Market Trends of MICE Tourism Industry
Enabling Digitised travel Ecosystem is driving the market
With technological advancements, an ever more connected world and a continuously growing consumer appetite for the best travel experiences, Dubai is poised for ground-breaking developments through true personalisation and smart technology that will allow to offer something new to both first time business travellers and repeat visitors.Dubai's Tourism Strategy 2022-25 which enables to build on 'digital, mobile and social first' agenda across five fundamental pillars: harnessing the power of data; redefining the customer journey; being the game changer in brand communications; raising the stakes in the travel experience; and exploring new avenues for breakthrough innovation which will guide the industry in creating a highly digitised, customised and democratised travel ecosystem.The pandemic has brought drastic changes in the MICE industry due to ban on social gatherings, travel restrictions, and others. This has increased the popularity of virtual meetings that are more appealing as the participants can attend meeting without the need to get on a plane or book a hotel room. As virtual meetings do not require booking of rooms or buying a plane ticket, they are cheaper than destination meetings. For instance, virtual communication platforms such as Zoom and Google Meet are being made available for the attendees to conduct conferences without being physical present at the meeting venue.
Investment Opportunities Due to Technological Advancements and Innovation
The Abu Dhabi government is making heavy investments in the city's MICE infrastructure. In fact, the Director General of the Department of Culture and Tourism of Abu Dhabi announced at the IMEX Frankfurt 2017 that the city is targeting to attract 3 million business visitors by 2022. With this projected growth, the MICE sector of the city can be expected to contribute about 4% of GDP by 2022. During the coronavirus (COVID-19) pandemic, exhibition companies worldwide canceled several in-person events and explored digital formats in 2020 and 2021. In june 2021, it is found that 67% of exhibition companies in Asia and the Pacific added digital services or products around their existing exhibitions. Meanwhile, 57 % of businesses developed a digital transformation or strategy for individual exhibitions or products.
