetings, Incentives, Conventions, and Exhibitions (MICE) Market 2017-2021
About Meetings, Incentives, Conventions, and Exhibitions (MICE)
Meetings, incentives, conferences, and exhibitions (MICE) are events and activities that involve attendees who share a common interest and gather in a place. The place for the gathering needs to be a venue arranged beforehand. The venue will provide space and facilities necessary to satisfy the needs of those who attend the gathering. MICE have been one of the most critical aspects of the global business travel market. It is used by the companies for various purposes such as marketing of new products that are being launched, discussing the performance of various verticals of the company operating across the globe, as well as attending conferences and seminars to motivate employees. The market has also demonstrated tremendous resilience by maintaining a slow and steady growth despite the increasing incidences of terrorist attacks and instability of economies worldwide during the forecast period.
Technavio’s analysts forecast the global meetings, incentives, conventions, and exhibitions (MICE) market to grow at a CAGR of 6.93% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global meetings, incentives, conventions, and exhibitions (MICE) market for 2017-2021. To calculate the market size, the report considers the revenue generated from the meetings, incentives, conventions, and exhibitions (MICE).
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Meetings, Incentives, Conventions, and Exhibitions (MICE) Market 2017-2021
Technavio recognizes the following companies as the key players in the global meetings, incentives, conventions, and exhibitions (MICE) market: Capita Travel and Events, CWT Meetings & Events, IBTM Events, and IPG
Other Prominent Vendors in the market are: ATPI, BCD Meetings and Events, cievents, Freeman, Grass Roots Meetings and Events, and Questex.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Personalization of guest data. Hotels are coming up with novel ideas and techniques in order to retain their market shares and providing guests with new and innovative services. For example, various hotels link their software with the social media profile of the guest so that when they make a booking for a room and everything is set according to their expectations. Further, some hotels are also trying to look for VIP guests online and trying to understand what are their preferences. In addition, Four Seasons, a chain of luxury hotels, stores information related the customers' floor, dietary, wine, and newspaper preference for their next visit. They also adjust for travelers arriving very late or early so that they do not have to waste time and can directly start with their plans. This additional attention paid by a hotel to offer their guests personalized services attracts guests to pay another visit to the same hotel.”
According to the report, one of the major drivers for this market is Digitalization of travel payments. The MICE market is gaining an advantage with the growing digitalization in the majority of sectors globally. With the digitalization of payments, the booking and payment of travel plans have become easy for companies. Companies can carry out the payments in a more secure manner due to the availability of options such as virtual payment options. Virtual payment enables the users to charge the stay and other expenses to the company without using a credit card, debit card, or net banking. Virtual payment cannot be misused as it is generated for individual use and specific purposes such as paying for a hotel room. It also reduces the threat of theft. Further, the card number can be used a limited number of times; it acts as a unique identifier for a transaction. It is helping the users to limit the payments made from personal accounts. In addition, it helps in reducing the paperwork for an organization as the expenditure data is automatically collected online.
Further, the report states that one of the major factors hindering the growth of this market is Threat from growing terrorism.
Capita Travel and Events, CWT Meetings & Events, IBTM Events, IPG, ATPI, BCD Meetings and Events, cievents, Freeman, Grass Roots Meetings and Events, and Questex.
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