According to a new report published by Allied Market Research, titled, “MICE Industry by Event Type (Meeting, Incentive, Conventions, and Exhibitions): Global Opportunity Analysis and Industry Forecast 2021–2031 Market," The mice industry size was valued at $345.80 billion in 2021, and is estimated to reach $2130.4 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.
The term MICE in the context of travel is an acronym for meeting, incentive, conference, and exhibition. The MICE market refers to a specialized niche of group tourism dedicated to planning, booking, and facilitating conferences, seminars, and other events. It is the highest revenue contributor to the travel industry.
The MICE industry is complex, consisting of participants, sponsors, planners, convention and visitor bureaus, meeting venues, accommodations, and suppliers generally involved in the planning and execution of an event. The industry provides easy and convenient methods for organizing events and helps choose the right destination, which forms the basis of a successful event. The MICE market of the tourism industry has witnessed exponential growth, owing to rapid globalization, expansion of service industries, and continuous evolution of scientific and technological innovations.
Social media is very influential on society in both positive and negative ways. Social media connects people and also helps to communicate between consumers and businesses. It gives businesses a way to engage with customers. Before social media marketing, finding a targeted group of consumers was a difficult task for businesses and this took more effort also it is more costly, making it very difficult for startups to get in front of their target audience. Businesses are promoting their brands and products through social media. Through the advertisements & promotions of brands or products by celebrities, these brands can increase awareness and trust in their product. Consumers feel more comfortable with a brand if their services are promoted by a celebrity they admire or relate to. An increase in the penetration of social media for advertisement is expected to fuel MICE industry growth in the upcoming years.
Now around 3.2 billion more users around the globe which is about more than 42% of the total present population have a Facebook account. The influence of social media is expected to create opportunities for manufacturers in the upcoming years.
Event organizers are now focusing on creating immersive and experiential events. This involves incorporating interactive technologies, unique venues, and engaging activities to make events more memorable and impactful. Event organizers are now collaborating more with other industry players such as suppliers, venues, and sponsors to create successful events with the increasing complexity of events. The increases in investment in meetings, exhibitions, and others is expected to propel MICE Industry demand in the upcoming years. The COVID-19 pandemic has led to an increased focus on health and safety measures at events. Organizers are now implementing measures such as social distancing, mask mandates, and increased sanitation to ensure attendee safety. With the increasing use of technology and the COVID-19 pandemic, hybrid events that combine both in-person and virtual attendance have become popular. This allows organizers to reach a wider audience and make events more accessible to people who are unable to attend in person.
Meeting, incentive, convention, and exhibition or MICE 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 multi-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. However, the use of teleseminars and virtual meetings to eliminate travel expenses is expected to overcome this restraint in the upcoming years. Incorporating group fares into a strategic meeting program is another way meeting planners aim to optimize costs.
According to the market analysis, the MICE industry is segmented into event type, and region. On the basis of event type, the market is divided into meetings, incentives, conventions, and exhibitions. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, Spain, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Singapore, Thailand, Indonesia, Australia, New Zealand, Japan, Malaysia, South Korea, Vietnam, Hong Kong, Taiwan, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), Middle East (UAE and Rest Of Middle East), and Africa (South Africa, Nigeria, Ghana, Kenya, Namibia, Rwanda, and Rest Of Africa).
Based on event type, the meetings segment held the major MICE industry share, in terms of revenue, in 2021. Hybrid events that combine both in-person and virtual attendance have become popular with the increasing use of technology and the COVID-19 pandemic. This allows organizers to reach a wider audience and make events more accessible to people who are unable to attend in person. the ongoing MICE industry trends is expected to create more opportunities for the new entrants in the upcoming years.
Region-wise, Europe was the largest market in 2021 and had the highest market share of 41.2%. Companies operating in the Europe MICE industry are offering innovative services to sustain in the competitive market. Germany is one of the leading markets for business travel in the Western European region. Overall economic development has led to the strengthening of the German MICE industry. Large companies are major consumers of the MICE industry; however, the consumption rate of SMEs is growing rapidly. The domestic market for the MICE industry is highly consumed by the SME segment. Some of the key players profiled in the MICE industry analysis include Maritz, BI Worldwide, Ltd., ITA Group, Inc, One10, LLC, Meetings and Incentives Worldwide, Inc. (M&IW), Creative Group, Inc., ACCESS Destination Service, 360 Destination Group, CSI DMC, Carlson Wagonlit Travel, IBTM, BCD Group, Cievents, ATPI Ltd, Conference Care Ltd, the Freeman Company, and the Interpublic Group of Companies, Inc.
Key findings of the study
- By event type, the incentives segment is projected to witness the highest CAGR of 19.7%, in revenue terms, during the forecast period.
- By region, Middle East is anticipated to witness the highest growth rate, registering a CAGR of 28.1% from 2021 to 2031.