A comprehensive overview of the Global MICE Tourism market is recently added by UnivDatos Market Insights to its humongous database. The Global MICE Tourism market report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Global MICE Tourism market. The Global MICE Tourism market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Global MICE Tourism market at the global and regional levels. The Global MICE Tourism market is expected to grow significantly by 2027.
Market Overview
The global MICE Tourism Market is experiencing significant growth on account of surging investments in infrastructural development and growing number of corporate tours among executives and employee of MNC’s. Moreover, rising government initiatives to promote SMEs and liberalization of market entry to increase FDIs has boosted the growth of this market even further. Some employees love to travel to different places for work. For instance, as per Booking.com, 30% of workers (and 43% of Indians) would accept lower salaries in exchange for more business trips. Furthermore, as per TripActions, 39% of Millennial and Gen Z workers wouldn’t accept a job that doesn’t let them travel.
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Furthermore, the increasing globalization of businesses and a growing number of SMEs all over the world is boosting the MICE Tourism industry. For instance, according to India Brand Equity Foundation, India has nearly 6.3 crore MSMEs. The number of registered MSMEs grew 18.5% Y-o-Y to reach 2.5 million units in 2020 from 2.1 million units in 2019. The Indian MSMEs sector further contributes about 29% towards the GDP through its national and international trade. Ongoing trends of using various social media platforms and online meeting applications for organizing meetings is expected to boost market growth in the near future.
COVID-19 Impact
The COVID19 has resulted in a profound reevaluation of the advantages and costs of business travel. In 2020, the coronavirus (COVID-19) pandemic threw the tourism industry into disarray, with travel prohibitions and emergency measures enacted in response to the health crisis disrupting routine travel. As a result, global business travel spending fell by 61% in 2020 compared to the previous year, reaching US$ 504 billion, down from US$ 1.29 trillion in 2019.
Global MICE Tourism Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Event Type, the market is primarily bifurcated into
- Meetings
- Incentives
- Conventions
- Exhibitions
Meetings segment dominated the global MICE Tourism market and is expected to grow at X% CAGR to reach US$ X billion by the year 2027.
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MICE Tourism Market Geographical Segmentation Includes:
- North America (United States, Canada)
- Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
- Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World
Based on the estimation, the Asia-Pacific region dominated the MICE Tourism market with almost US$ X billion revenue in 2020. At the same time, the European region is expected to grow remarkably with a CAGR of X% over the forecast period.
The major players targeting the market includes
- Maritz
- BI Worldwide, Ltd.
- ITA Group, Inc.
- One10
- Meetings and Incentives Worldwide (M&IW)
- Creative Group, Inc.,
- ACCESS Destination Service
- 360 Destination Group
- CSI DMC
- The Freeman Company
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the MICE Tourism market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the MICE Tourism market?
- Which factors are influencing the MICE Tourism market over the forecast period?
- What are the global challenges, threats, and risks in the MICE Tourism market?
- Which factors are propelling and restraining the MICE Tourism market?
- What are the demanding global regions of the MICE Tourism market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Final Report will add the analysis of the impact of COVID-19 on this industry.”
In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes & needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.
The report provides a snapshot of the syringes & needles market. It begins with the introduction section which mentions the features and uses of syringes & needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes & needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.
An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes & needles and problems associated with usage. Government legislation in the market has been discussed in the next section.
The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.
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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:
What is the aim of the report?
· The market report presents the estimated market size of MICE Tourism market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
· Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
· An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
· The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
· The various parameters accelerating the growth of Market are incorporated in the research report.
· The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
· Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
· The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
· The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
· Based on what factors are the key market players assessed in this report?
· The report offers detailed analysis of leading companies in the market across the globe.
· It provides details of the major vendors involved in the Market including Key Playes
· A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
· the manufactured products is incorporated in the report.
· The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
· The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
· Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
· The report offers the present scenario and future growth prospects Market in various geographical regions.
· The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
· The SWOT analysis is conducted along with Porter’s Five Force analysis.
· The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.