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08 February, 2021, New York, USA – The global outbound Meetings, Incentives, Conferences, Exhibitions (MICE) market is expected to register robust growth, thanks to rising demand for international travel. For example, according to the World Bank, in 2009, the worldwide international tourist population stood at 1.609 billion, wherein in 2019, the number rose to a massive 2.28 billion, despite covid-18 blues. The ITC (International Trade Centre) had forecasted that the number of international travelers globally shall rise to 1 billion by 2010. However, the number actually rose to 1.609 billion by 2009, with demand for global economic activity surpassing estimates.
Furthermore, the ITC had noted that business tourism accounted for a 9% share of the global tourism business in 2001. According to the World Travel and Tourism Council, the share has risen to 28.7% in 2020. Business tourism remains a fast-growing segment of the global tourism sector. The rising cost-effectiveness of air travel due to lowering fuel costs, remains a promising driver of growth. Moreover, holding conferences in under developed countries also holds promise, wherein increasing infrastructure developments meet demands for both efficiency, and competitive trends of the global business tourism.
Rising Demand for Combining Leisure and Business Activity to Promise Robust Growth
The global outbound meetings, incentives, conferences, and exhibitions will likely spell major growth for personal travel as well. According to ITC estimates, nearly two-thirds of business passengers also extend their business travels to embed personal leisure, and travel. This presents a major opportunity for growth as growth in international travel can cater to both demand for meetings, and conventions, while simultaneously catering to individual business travelers. According to the ITC, the demand for conventions, and corporate meetings will witness the highest growth in the future, as well as major trade fair organizers.
In 2019, despite the covid-19 blues, the global GDP for tourism outpaced all sectors but two in its momentum for growth, while rising at 3.5%. The global tourism industry outpaced key sectors including healthcare, manufacturing, construction, retail & wholesale, while staying behind only to financial services, and information & communication.
Based on regions, the global outbound MICE market also showed interesting differences. According to the World Travel and Tourism Council’s report, major geographical areas like the United States, and China displayed high interest in domestic tourism, with 84%, and 86% spending directly going for domestic travel. On the other hand, countries like France, Thailand, India, and China displaying high tendency to engage in leisure tourism, while travelers from Japan, UK, United States, and Canada relatively spending far more on business travel. The rising demand for business travel globally, and expected supply of low-cost fuel in the near future, due to rising demand for electric vehicles will promise major opportunities for growth for players in the global outbound Meetings, Incentives, Conferences, Exhibitions market.
Hospitality to Remain Key End-Application in the Global Outbound MICE Market
Hospitality remained a major end-application in the global outbound meetings, incentives, conferences, and exhibitions market. The hospitality segmented occupied more than 30% share of the global outbound MICE market during the 2014-2019 period. The growing supply of low-cost hospitality facilities in developing countries in the global outbound MICE market, and rising number of international travelers will likely propel growth for the hospitality segment. Increasing global business environments, rising flexibility in regulatory environment to promote tourism, and integration of technology has led to innovations like ‘smart tunnels’. The technology was introduced in Dubai in 2018, and offers business passengers the option to move through a tunnel for easy clearing by immigration authorities, without the need for checks by the authorities, or human intervention. The growing inclusion of technology, and increased flexibility in regulatory environment will promise robust opportunities for growth for the global outbound MICE market. Apart from hospitality, end applications like entertainment, and transportation will also remain key to growth for the global outbound MICE market. The transportation sector promises major growth, as demand for electric vehicle, and key innovation in the arena promises new opportunities for major players in the global outbound MICE market.
Emerging Tourism Major Nations like US, China, and India Will Likely Remain Key to Growth
Travel and tourism in emerging countries remains a notable driver for growth in the global outbound MICE market. The valuation for its growth in countries like India is likely to touch $100 billion by 2030, thanks to burgeoning luxury travel segment. The increasing connectivity offered by Asia, and rising economic activities including outsourcing, collaboration, mergers, and cross-border product development is on the rise. The growing demand for cross-cultural collaboration, increased outsourcing, and effective, and efficient business operations emerging in the developed world promises new opportunities for growth for players in the global outbound MICE market. Along with India, countries like China, USA, UAE, and Singapore remain top hotspots in the world for global business tourism. While development in China is largely driven by increased manufacturing, the growth of indigenous product development, and increased research and development activity also drives growth in the Asia Pacific region.
On the other hand, increased demand for high-skilled labor in United States, attractive destination for meetings, and conferencing in the United States remain key opportunities for growth. In Europe, cities like Paris, and Berlin will remain top hubs for global business tourism, thanks to rising demand for conventions, and corporate meetings. On the other hand, global east-west connectivity driver will propel growth for destinations like Dubai, Singapore, among others. Emerging nations like India will register growth in double-digit CAGR during the forecast period, thanks to growing opening up of the economy, and increasing collaborations for the IT industry. The growing demand for pharmaceutical product development will also remain key opportunity for growth in the global outbound MICE market in the near future.
The global outbound MICE market is an innovative, and promising landscape, thanks to increasing interest in global tourism, and increasing share of the business travel activities. Moreover, the increasing combination of leisure, and business from individual travelers will also propel growth for the global outbound MICE market during the 2021-2027 period. Some key players in the global outbound MICE market are BI Worldwide, Maritz, One10, ITA Group, LLC, Meetings and Incentives Worldwide (M&IW).
The Global Outbound Meetings, Incentives, Conferences, and Exhibitions Report is Segmented as Below:
End- Application Outlook
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