In business travel and the hoteliers industry. MICE is simply an abbreviation for Meetings, Incentives, Conferences, and Exhibitions.
The MICE market brings together all the professional events (seminars, conferences, trade shows, etc.) organized through the hotel market and therefore directly generated by the rental of accommodation, cars and all actors surrounding this ecosystem.
1. Importance of MICE for companies
The global MICE industry size was $805 billion in 2017, and is projected to reach $1,439.3 billion in 2025
According to Allied Market Research, we can see that this industry is forecasted to reach high statistics in the future.
To start with, attending national and international events is considered as an opportunity for businesses to grow. However, in a difficult economic context like the one we are living it today with the Covid-19 crisis, this sector is experiencing a decline in the number of international professional events. Still, everything suggests that professional travel remains an opportunity in business tourism and the players believe in a strong recovery trend from September or the start of 2021.
Added to this, the MICE industry allows companies to create meaningful relationships with their partners and clients by participating physically in the same event. Consequently, businesses gain more credibility and trust.
Moreover, large scale events and meetings are real opportunities to tease for your coming event, product launch, or any other announcements that you want to drive awareness to them.
To sum up, the advantages of focusing on the MICE industry are the following:
2. Technology and MICE
The Covid-19 pandemic has reinforced the importance of using innovative technological solutions to organise conferences, also known as Webinars, to stay informed of the latest information about a particular trend or a strategy. On one hand, business travelers attend MICE events regularly. On the other hand, they use different apps to organize their trips and get informed about their events.
Providing one app like Ayruu that can manage all the trip steps together and provide travelers with the needed information instantly is a feature that all travelers demand nowadays. This option helps business travelers have clearer visibility about the events, prevents any potential problems that can occur.
Gone are those days where travel is just about bookings and transportation. Business travelers travel to attend different events, conferences, and meetings, and as a result, companies need to adopt technologies that combine MICE needs and Travel needs.
In the MICE and travel sector, companies prefer technologies that allow the following advantages for their users: