Increasing Globalization Of Business Is Projected To Bring Bright Opportunities For Meetings, Incentives, Conferences, And Exhibitions (MICE) Market

 


Europe is expected to hold the dominant position in the global market owing to the increasing number of business travel. According to the Global Business Travel Association (GBTA), Germany, the United Kingdom, France, Spain, and Italy represent 70% of the European business travel market. In 2017, this market was estimated to increase by 6.8% to almost €200 billion.

Major Developments:

1.      In February 2021, The Singapore Tourism Board (STB) announced the launch of the SingapoReimagine MICE Virtual Show, the first such collaboration between STB and local MICE players

2.      In December 2020, SOTC Travel along with Singapore Tourism Board (STB) hosted an engaging and insightful Virtual MICE event - “Growing MICE Connections, Achieving Together” for its esteemed clients

3.      In February 2021, Thomas Cook (India) Ltd., launched a strategic corporate outreach – India’s first such physical MICE event since lockdown, in partnership with Marriott International

4.      In January 2021, NexTech AR Solutions formed a partnership with Coex, a South Korean convention, and exhibition hall, and the largest of its kind in Seoul. This is the start of the launch of its platform in Asia where the industry of meetings, incentives, conferences, and events, known as MICE, has grown more rapidly

Globalization of business coupled with the rise in the international business travelers is a key factor augmenting the growth of the Meetings, Incentives, Conferences, and Exhibitions (MICE) market. The growing use of social media and meeting apps is again propelling the growth of the Meetings, Incentives, Conferences, and Exhibitions (MICE) Market. In November 2020, Microsoft has announced that it is going to allow the users of its video conferencing platform, Teams, to integrate new apps to make the platform more productive. The company is adding 20 new apps — including Asana, HireVue, Monday.com, Slido, and Teamflect, and others — to the Teams app store that already offers 700 apps

MICE industry includes meetings, incentives, conferences, and exhibitions. In this large group, mostly planned well are brought together under the umbrella of one organization. In fact, this is now widely used in all kinds of meeting-related materials, including seminar handouts and business documents. The mice industry is can be referred to as international hospitality concept that involves the need for meetings and the participation of its people in order to offer career development, business expansion, and networking opportunities.

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