40% of the market’s growth will originate from APAC for the meetings, incentives, conventions, and exhibitions market. China and Japan are the key markets for meetings, incentives, conventions, and exhibitions in the region. However, the market growth rate in APAC will be faster than the growth of the market in other regions. The meetings, incentives, conventions, and exhibitions market estimates a market value of USD 38.45 billion from 2019 to 2024. In addition, the market is to progress at a CAGR of 2% as per the latest market forecast report by Technavio.
Meetings, Incentives, Conferences and Exhibitions Market: Digitalization of travel payments to drive growth
The growing digitalization in the majority of sectors globally is benefiting the global MICE market. Also, business expansions in multiple locations is boosting the number of travelers for domestic and international business trips. Moreover, the digitalization of payments has also made the booking and payment of travel plans convenient for companies. In addition, the virtual payment options have given companies the provision to carry out payments in a more secure manner as it cannot be misused reducing the threat of theft. Thus, the digital payments options is estimated to drive the MICE market during the forecast period.
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Meetings, Incentives, Conferences and Exhibitions Market: Segmentation Analysis & Revenue Generating Segment
This market research report segments the meetings, incentives, conferences and exhibitions market by Type (meeting, incentive, exhibition, and convention), Service (hospitality, transportation, retail and entertainment) and Geography (North America, Europe, APAC, South America, and MEA).
The MICE market share growth by the meeting segment will be significant for revenue generation. As meetings bring people together in one place to share information and discuss and solve concerns if any. In addition, the increase in the expansion of companies resulting in creating more job opportunities is driving the growth of the meeting segment. Moreover, there is also a requirement of rigorous training and strategic planning by companies calling people for frequent meetings and corporate get-togethers resulting in positively impacting the MICE market growth during the forecast period.
Technavio report provides an accurate prediction of the contribution of all the segments to the growth of the MICE market size and actionable market insights on each segment which will assist in creating efficient business plans & strategies.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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