Global Outbound MICE Market to Reach $1272.2 Billion by 2031: Allied Market Research
The excellent connectivity with key international destinations to boost the growth of the global outbound MICE market. Thriving international business travel, global tourism, and an increase in the frequency of mouse events such as meetings around the world will create lucrative growth avenues for the global industry. Governments’enacted strict laws on tourism and travel during the COVID-19 to stop spread of virus hindered the growth of the global market.
Portland, OR, Oct. 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global outbound MICE market generated $225.9billion in 2021, and is projected to reach $1272.2 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $225.9 billion |
Market Size in 2031 | $1272.2billion |
CAGR | 13.3% |
No. of Pages in Report | 206 |
Segments Covered | Event Typeand Region. |
Drivers | The excellent connectivity with key international destinations. |
Well-regarded support from the service sector, encouraging government policies and regulations. | |
| Quick expansion of the travel and tourism industry |
Opportunities | Thriving international business travel, global tourism, and an increase in the frequency of mouse events such as meetings around the world. |
Expansion of the corporate sector, an increase in FDI activity, and the development of small & medium-sized businesses. |
COVID-19 Scenario:
The outbreak of the COVID-19 had adversely impacted the growth of the global outbound MICE market, owing to halting of domestic and international flights by various governments impacting tourism and MICE sectors.
Governments’ enacted strict laws on tourism and travel during the COVID-19 to stop spread of virus hindered the growth of the global market.
The report offers detailed segmentation of the global outbound MICEmarket based on event type and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
Based on event type, the meetingssegment held the largest market share in 2021, accounting formore than three-fifths of the global outbound MICE market share, and is expected to maintain its leadership status during the forecast period. However, the incentivessegment, on the other hand, is expected to record the fastest CAGR of 16.1% during the forecast period.
Based on region, the market across European continentheld the largest market share in 2021, holding nearly two-fifthsof the global outbound MICEmarket share. Moreover, Europe is set to dominate the global outbound MICEmarket share in 2031.Nonetheless, the Asia-Pacificoutbound MICE market is expected to register the fastest CAGR of 15.5% during the forecast period.
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The key players analyzed in the global outbound MICEmarket report include 360 Destination Group, Access Destination Services, ATPI LTD., BCD GROUP (BCD MEETINGS & EVENTS), BI Worldwide, Carlson Wagonlit Travel (CWT Meetings & Events), CIEVENTS, Conference Care Ltd., Creative Group, Inc., CSI DMC, IBTM, ITA Group, MARITZ, Meetings & Incentives Worldwide, Inc., ONE10, LLC, and The Freeman Company, and The Interpublic Group of Companies, Inc.
The report analyzes these key players in the global outbound MICEmarket. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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