US MICE Market Size Likely to Expand at a CAGR of 6.8% By 2033

As per the current market research conducted by the CMI Team, the US MICE Market size is expected to record a CAGR of 6.8% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 230,497.1 Million. By 2033, the valuation is anticipated to reach USD 416,683.8 Million.

US MICE Market: Growth Factors and Dynamics

• Technological Advancements: The integration of innovative technologies, such as virtual and augmented reality, AI-driven event management platforms, and hybrid event solutions, is transforming the MICE landscape in the US These advancements enhance attendee engagement, streamline event logistics, and broaden accessibility, driving growth in the market.

• Shift Towards Hybrid Events: The COVID-19 pandemic accelerated the adoption of hybrid event formats, combining in-person and virtual elements. This shift enables organizers to reach broader audiences, increase participation, and provide flexible attendance options. As hybrid events become the new norm, they contribute significantly to the growth of the US MICE market.

• Focus on Sustainability: Increasing awareness of environmental issues has led to a growing emphasis on sustainability within the MICE industry. Event organizers in the US are incorporating eco-friendly practices, such as carbon offsetting, waste reduction, and sustainable sourcing, to meet the demands of environmentally conscious attendees and stakeholders, driving market growth.

• Destination Diversity: The US offers a diverse range of destinations, each with its unique appeal and infrastructure for hosting MICE events. From major cities like New York and Las Vegas to scenic destinations like Hawaii and Colorado, the country provides options to suit various event requirements and preferences. This diversity attracts both domestic and international event planners, fueling market expansion.

• Strategic Partnerships and Collaborations: Collaboration between MICE industry stakeholders, including event organizers, venues, hotels, and destination management organizations, plays a crucial role in driving growth. Strategic partnerships enable seamless event execution, enhanced attendee experiences, and increased marketing reach. By leveraging synergies and shared resources, stakeholders in the US MICE market can capitalize on emerging opportunities and drive sustained growth.

• Government Support and Infrastructure Investment: Government initiatives and investments in infrastructure development, transportation networks, and promotional campaigns contribute to the growth of the US MICE market. Supportive policies, tax incentives, and funding for convention centers, exhibition halls, and hospitality infrastructure enhance the country’s attractiveness as a premier MICE destination. Moreover, collaborations between the public and private sectors further stimulate growth and competitiveness in the market.

US MICE Market: Partnership and Acquisitions

• In 2022, ITA Group, specializing in corporate engagement solutions, has partnered with PRM Marketing Services to expand its presence in the Asia Pacific region. This collaboration aims to leverage PRM’s local expertise and networks to enhance ITA Group’s operations and market reach.

• In 2021, Meeting and Incentives Worldwide, Inc., a global event management and strategy firm, has partnered with Bizly, a meeting technology firm, to offer comprehensive 360-degree meeting solutions to clients. This collaboration aims to enhance efficiency and effectiveness in event planning and execution.

Report Scope

US MICE Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the US MICE Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption of In-person Events: The COVID-19 pandemic led to widespread cancellations and postponements of in-person meetings, conferences, and exhibitions across the United States. Travel restrictions, social distancing measures, and health concerns significantly reduced event attendance and revenue, causing a substantial downturn in the MICE industry.

• Shift to Virtual and Hybrid Formats: In response to the pandemic-induced restrictions, many MICE events in the US transitioned to virtual or hybrid formats to ensure continuity. While these formats allowed for continued engagement and knowledge sharing, they often lacked the immersive experience and networking opportunities associated with traditional in-person events, impacting overall event effectiveness and profitability.

• Adoption of Hybrid Event Models: As vaccination rates increase and restrictions ease, the US MICE market is embracing hybrid event models that combine in-person and virtual elements. Hybrid events offer flexibility for attendees who may prefer remote participation while also providing opportunities for face-to-face interactions and networking, thereby accommodating diverse preferences and maximizing event reach and impact.

• Implementation of Enhanced Health and Safety Protocols: To instil confidence among attendees and mitigate health risks, event organizers in the US are implementing stringent health and safety protocols. This includes measures such as temperature screenings, mandatory mask-wearing, enhanced sanitation procedures, and improved ventilation systems at event venues. By prioritizing participant safety, organizers aim to rebuild trust and encourage attendance at in-person events.

• Strategic Marketing and Promotion: Event organizers and destinations in the US are investing in targeted marketing and promotional campaigns to attract attendees and drive participation in MICE events. Leveraging digital marketing channels, social media platforms, and industry partnerships, stakeholders are effectively communicating the value proposition of in-person and hybrid events, highlighting unique experiences, educational opportunities, and networking advantages.

• Collaboration with Industry Partners: Collaboration between MICE industry stakeholders, including event planners, venues, hotels, and technology providers, is essential for the recovery of the US MICE market. By working together to develop innovative solutions, share best practices, and address emerging challenges, stakeholders can enhance the overall event experience, streamline operations, and rebuild confidence in the sector.

In conclusion, the COVID-19 pandemic has had a mixed impact on the US MICE Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the US MICE Market:

• Marriott International Inc.
• Hilton Worldwide Holdings Inc.
• Hyatt Hotels Corporation
• InterContinental Hotels Group PLC
• AccorHotels
• Wyndham Destinations Inc.
• MGM Resorts International
• Caesars Entertainment Corporation
• American Express Global Business Travel (GBT)
• Cvent Inc.
• Freeman
• PSAV
• Eventbrite
• PCMA (Professional Convention Management Association)
• US Travel Association
• Others

The US MICE Market is segmented as follows:

By Event Type

• Exhibitions
• Meetings
• Incentives
• Conventions