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Banquet and Conference Services - A Key Contributor to Growth in the MICE Market

Banquet and Conference Services - A Key Contributor to Growth in the MICE Market

The Global Meetings, Incentives, Conferences, And Exhibitions (MICE) Market is estimated to be valued at US$ 876.42 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The MICE market involves various products and services for meetings, incentives, conferences, and exhibitions. It includes banquet and conference services which provide venues for conducting large events along with catering and other necessary arrangement. The demand for such integrated services is growing owing to the time saving and hassle-free experience offered to organizers.

Market key trends:

One of the key trends witnessed in the MICE market is the rise of banquet and conference services. Event organizers are increasingly outsourcing various services such as venue booking, catering, audiovisual equipment rental, and other decorative elements to specialized service providers. This allows organizers to focus on the core aspects of planning and coordination while benefiting from the expertise of banquet and conference companies. It is also a cost-effective option for organizers of small and medium scale events. This trend is expected to drive the growth of banquet and conference service providers in the MICE industry.

Segment Analysis

The global Meetings, Incentives, Conferences, and Exhibitions (MICE) market is segmented into event planning, logistics, and destination management. Among these, the destination management segment dominated the market, accounting for over 35% market share in 2022. This is because destination management services help in destination selection, booking accommodations, arranging on-site logistics and transportation. These services help event organizers focus on the core event planning without worrying about logistical details.

Key Takeaways

The Global MICE Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing business events and exhibitions around the world.

The market size for 2023 was estimated at US$ 876.42 billion.

North America dominated the MICE market with over 30% share in 2022 due to presence of major event destinations and venues in countries like United States. Asia Pacific is expected to grow at fastest pace due to rising business opportunities in countries like China and India.

Key players operating in the Meetings, Incentives, Conferences, and Exhibitions (MICE) market are Maritz Holdings Inc., BI Worldwide, ITA Group, ONE 10, Meetings and Incentives Worldwide Inc., Creative Group, Access Destination Services, 360 Destination Group, CSI DMC, CWT, Reed Exhibitions Ltd, BCD Group, Corporate and Leisure Events, and ATPI ltd. These key players are focusing on mergers and acquisitions to expanded their service portfolio and global footprints.

Read More - https://www.marketwebjournal.com/meetings-incentives-conferences-and-exhibitions-mice-market-connected-with-one-market-growth/

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