Global Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market Size Likely to Surpass at a CAGR of 8.2% By 2033

As per the current market research conducted by CMI Team, the global Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market size is expected to record a CAGR of 8.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 451.3 billion. By 2032, the valuation is anticipated to reach USD 975.5 billion.

Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market: Growth Factors and Dynamics

• Economic Growth and Globalization: The Inbound MICE (Meetings, Incentives, Conferences, and Exhibitions) Tourism Market is fuelled by robust economic growth and increasing globalization, as businesses and organizations seek international collaborations, conferences, and events to expand their networks, explore new markets, and foster international partnerships. The thriving global economy encourages corporations to participate in cross-border MICE activities, leading to a surge in inbound tourism in various destinations.

• Technological Advancements: The adoption of advanced communication and virtual meeting technologies has significantly impacted the Inbound MICE Tourism Market. Virtual and hybrid events have become more prevalent, allowing for increased accessibility and reduced travel costs for participants. The integration of cutting-edge digital tools and platforms has made it easier for attendees to engage with events remotely, promoting the growth of inbound MICE tourism through improved convenience and flexibility.

• Business Networking Opportunities: Inbound MICE tourism offers unparalleled business networking opportunities, enabling participants to connect with industry peers, potential clients, and key stakeholders from around the world. The platform provided by MICE events facilitates knowledge exchange, collaborative partnerships, and the exploration of new business ventures, attracting professionals from diverse sectors to attend and contribute to the growth of the market.

• Government Support and Incentives: Many countries recognize the economic benefits of hosting MICE events and actively provide favourable policies, financial incentives, and infrastructure support to attract such gatherings. Government initiatives to promote MICE tourism play a crucial role in positioning destinations as attractive locations for hosting international conferences, exhibitions, and conventions, leading to an increase in inbound tourism and stimulating economic growth in the host regions.

• Diverse Event Options: The Inbound MICE Tourism Market offers a wide range of events, such as trade shows, conferences, product launches, incentive trips, and corporate meetings. This diversity caters to the varied needs and interests of participants, attracting different segments of travellers to visit host destinations. The availability of multiple event options contributes to the market’s growth and sustainability by catering to diverse preferences and industries.

• Cultural and Experiential Appeal: Inbound MICE tourists are not only drawn to the business aspects of events but also seek unique cultural experiences, sightseeing opportunities, and leisure activities that host destinations offer alongside their MICE events. The blend of business and leisure activities creates a holistic travel experience, making the overall trip more enticing and memorable for attendees. The cultural and experiential appeal of host destinations enhances the attractiveness of inbound MICE tourism, making it a sought-after market segment for both organizers and participants.

Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market: Partnership and Acquisitions

• Marriott International and Alibaba Group formed a partnership in 2018 to enhance the digital experience for Chinese travellers attending MICE events. The collaboration focused on leveraging Alibaba’s digital platforms to provide personalized services and seamless booking processes for event attendees.

• Hilton Worldwide and American Express Global Business Travel announced a partnership in 2019 to offer exclusive benefits and experiences to corporate clients and their attendees. The collaboration aimed to streamline event planning, enhance attendee experiences, and provide cost-saving solutions for corporate meetings and events.

• Cvent, a leading event management technology company, partnered with Uber for Business in 2020 to integrate transportation solutions into event planning and management processes. The partnership enabled event organizers to offer convenient transportation options to attendees and streamline the logistics of getting to and from event venues.

• PSAV, a global event production company, acquired Encore Event Technologies in 2018. This acquisition allowed PSAV to expand its capabilities in audiovisual services, event technology solutions, and staging services, strengthening its position as a leading provider of event production and technology solutions.

• Clarion Events, a global event organizer, acquired PennWell Corporation in 2018. The acquisition expanded Clarion Events’ portfolio of events and publications, particularly in the energy sector, and enabled them to offer a wider range of industry-specific exhibitions and conferences.

• UBM, a leading global exhibition organizer, was acquired by Informa PLC in 2018. The merger created a major player in the Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market, combining UBM’s strong presence in the exhibitions sector with Informa’s expertise in conferences and events, resulting in a comprehensive portfolio of business-to-business events across various industries.

Report Scope

Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Travel Restrictions and Border Closures: The Covid-19 pandemic resulted in widespread travel restrictions and border closures, severely impacting international travel and disrupting inbound MICE tourism. Many countries imposed strict entry requirements and quarantine measures, leading to the cancellation or postponement of MICE events and a significant decline in tourist arrivals.

• Event Cancellations and Uncertainty: The pandemic’s uncertainty and evolving nature led to the cancellation or postponement of MICE events worldwide. Organizers and participants faced challenges in planning and attending events due to concerns over health and safety, further dampening the demand for inbound MICE tourism during the pandemic.

• Vaccination and Health Protocols: The widespread distribution of Covid-19 vaccines and the implementation of stringent health and safety protocols have been crucial in instilling confidence among MICE participants. Countries that effectively manage and control the virus have gradually lifted travel restrictions, allowing for the safe resumption of inbound MICE tourism.

• Hybrid and Virtual Events: The adoption of hybrid and virtual event formats has emerged as a viable solution to restore inbound MICE tourism during the pandemic. Integrating in-person and virtual elements allows for wider participation, increased accessibility, and reduced travel requirements, enabling events to continue even amid ongoing travel restrictions.

• Government Support and Incentives: Governments around the world have provided financial support and incentives to revive the MICE industry. Financial aid, tax breaks, and subsidies for event organizers, as well as support for venue operators and tourism businesses, have played a vital role in stimulating the recovery of inbound MICE tourism.

• Collaborative Marketing and Promotion: Destination management organizations, tourism boards, and event organizers have collaborated to develop cohesive marketing strategies to attract international MICE visitors. Joint promotional campaigns highlighting the safety measures, unique experiences, and attractive offerings of host destinations have been instrumental in rebuilding confidence and interest in inbound MICE tourism.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market, with some challenges and opportunities arising from the pandemic. Manufacturers and retailers need to remain agile and adapt to the changing market conditions to overcome these challenges and capitalize on new growth opportunities.

List of the prominent players in the Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market:

• CWT Meetings & Events
• BCD Meetings & Events
• American Express Global Business Travel (GBT)
• The Interpublic Group of Companies (IPG)
• Maritz Global Events
• Creative Group
• ATPI Ltd.
• BCD Travel
• Carlson Wagonlit Travel (CWT)
• Conference Care Ltd.
• Others

The Inbound Meetings Incentives Conferences and Exhibitions (MICE) Tourism Market is segmented as follows:

By Event Type

• Inbound Meetings Tourism
• Incentives Tourism
• Conferences Tourism
• Exhibitions (MICE) Tourism

By Application

• Hospitality
• Transportation
• Retail
• Entertainment

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America