The Meetings, Incentives, Conferences, and Exhibitions (MICE) Market is estimated to be valued at US$ 876.42 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The MICE industry involves planning and coordinating business events such as corporate meetings, incentive trips, conferences, exhibitions, and trade shows. It plays a vital role in boosting business networking, knowledge sharing, and brand promotion.
Market Dynamics:
The growing demand for face-to-face interactions from corporates and the travel and tourism industry is a key driver for the MICE market. Additionally, advancements in technology and infrastructure have made destination management simpler, thereby encouraging event organizers to host large-scale global events. Industry players are focusing on hybrid event formats and digital solutions to engage participants, which is further propelling the market growth despite challenges faced during the pandemic.
Market key trends:
One key trend in the meetings, incentives, conferences, and exhibitions (MICE) market is the rise of hybrid conferences and events. With the COVID-19 pandemic accelerating the decline of in-person events, many event organizers have adopted hybrid models that incorporate both physical and virtual elements. This allows for broader participation from those unable or unwilling to travel. Hybrid events are expected to continue growing in popularity as they offer greater accessibility, lower costs, and reduced environmental impact compared to solely in-person gatherings.
SWOT Analysis
Strengths: Large MICE events provide opportunities for brands to reach a mass audience in one place. face-to-face engagement allows for networking and relationship building not possible online.
Weaknesses: High costs associated with planning and executing large live events. Vulnerable to economic downturns reducing corporate travel budgets.
Opportunities: Shift to hybrid/virtual events lowers barriers to participation. Rapid digitalization opening new markets.
Threats: Ongoing impact of COVID-19 pandemic on travel and gatherings. Rise of virtual-first competition.
Key Takeaways
The Global MICE Market size was valued at USD 876.42 billion in 2022 and is expected to witness a CAGR of 7.5% over the forecast period. Growth is supported by increasing investments in experience-led business events aimed at employee engagement and networking.
Regionally, Asia Pacific dominated the MICE market in 2022 and is projected to grow at the fastest rate during the analysis timeframe. Rapid economic development and investments in event infrastructure across major APAC countries are driving higher numbers of business travelers and events to the region.
Key players operating in the MICE market include 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. Strategic mergers and acquisitions allow these companies to enhance their offerings and global footprints in the dynamic MICE space.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
