Market size set to grow by USD 249.2 billion from 2024-2028 The global meetings, incentives, conventions, and exhibitions (MICE) market size is estimated to grow by USD 249.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 11.94% during the forecast period. Digitalization of travel payments is driving market growth, with a trend towards rapid increase in globalization. However, threat of growing terrorism poses a challenge. Key market trends fuelling growth The global MICE market is experiencing significant growth due to business expansion driven by globalization. Companies like Toyota, Walmart, and Adidas are actively expanding their market presence in countries such as India, China, and Saudi Arabia. This growth is fuelled by co...
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The International Air Transport Association (IATA) warned of potential airport chaos unless governments move quickly to adopt digital processes to manage travel health credentials (COVID-19 testing and vaccine certificates) and other COVID-19 measures. Young girl traveler with trolley bag using self service check in machine at airport. The impacts will be severe: Pre-COVID-19, passengers, on average, spent about 1.5 hours in travel processes for every journey (check-in, security, border control, customs, and baggage claim).Current data indicates that airport processing times have ballooned to 3.0 hours during peak time with travel volumes at only about 30% of pre-COVID-19 levels. The greatest increases are at check-in and border control (emigration and immigration) where travel h...
Read MoreAdvancing digitalization will be key to adapting to the new tourism environment The Covid-19 crisis has disproportionately affected tourism, a sector that accounts for millions of jobs around the globe. While no one can say with certainty when tourism will recover, people are starting to dream again of getaways whether closer to home or to remote destinations. As more and more people go online to search where and when they can travel, accelerating the digitalization of the tourism sector will be key to adapting to the new tourism reality. That is why the United Nations World Tourism Organization (UNWTO) and Google have partnered for an online Acceleration Program for UNWTO Member States' tourism ministers, top travel associations and tourism boards to further develop innovation and ...
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