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MICE Industry Market Expected to Reach $2,309.4 Billion by 2032—Allied Market Research

 
2022
MICE Industry Market

Report Code : A02102

quote The market is expected to grow significantly owing to the increase in sponsorships, rise in interest among youth in entrepreneur & business seminars, and rise in disposable income of individuals around the globe. Moreover, technological advancement plays a vital role and serves as an opportunity in boosting the performance of the MICE Industry market. quote

Roshan Deshmukh
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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.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, 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 being 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 consumer and business, which increase the MICE industry size. 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 efforts 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 of their product. Consumers feel more comforting toward a brand, if their services are promoted by a celebrity they admire or relate to which promote the MICE Industry Market.

Around 3.2 billion and more users around the globe, that is about more than 42% of the total present population have a Facebook account. Influence of social media is expected to create opportunities for the manufacturers in the upcoming years, increasing the MICE industry share.

According to MICE industry trends, 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 COVID-19 pandemic has led to 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 is one of the most innovative and demanding form 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 tele-seminars and virtual meetings to eliminate travel expenses is expected to overcome this restraint in the upcoming years and help in MICE Industry growth. 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 market 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 accounted for more than 60% of the MICE Industry market share, in terms of revenue, in 2022. 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, increasing the MICE industry demand.

Region-wise, Europe was the largest market in 2022 and had the highest MICE Industry market share of 41.0%. 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 Germany MICE industry market. Large companies are major consumers of the MICE industry; however, consumption rate of SMEs is growing rapidly. The domestic market for MICE industry  market 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 12.4%, in revenue terms, during the forecast period.
  • By region, the Middle East is anticipated to witness the highest growth rate, registering a CAGR of 18.0% from 2023 to 2032.
 

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quote MICE Industry by Type (Meeting, Incentive, Convention and Exhibition): Opportunity Analysis and Industry Forecast, 2023–2032 quote

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