LONDON–(BUSINESS WIRE)–The latest market research report by Technavio on the global meetings, incentives, conventions, and exhibitions (MICE) market predicts a CAGR of close to 7% during the period 2017-2021.
The report segments the global meetings, incentives, conventions, and exhibitions market by type (meeting, incentive, exhibition, and convention), by product (hospitality, transportation, retail, and entertainment), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global meetings, incentives, conventions, and exhibitions market, according to Technavio media and entertainment researchers:
- Digitalization of travel payments: a major market driver
- In 2016, the meeting segment of the market accounted for the highest revenue share of close to 44%.
- In 2016, the Americas was the highest revenue contributor to the global MICE market, accounting for a revenue share of more than 51%.
- ATPI, BCD Meetings and Events, Capital Travel and Events, cievents, and CWT Meetings & Events are some of the players in the market
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Digitalization of travel payments: a major market driver
Digitalization of travel payments is one of the major factors driving the global meetings, incentives, conventions, and exhibitions market. The MICE market is gaining an advantage with the increasing digitalization in most sectors across the globe. 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.
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Americas: largest MICE market
The MICE market in the Americas is expected to experience stagnant growth during the forecast period. The business travel market in the Americas has become fiercely competitive leading to an over demand for flights. This is leading to a market share war between legacy carriers and low-cost carriers, particularly on the popular traveling routes. This is expected to lead to an anticipated decrease in prices. However, the low fares offered will lead to the offset of higher ancillary fees as they continue to look at it as a new source for generating revenues.
According to Ujjwal Doshi, a lead analyst at Technavio for research on media and entertainment services, “In 2016, the US, Canada, and Brazil accounted for the highest revenue shares in the MICE market in the Americas. The US dominated the MICE market in the Americas as well as across the globe, and it is expected to continue to dominate the market during the forecast period. The presence of MICE event organizers, sponsors, and luxurious business-class accommodations in large numbers is one of the reasons for the dominance of the US in this market.”
Competitive vendor landscape
The global MICE market is highly competitive. This can be attributed to the presence of numerous MICE organizers in the market. Intense competition, demographic trends, consumer spending pattern, and frequent changes in consumer preferences present significant risks to operators. Service providers are competing based on the types of pricing, service portfolios, government licensing, and safety measures. Technavio expects this competition to intensify with an increase in product extensions during the forecast period.
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