Market For Meetings, Incentives, Conferences, and Exhibitions (MICE) To Witness High Growth Owing To Increased Corporate Spending And Rising Number Of International Events

 

Meetings, Incentives, Conferences, and Exhibitions (MICE) 

The Meetings, Incentives, Conferences, and Exhibitions (MICE) Market is estimated to be valued at US$ 876.42 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The MICE market involves the organization of meetings, incentive trips, conferences, exhibitions, and other events for businesses and organizations. Key products and services in this market include conference room facilities, event planning and management, transport services, and accommodation facilities. The MICE market caters to corporate meetings, seminars, trade shows, product launches, and incentive trips.

Market Dynamics:

The MICE market is driven by increased corporate spending on meetings, events, and travel. According to the Global Business Travel Association, business events and travel spending was projected to reach US$ 1.43 trillion in 2022. Rising number of international conferences, trade exhibitions, and other B2B events is also fueling market growth. According to data from the Union of International Associations, over 33,000 international professional associations held over 18,000 international conferences in 2019. Additionally, growing investments by governments worldwide to promote their countries as MICE destinations isexpected to boost the market during the forecast period. However, the recent COVID-19 pandemic significantly impacted the MICE market due to lockdowns and travel restrictions imposed worldwide.

SWOT Analysis:

Strength: The MICE market offers various advantages such as networking opportunities, business exposure, team building, and deals generation. It allows companies to showcase their products and services to potential partners and clients. The market enables businesses to educate and train their employees through conferences and exhibitions.

Weakness: The MICE market is highly susceptible to economic downturns and geo-political uncertainties. Any disruption can negatively impact events planning and attendance. Additionally, many SMEs have limited budgets for MICE activities. Virtual and hybrid events during the pandemic have also affected revenues of offline MICE businesses.

Opportunity: Growth of the experiences economy and demand for unique sponsorships and branding opportunities at MICE events provide scope for innovative offerings. Advancements in digital and immersive technologies are enhancing virtual and hybrid events, expanding the market reach. Rising focus on wellness, sustainability and responsibility is opening up opportunities in niche areas.

Threats: Cost inflation due to high venue rental, transportation and accommodation rates can squeeze organizers' margins. Changing travel advisories and restrictions amid health crises pose challenges in planning international events. Tightening regulations around data privacy and security also act as threats. Competition from online learning and virtual collaboration tools can lure attendees and sponsors away.

Key Takeaways:

 

The Global MICE Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing demand for engagement platforms across industries. Digital transformation of businesses is driving the need for networking events, conferences and exhibitions to interact with partners, buyers and users.

Regional analysis: North America dominates the MICE market currently, accounting for over 35% share due to large corporate spending on meetings, incentives and conferences. Asia Pacific is emerging as the fastest growing regional market facilitated by rising disposable incomes, expanding corporate sectors and government initiatives to promote tourism and MICE industries nationally. China, India, Singapore, Thailand and Japan are leading APAC markets.

Key players: Key players operating in the MICE market are Maritz Holdings Inc., BI Worldwide, ITA Group, ONE 10, Meetings and Incentives Worldwide Inc., Creative Group, Access Destination Services, 360 Destination Group, CSI DMC, CWT, Reed Exhibitions Ltd, BCD Group, Corporate and Leisure Events, and ATPI ltd. They provide specialized services across various MICE segments including event management, destination management, transportation, accommodation bookings, and entertainment activities.

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