The two main service areas of the industry include — Business tourism; and event management. Business tourism includes arranging business events in touristic locations of the world, while event management encompasses hosting, managing, coordinating and publicizing such events.
MICE sector consist of activities including conventions, trade shows, seminars, events, exhibitions and incentive travel.
The MICE industry is so extravagant, huge, and diverse that you cannot list out all the stakeholders at one go.
This includes the actual location or the venue in which the meetings, or conferences, or events are supposed to take place. The venue can be Convention Centres, Hotels.
The second and the key stakeholders are the organizers. They are the ones who manage things at the back end and make the front end look attractive.
Mega-events like MICE aren’t about a day or two of the main event. The field encompasses many other areas that need to be taken care of. There are many services that need to be provided either for leisure or comfort of the attendees. They are included in this domain. For example PR, Travel Agencies, Caterers, Media.
High revenue generation.
MICE events have direct implications on a country’s tourism. The attendees of the events from other countries or maybe just other states not only participate in the event but also indulge in tourism. Through their stay in the country, they have to arrange accommodation, leisure, food, travel, etc. This would lead to increased revenue generation for the country.
Increase the scope of employment.
An increase in Foreign Direct Investment.
Such large scale business events serve as a platform where the local companies can exhibit their potential. And if done successfully, a lot of Foreign Direct Investment can be secured for the national companies.
Storm of innovation.
MICE events are all about growth and development. That is impossible without innovation. Hence, there is a lot of exchange of ideas and knowledge which leads to the growth of companies and ultimately the country.
To conduct a MICE scale event is a very big thing. It not only requires a lot of resources but also a large workforce. There are tons of fields in which employment is generated due to such a large scale event.
Globally, the Meeting Incentives Conferences and Exhibitions industry amounts to around USD 280–300 billion. Since its inception in the 21st century, the industry is showing an abrupt growth curve across all continents. The Asian MICE industry is a leading growth story with a 38% escalation in a decade. The Asian industry alone comprises of USD 60 Billion to the Global MICE.
MICE is the accumulation of meetings, incentives, conferences, exhibitions, events, business activity, hotels, airlines, cruise lines, various transportation, travel associations, professional conference organizers, entertainment industries, tourism boards, and professionals. The travel sellers specializing in MICE are usually affiliated with large corporate agencies because it requires advance planning and organization.