Africa MICE Industry by Event Type, Traveler, Service, and Sector, Opportunity Analysis and Industry Forecast, 2023-2032

The Africa MICE industry was valued at $10.50 billion in 2022 and is projected to reach $65.60 billion by 2032, growing at a CAGR of 17.0% during the forecast period. Meetings, Incentives, Conferences, and Exhibitions (MICE) is a subset of the tourism and hospitality industries that focuses on corporate events, conferences, and business gatherings. Every aspect of MICE reflects a distinct feature of this sector:Meetings" refer to any organized gathering of people for a specified purpose, from small team meetings to large-scale conferences."Incentives" are motivational programs or awards presented by businesses to staff or clients, typically in the form of vacation experiences or deluxe retreats."Conventions" are organized meetings when experts, professionals, or stakeholders get together to discuss recent developments, innovations, and issues."Exhibitions" are trade exhibitions or showcases where businesses show off their offerings, services, or breakthroughs to a specific audience, creating networking possibilities and business connections. Globalization in business refers to change in a business from a company associated with a single country to one that operates in multiple countries. Leading business organizations, such as Toyota Motor Corporation, McDonald's, Wal-Mart stores Inc., and others, have started venturing beyond national boundaries to tap into more business opportunities. Presently, these organizations are operating in a highly dynamic business environment. Multiple strategies are implemented, such as mergers & acquisitions of overseas companies, outsourcing of cheap raw materials & labor market, and others, to cope with the changing business dynamics and ensure continuous success of their firms. Moreover, low manufacturing costs and large market size offer an easy approach to achieving economies of scale and competitive edge. In addition, liberalization in market entry strategies in countries, such as Nigeria, Ghana, and others, encourages global business organizations to expand their market size. The Africa MICE industry is segmented into event type, traveler, sector, service, and country. On the basis of event type, the market is divided into meetings, incentives, conventions, and exhibitions. By traveler, the market is segmented into domestic and international. On the basis of sector, the market is divided into construction & engineering, pharmaceutical & healthcare, agriculture, food & beverage, hospitality, IT, technology, & telecom, finance & insurance, and others. By service, the market is segmented into food, accommodation, airfare, and transportation. Country-wise, the market is analyzed South Africa, Namibia, Kenya, Tanzania, Uganda, Nigeria, Rwanda, UAE, Egypt, and Rest of Africa.). Players operating in the Africa MICE industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Meetings and Incentives Worldwide, Inc, CWT, IBTM World, BI Worldwide, ITA Group, 360 Destination Group, ACCESS Destination Services, On Show Solutions, Giltedge Travel (Pty) Ltd., and African Agenda.

 

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