The Africa MICE industry size was valued at $10.5 billion in 2022 and is projected to reach $65.6 billion by 2032, growing at a CAGR of 17.0% during the forecast period.
Meetings, Incentives, Conferences, and Exhibitions (MICE) is a subset of the tourism and hospitality industries that focuses on corporate events, conferences, and business gatherings. Every aspect of MICE reflects a distinct feature of this sector: "Meetings" refer to any organized gathering of people for a specified purpose, from small team meetings to large-scale conferences. "Incentives" are motivational programs or awards presented by businesses to staff or clients, typically in the form of vacation experiences or deluxe retreats. "Conventions" are organized meetings when experts, professionals, or stakeholders get together to discuss recent developments, innovations, and issues. "Exhibitions" are trade exhibitions or showcases where businesses show off their offerings, services, or breakthroughs to a specific audience, creating networking possibilities and business connections.
Key Takeaways
- On the basis of event type, the meetings segment dominated the Africa MICE market in 2022 and is anticipated to continue the same trend during the forecast period.
- On the basis of traveler, the international segment dominated the Africa MICE market in 2022 and is anticipated to continue the same trend during the forecast period.
- On the basis of sector, the IT, technology, & telecom segment dominated the Africa MICE industry size in 2022 and is expected to retain its dominance throughout the forecast period.
- According to the Africa MICE industry trends, on the basis of service, the accommodation segment dominated the Africa MICE industry in 2022 and is anticipated to continue the same trend during the forecast period.
- Country wise, South Africa accounted for the highest Africa MICE industry share in 2022 and is expected to grow at a CAGR of 16.4% during the forecast period.
Market Dynamics
Globalization in business refers to change in a business from a company associated with a single country to one that operates in multiple countries. Leading business organizations, such as Toyota Motor Corporation, McDonald's, Wal-Mart stores Inc., and others, have started venturing beyond national boundaries to tap into more business opportunities. Presently, these organizations are operating in a highly dynamic business environment. Multiple strategies are implemented, such as mergers & acquisitions of overseas companies, outsourcing of cheap raw materials & labor market, and others, to cope with the changing business dynamics and ensure continuous success of their firms. Moreover, low manufacturing costs and large market size offer an easy approach to achieving economies of scale and competitive edge. In addition, liberalization in market entry strategies in countries, such as Nigeria, Ghana, and others, encourages global business organizations to expand their market size.
Travel & tourism includes leisure tourism, business tourism, medical tourism, and others. The factors that promote the growth of the travel & tourism industry include changes in lifestyle, a rise in tourism promotion, an increase in accessibility of transport facilities, and others, which are expected to fuel the Africa MICE industry growth. Furthermore, technological advancements have given rise to easy access to hotel & transport booking through online portals, which further boosts the Africa MICE industry demand. Continuous development in the travel & tourism industry and integration of various segments, such as hospitality & infrastructure with government initiatives, accelerate the growth of the global travel & tourism industry, which, in turn, supplements the growth of the Africa MICE industry.
Meetings, incentives, conventions, and exhibitions (MICE) are one of the most innovative and demanding forms of business tourism. It includes business events and activities, which need high operational expenses. Capital investment is high as it consists of multiple sectors of hospitality services, including lodging, food & beverage, catering, convention service, convention facility supply, transportation, tourism, retail, shopping, and entertainment.
The inheritance of the great recession along with a highly competitive market for attracting events and high customer demand is converting into an enduring cost awareness among meeting organizers and delegates alike. However, the use of tele-seminars and virtual meetings to eliminate travel expenses is expected to overcome this restraint in the near future. Incorporating group fares into a strategic meeting program is another way meeting planners aim to optimize costs.
Technological progress plays an important role in the Africa MICE business. Meetings and events have been transformed by the latest technology. Overhead projectors have been replaced with wireless connectivity for LCD projectors, video conferencing, and fast notebooks, which are the new standard requirements observed in the Asia-Pacific MICE industry. However, it is not only about state-of-the-art high-tech technology but also about versatile technology, which is easy to use. Advancements, such as online banking, phone calls, emails, and video conferences, make communication and transactions significantly cost-effective and easy in real time.
Moreover, the emergence of real-time communication opportunities encourages companies to adopt several communication technologies such as video conferencing through Skype, FaceTime, and others. The low cost and high effectiveness of such technologies are expected to present lucrative opportunities for the growth of the Africa MICE industry during the forecast period.
The rapid development of the tourism and travel industry is boosting the MICE business in Africa. As more individuals travel to discover the continent's different landscapes, traditions, and experiences, there is a corresponding increase in interest in venues and infrastructure that can accommodate a variety of corporate events, seminars, and exhibits. Africa's growing tourist infrastructure, along with its natural features and dynamic cities, make it an attractive option for travelers for both business and leisure. The inflow of tourists not only boosts the hotel industry, but also provides prospects for the creation of cutting-edge conference centers, conference halls, and venues for events across the entire continent. Furthermore, as businesses seek unusual and exotic destinations for their conferences and seminars, Africa emerges as a top choice, providing a combination of business facilities and opportunities for memorable experiences, driving the continent's MICE sector forward.
Segmental Overview
The Africa MICE industry is segmented into event type, traveler, sector, service, and country. On the basis of event type, the market is divided into meetings, incentives, conventions, and exhibitions. By traveler, the market is segmented into domestic and international. On the basis of sector, the market is divided into construction & engineering, pharmaceutical & healthcare, agriculture, food & beverage, hospitality, IT, technology, & telecom, finance & insurance, and others. By service, the market is segmented into food, accommodation, airfare, and transportation. Country-wise, the market is analyzed South Africa, Namibia, Kenya, Tanzania, Uganda, Nigeria, Rwanda, UAE, Egypt, and Rest of Africa.).
By Event Type
By event type, the meetings segment dominated the market in 2022 and is anticipated to propel during the forecast period owing to the recent trend of organizing hybrid meetings, which involve the use of social media and meeting apps. Hybrid meeting solutions connect speakers and attendees with online audiences in a virtual way.
By Event Type
The Incentive segment is projected to grow at a significant 17.7%CAGR during the forecast period.
By Traveler
According to the Africa MICE industry analysis, on the basis of traveler, the international segment dominated the market in 2022 and is anticipated to propel during the Africa MICE industry forecast period. International travelers are the major contributors to the Africa MICE Industry as Africa's rich cultural history, diversified landscapes, and distinctive attractions entice foreign visitors looking for authentic and immersive encounters. International travelers help boost economic growth, develop global collaborations, and boost cross-cultural exchange.
By Traveler
The domestic segment is projected to grow at a significant 17.4% CAGR during the forecast period.
By Sector
Depending on the sector, the IT, technology, and telecom segment dominated the market in 2022 and is projected to continue the same trend during the forecast period. The emergence of virtual and hybrid events as a reaction to the COVID-19 pandemic has fueled the demand for IT and technology solutions that enable distant engagement, virtual networking, and digital content distribution.
By Sector
The contruction and engineering segment is projected to grow at a significant 19.0% CAGR during the forecast period.
By Service
By service, the accommodation segment dominated the market in 2022 and is anticipated to propel during the forecast period. The growing need for high-quality accommodation that meets the different demands and tastes of event participants is a significant driver for the growth of the Africa MICE industry. The growing popularity of experiential travel and distinctive lodging experiences contributes to the demand for boutique hotels, eco-lodges, and themed lodgings that provide memorable and immersive stays.
Competitive Analysis
Players operating in the Africa MICE industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. Key players profiled in this report include Meetings and Incentives Worldwide, Inc, CWT, IBTM World, BI Worldwide, ITA Group, 360 Destination Group, ACCESS Destination Services, On Show Solutions, Giltedge Travel (Pty) Ltd., and African Agenda.
Some Examples of Product Launch in The Market
- In September 2021, Meetings and Incentives Worldwide, Inc., launched a new agency model division, Flow. This launch mainly focused on elevating event experiences through incorporation of different integrated marketing strategies, creative services, and engagement strategies.
- In January 2021, Meetings and Incentives Worldwide, Inc., expanded its incentive travel and employee recognition to include custom gifts choice, rewards, and travel packages for qualified winners. This is mainly marketed toward bringing improvement in hybrid and virtual meetings.
Some Examples of Partnership in The Market
- In December 2020, IBTM World partnered with ENIT to deliver some engaging added-value content to help event organizers plan meetings and events.
- In November 2020, IBTM World introduced a new online event platform in partnership with Sector Global, which is an event technology company. Through this partnership, its online event platform is expected to offer features such as pre-event matchmaking, HD video meetings during the event, and thereby will improve its consumer experience.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the market with current and future trends to elucidate the imminent investment pockets.
- Information regarding key drivers, restraints, and opportunities along with their impact analysis on the market is provided in the report.
- Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- A quantitative analysis of the Africa MICE industry opportunities from 2022 to 2032 is provided to determine the market potential.
Africa MICE Industry, by Event Type Report Highlights
| Aspects | Details |
 By Event Type |
|
 By Traveler |
|
 By Sector |
|
 By Service |
|
 By Region |
|
 Key Market Players | IBTM World, ACCESS Destination Services, BI Worldwide, 360 Destination Group, CWT, Meetings and Incentives Worldwide, Inc, Giltedge Travel (Pty) Ltd., African Agenda, ITA Group, On Show Solutions |
Analyst Review
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Moreover, beauty and personal care products have witnessed prominent adoption in India, owing to swift changes in consumer lifestyles, an increase in disposable income, the rise of local D2C brands, and a surge in the need for beauty and personal care products derived from natural extracts. Furthermore, the increase in penetration of various online portals and the rise in the number of offers or discounts attract a large consumer base to purchase skin care cosmetics products through online channels. Moreover, online sales channels have increased consumer reach, making them a key source of revenue for many companies.
The Africa MICE industry was valued at $10.50 billion in 2022 and is projected to reach $65.60 billion by 2032, growing at a CAGR of 17.0% during the forecast period.
The Africa MICE industry registered a CAGR of 17.0% from 2023 to 2032
Raise the query and paste the link of the specific report and our sales executive will revert with the sample.
The forecast period in the Africa MICE industry report is from 2023 to 2032.
The top companies that hold the market share in the Africa MICE industry include Meetings and Incentives Worldwide, Inc, CWT, IBTM World, BI Worldwide, ITA Group, and others.
The Africa MICE industry report has 3 segments. The segments are event type, traveler type, service and sector.
The emerging countries in the Africa MICE industry are likely to grow at a CAGR of more than 19.5% from 2023 to 2032.
South Africa will dominate the Africa MICE industry by the end of 2032.
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