The MICE Industry market is driven by rise in hybrid and virtual events, increased sustainability and green meetings, personalization and participant engagement, and health & safety measures. Moreover, the rapid advancement in the tourism industry has led to change in dynamics and made it easier for both customers and organizers to organize the market smoothly.
WILMINGTON, Del., Feb. 26, 2024 /PRNewswire/ — Allied Market Research published a report, titled “MICE Industry Market by Event type (Meeting, Incentive, Convention, and Exhibition) : Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global meeting, incentive, convention, and exhibition (MICE) industry was valued at $598.2 billion in 2022, and is estimated to reach $2,309.4 billion by 2032, registering a CAGR of 11.6% from 2023 to 2032.
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Prime determinants of growth
The growth of the MICE industry is majorly driven by many factors. The MICE industry has increasingly embraced hybrid and virtual event formats. This has allowed for greater reach and accessibility, enabling participants from around the world to attend conferences and exhibitions without the need for physical presence. Moreover, sustainability has become a key focus in the MICE industry. Event organizers and venues have adopted eco-friendly practices to minimize the environmental impact of meetings and conferences. This included using sustainable materials, reducing waste, and implementing energy-efficient technologies. In addition, the integration of technology in the MICE industry was on the rise. This included the use of event management software, mobile apps, virtual reality (VR), and augmented reality (AR) to enhance the overall event experience. Technology has been also utilized for efficient registration processes, engagement, and data analytics.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$598.2 billion |
|
Market Size in 2032 |
$2,309.4 billion |
|
CAGR |
11.6 % |
|
No. of Pages in Report |
110 |
|
Segments covered |
Event Type and Region |
|
Drivers |
Rapid growth in the travel and tourism industry Increase in globalization of businesses Rapid increase in SMEs Rise in disposable income Rise in interest among youth in entrepreneur & business seminars |
|
Opportunities |
Technological advancements Infrastructural investment |
|
Restraints |
High operational cost associated with MICE events Growth in geopolitical and social uncertainties Inadequate support infrastructure |
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The meeting segment to maintain its leadership status throughout the forecast period
By event type, the meeting segment held the highest market share in 2022, accounting for more than three-fifths of the MICE Industry market revenue and is estimated to maintain its leadership status throughout the forecast period. The meeting segment dominated the market share in the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry due to its frequency, regularity, and essential role in corporate business activities. Meetings occur regularly for internal communication, decision-making, and strategic planning, contributing to a stable and prominent market position. The diversity in the scale and purpose of meetings, ranging from small board meetings to large international conferences, allows the MICE industry to cater to a broad spectrum of business needs. Moreover, the consistent demand for meetings serves as a reliable revenue stream for venues, event organizers, and related service providers, making it a financially significant segment. The local and regional impact of meetings, often attracting attendees from nearby areas, further contributes to higher attendance and market share. In addition, the inclusion of corporate travel and accommodation in meeting-related activities enhances the economic significance of this segment within the MICE industry.
The meeting segment to maintain its leadership status throughout the forecast period
By region, Europe held the highest market share in 2022, accounting for more than three-fifths of the MICE Industry market revenue and is estimated to maintain its leadership status throughout the forecast period. Europe holds the highest market share in the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry due to a combination of factors. The region has a well-developed infrastructure with state-of-the-art facilities for hosting various events, supported by efficient transportation systems. Its diverse range of destinations, from vibrant cities to scenic landscapes, caters to varied preferences of MICE participants. Major European cities, such as London, Frankfurt, Paris, and Geneva, serve as strong business and financial hubs, attracting high-profile conferences and corporate events. The global connectivity facilitated by Europe’s well-established air and rail networks makes it a convenient destination for international attendees. The region’s rich cultural heritage and tourism attractions add an extra appeal, allowing participants to combine business activities with cultural experiences. Moreover, Europe’s reputation for safety, political stability, and the availability of professional services and expertise in event planning contribute to its prominence in the MICE industry.
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Leading Market Players: –
360 DESTINATION GROUP
ACCESS DESTINATION SERVICES
ATPI LTD.
BCD GROUP
BI WORLDWIDE
CWT
FCM TRAVEL
CONFERENCE CARE LTD.
CREATIVE GROUP, INC.
CSI DMC
IBTM WORLD
ITA GROUP
MARITZ
MEETINGS AND INCENTIVES WORLDWIDE, INC
ONE10, LLC
THE FREEMAN COMPANY, LLC
THE INTERPUBLIC GROUP OF COMPANIES, INC.
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.
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