Regional Analysis

Regional analysis of MICE market

On the basis of region, the global MICE market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. In 2018, Europe was the dominant region in the MICE market with 38% market share and is expected to hold the dominant position over the forecast period. According to International Congress and Convention Association, countries that hosted most number of meetings in Europe region include Germany, U.K., Spain, Italy, France, the Netherlands and have significant CAGR as 3% to 5% for the average number of meetings for the period 2015 to 2018.These mentioned countries dominated the meeting space market holding more than 250 meetings per annum. The presence of multi-billion dollar companies such as Royal Dutch cell and Volkswagen Group in Europe region have large number of employees and generally they choose venue location nearby to their headquarters. The presence of multi-billion dollar companies increases the number of business activities held in these regions, which is fuelling the growth of the MICE market in Europe region.

Asia Pacific is expected to be the fastest growing region during the forecast period (2019-2027). Increase in the number of business activities and demand for customized services for MICE events, in emerging economies such as India and China is driving the market growth in Asia Pacific region. For instance, in countries such as India, according to International Congress and Convention Association, MICE events in 2018 were 3,310 and has increased at a CAGR of 5% to 10% during the period of 2015 to 2018.

Geographies covered