Research Methodology – MICE Industry Market
At Straits Research, we adopt a rigorous 360° research approach that integrates both primary and secondary research methodologies. This ensures accuracy, reliability, and actionable insights for stakeholders. Our methodology for the MICE Industry Market comprises the following key stages:
Market Indicator & Macro-Factor Analysis
Our baseline thesis for the MICE Industry Market is developed by integrating key market indicators and macroeconomic variables. These include:
Factors considered while calculating market size and share
- Number of businesses operating in the MICE industry.
- Total industry revenue and profit margins.
- Number and value of events, including meetings, incentives, conventions, and exhibitions.
- Average cost of events in the industry.
- Fluctuations in market growth rates.
- Future industry growth projections.
- Market competition levels and the presence of dominant players.
- Market concentration ratios.
- Global, national, and regional trends affecting the industry.
- Technological advancements and innovations in the industry.
Key Market Indicators
- Total industry sales/revenue.
- Gross margins.
- Market growth rate.
- Number of events or meetings held per year.
- Number of attendees per event or meeting.
- Nature and category of incentive trips.
- Number of conventions or exhibitions held per year, and their size and complexity.
- Total industry expenditure.
- Spending per attendee.
Growth Trends
- Increasing preference for unique and experiential events.
- Growth in international meetings and events.
- Growth in virtual and hybrid events due to technological advancements.
- Increasing demand for personalized experiences in event planning.
- Growing use of AI and data analytics in event management.
- Increasing focus on sustainability and eco-friendly event practices.
- Rise in medical and pharmaceutical meetings due to global health crises.
- Growth in incentive tourism and corporate travel.
Secondary Research
Our secondary research forms the foundation of market understanding and scope definition. We collect and analyze information from multiple reliable sources to map the overall ecosystem of the MICE Industry Market. Key inputs include:
- Annual reports, investor presentations, SEC filings
- Company press releases and product launch announcements
- Public executive interviews and earnings calls
- Strategy briefings and M&A updates
- Country-level industry associations and trade bodies
- Government dossiers, policy frameworks, and official releases
- Whitepapers, working papers, and public R&D initiatives
- Relevant Associations for the MICE Industry Market
- Broker reports and financial analyst coverage
- Paid databases (Hoovers, Factiva, Refinitiv, Reuters, Statista, etc.)
- Import/export trade data and tariff databases
- Sector-specific journals, magazines, and news portals
- Global macroeconomic indicators and their cascading effect on the industry
- Demand–supply outlook and value chain analysis
- Consumer behaviour, adoption rates, and commercialization trends
Primary Research
To validate and enrich our secondary findings, we conduct extensive primary research with industry stakeholders across the value chain. This ensures we capture both qualitative insights and quantitative validation. Our primary research includes:
- Key Opinion Leader (KOL) Engagements
- Structured interviews with executives, product managers, and domain experts
- Paid and barter-based interviews across manufacturers, distributors, and end-users
- Discussions with stakeholders to validate demand-supply gaps
- Group discussions on emerging technologies, regulatory shifts, and adoption barriers
- Cross-verification of market sizing and forecasts with industry insiders
- Capturing business perspectives on growth opportunities and restraints
Data Triangulation & Forecasting
The final step of our research involves data triangulation ensuring accuracy through cross-verification of:
- Demand-side analysis (consumption patterns, adoption trends, customer spending)
- Supply-side analysis (production, capacity, distribution, and market availability)
- Macroeconomic & microeconomic impact factors
- Time-series analysis
- Regression and correlation studies
- Baseline modeling
- Expert validation at each stage
Outcome
The outcome is a comprehensive and validated market model that captures:
- Market sizing (historical, current, forecast)
- Growth drivers and restraints
- Opportunity mapping and investment hotspots
- Competitive positioning and strategic insights
Available for purchase with detailed segment data, forecasts, and regional insights.
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