Africa MICE Industry is Expected to Reach $65.6 Billion by 2032 - Allied Market Research

According to a new report published by Allied Market Research, titled, “Africa MICE Industry by Event Type, Traveler, Service, and Sector: Opportunity Analysis and Industry Forecast, 2023–2032,”

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.

MICE refer to a segment of the tourism industry focused on organizing and hosting corporate events, conferences, seminars, trade shows, and exhibitions. Meetings typically involve gatherings of professionals for discussions, presentations, and decision-making, while incentives refer to reward trips or events provided by companies to motivate employees or clients. Conferences are formal assemblies of individuals to exchange knowledge, ideas, and information on specific topics, often featuring keynote speakers and workshops. Exhibitions or events showcase products, services, or ideas to a targeted audience, facilitating networking and business opportunities. MICE tourism plays a crucial role in economic development by attracting business travelers, fostering collaboration, and stimulating local industries such as hospitality, transportation, and entertainment.

The MICE industry is complex, consisting of participants, sponsors, planners, convention and visitor bureaus, meeting venues, accommodations, and suppliers 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 Africa MICE industry growth is driven by 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 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 challenging task for businesses and this took more effort and expense, making it difficult for the SMEs to attract an 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.

In addition, around 3.2 billion and more users around the globe, which 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.

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, thus increasing the Africa MICE industry demand.

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 across South Africa, Namibia, Kenya, Tanzania, Uganda, Nigeria, Rwanda, UAE, Egypt, and Rest of Africa.

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

Key findings of the study

• According to the Africa MICE industry trends, on the basis of event type, the meetings segment dominated the Africa MICE industry 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 industry in 2022 and is anticipated to continue the same trend during the forecast period.
• According to the Africa MICE industry analysis, on the basis of sector, the IT, technology, & telecom segment dominated the Africa MICE industry in 2022 and is expected to retain its dominance throughout the forecast period.
• On the basis of service, the accommodation segment dominated the Africa MICE market 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.