The Growing MICE Industry in the United States
The Meetings, Incentives, Conferences and Exhibitions (MICE) industry in the United States has grown substantially in the past decade. As businesses increasingly use face-to-face interactions to facilitate networking, learning and deal-making, the demand for MICE events has increased across various industry verticals. In this article, we will explore some key trends driving growth in the MICE space and examine different segments within this industry.
Growth of the Overall Industry
According to data from the Events Industry Council, the U.S. MICE industry was valued at over $297 billion in 2019, representing a 41% growth from 2009 levels. Some of the factors contributing to this strong growth include an improved economy encouraging more business travel and events, advanced technology enabling remote participation in hybrid events, and growing awareness around the impact of face-to-face interactions. The COVID-19 pandemic halted much of the in-person event activity in 2020, but the industry is showing signs of recovery as restrictions ease and vaccination rates rise across the country. Moving forward, the industry is expected to regain its pre-pandemic size by 2023 and continue growing at an annual rate of 3-5% through 2030.
Meetings: Core Driver of Business Travel
Corporate meetings represent a major segment within the overall MICE space. These encompass small internal team meetings, larger sales conferences, quarterly planning sessions and many other gathering formats used by businesses. In 2019, corporate meetings accounted for over $150 billion in total direct spending. Top industries hosting frequent meetings include professional services firms, technology companies, healthcare organizations and financial institutions. Even with the option of virtual meetings, in-person gatherings are invaluable for bonding teams, exchanging ideas and closing deals. As such, business travel for meetings is rebounding quicker than other travel segments post-pandemic. Meeting planners are also incorporating more hybrid options to engage both in-person and remote attendees.
Incentive Travel – Motivating Sales Performance
Incentive travel programs are commonly used in different industries to motivate employees and channel partners. They typically involve rewarding top performers with all-expense-paid trips to desirable destinations for leisure or networking activities. The incentive travel market was estimated at over $30 billion in 2019. Common incentive structures range from destination-based trips for achieving quarterly or annual targets to point redemption rewards that staff can accrue over time. Despite the disruption caused by COVID-19, many companies are continuing to invest in incentive programs for rebuilding sales momentum in the recovery phase. Virtual and hybrid experiences are also being explored within incentive travel to engage remote individuals.
Conferences: Powerful Platform for Learning and Networking
Conferences bring together large audiences spanning hundreds to thousands of participants for educational seminars, keynote speeches, panel discussions and networking sessions around focused topics. Popular conference categories include healthcare, technology, finance and various professional fields. In 2019, the conference segment was worth approximately $70 billion for the U.S. event economy. Conferences hosted by associations and non-profit organizations were hit hard by the pandemic but have bounced back quicker than third party commercial events. Events organizers are now applying learnings around public health safety and hybrid event production to strengthen in-person conferences while maintaining virtual access options as well. Interactive digital experiences and meeting functionality within convention centers are also improving attendee engagement levels.
Exhibitions & Trade Shows Drive Business Growth
Exhibitions and trade shows have long been instrumental for various industries to display new products/services, source vendors, strike deals and measure market trends. Major exhibition categories include construction, energy, transportation and food/agriculture. The largest U.S. trade show organizer is Informa, which hosted thousands of events globally prior to the pandemic slowdown. In 2019, exhibitions contributed over $25 billion to the country’s MICE revenues. While live events slowed, some rescheduled for later in 2021/2022 while others transitioned platforms to virtual/hybrid formats. Event owners are investing in hybrid event technology and data tools to better integrate digital and in-person to drive higher participation levels. Safety measures will also be critical for rebuilding attendee confidence as live events restart at scale.
The U.S. MICE industry has demonstrated steady growth over the past decade primarily due to increased business event activity across industries and advancement of event technology. While the pandemic caused significant disruption, the sector is showing positive signs of recovery as restrictions ease. Growing hybrid event adoption and new digital capabilities are likely to support continued momentum. As business travel normalizes further, the MICE industry is well positioned to regain its pre-COVID size and resume its growth trajectory over the coming years.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it