Global MICE Market 2024–2033

Reports Description

As per the current market research conducted by CMI Team, the global MICE Market is expected to record a CAGR of 18.2% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 645.7 billion. By 2032, the valuation is anticipated to reach USD 1620.7 billion.

The MICE market, which stands for Meetings, Incentives, Conferences, and Exhibitions, is a sector within the tourism industry that focuses on organizing various events for business, professional, and leisure purposes. It includes activities like corporate meetings, trade shows, conferences, exhibitions, and incentive programs.

The MICE market is vibrant and diverse, bringing together individuals and organizations from different industries and locations to share knowledge, showcase products, build connections, and stimulate economic growth.

Current trends in the MICE market include a growing demand for unique and immersive event experiences, the use of technology for better engagement, a focus on sustainability and eco-friendly practices, the rise of hybrid events blending in-person and virtual elements, and increased attention to health and safety measures due to the COVID-19 pandemic. These trends shape the MICE market and drive innovation in event planning and execution.

MICE Market – Significant Growth Factors

The MICE Market presents significant growth opportunities due to several factors:

• Increasing Business Networking Opportunities: The MICE market is experiencing growth due to the rising demand for business networking platforms. Events such as conferences, exhibitions, and trade shows provide valuable opportunities for professionals and organizations to connect, collaborate, and establish new business relationships.

• Growing Importance of Knowledge Sharing: The MICE market is driven by the increasing importance placed on knowledge sharing and professional development. Conferences and seminars enable individuals to gain insights, learn from industry experts, and stay updated on the latest trends, fostering personal and professional growth.

• Rise in Corporate Events and Incentive Programs: The corporate sector’s focus on employee motivation and engagement has led to the growth of corporate events and incentive programs within the MICE market. Companies organize meetings, team-building activities, and incentive trips to reward and motivate employees, ultimately driving the market’s growth.

• Expansion of the Tourism Industry: The MICE market benefits from the expansion of the tourism industry, as events attract both domestic and international participants. The growth of travel infrastructure, including hotels, convention centers, and transportation, supports the hosting of large-scale events and contributes to the market’s development.

• Technological Advancements: The integration of advanced technologies, such as virtual reality, event management software, and digital marketing tools, has fueled the growth of the MICE market. These advancements enhance event experiences, improve planning and coordination, and enable wider reach and engagement among attendees.

• Government Support and Initiatives: Government support, favorable policies, and incentives provided to the MICE industry play a significant role in its growth. Governments recognize the economic benefits of hosting events and invest in infrastructure development, marketing.

• Growing Business Opportunities: The MICE industry is driven by the increasing demand for business networking and collaboration. Organizations recognize the value of face-to-face interactions for establishing connections, closing deals, and expanding their professional networks. The market is fueled by the need for companies to organize conferences, trade shows, and meetings to facilitate business growth and generate new opportunities.

• Tourism and Destination Promotion: The MICE market benefits from the promotion of tourism and destination marketing efforts. Many countries and cities strategically position themselves as attractive MICE destinations by investing in infrastructure, facilities, and promotional campaigns. The availability of world-class convention centers, hotels, and supporting amenities, coupled with appealing cultural and recreational offerings, drives the demand for MICE events in these destinations.

MICE Market – Mergers and Acquisitions

The MICE Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the MICE Market include:

• 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 MICE 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.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the MICE Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

MICE Market – Significant Threats

The MICE Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Economic Downturn: Economic recessions or downturns can impact the MICE market, leading to reduced corporate spending on events, conferences, and exhibitions. Companies may cut back on travel budgets, attendance, or postpone events, resulting in lower demand for MICE services.

• Geopolitical Instability: Political instability, conflicts, or geopolitical tensions in certain regions can deter attendees and organizers from participating in MICE events. Concerns over safety, travel restrictions, or visa complications may impact event planning and attendance.

• Health and Safety Risks: Outbreaks of infectious diseases, such as the COVID-19 pandemic, pose significant risks to the MICE market. Health concerns, travel restrictions, and social distancing measures can lead to event cancellations, lower attendance, and increased costs for implementing health and safety protocols.

• Technological Disruptions: Rapid advancements in technology can disrupt traditional MICE practices. Virtual event platforms, remote collaboration tools, and online networking platforms may reduce the need for physical attendance, impacting the demand for in-person events and affecting revenue streams for event organizers.

• Environmental Concerns: Increasing awareness of environmental sustainability and carbon footprint reduction can impact the MICE market. Organizations and attendees may prioritize eco-friendly practices, such as reducing travel or opting for virtual events, leading to changes in event formats and demand for MICE services.

• Competition from Alternative Platforms: The rise of online platforms and social networks providing virtual networking and learning opportunities can pose a threat to the MICE market. These alternative platforms offer cost-effective and convenient options for knowledge sharing and business connections, potentially diverting participants and revenues away from traditional MICE events.

• Changing Travel Policies: Changes in travel policies, such as visa restrictions, quarantine requirements, or travel bans, can disrupt international events and limit the ability of participants to attend. Uncertainty around travel restrictions can deter both attendees and event organizers, impacting the overall success and viability of MICE events.

Report Scope

Category-Wise Insights

By Event Type :

Exhibitions: Exhibitions refer to large-scale events where companies showcase their products and services to a target audience. The MICE market trends in exhibitions include interactive and immersive experiences, personalized and customized displays, integration of technology for engagement, and a focus on sustainability.

Meetings: Meetings are gatherings for discussions, decision-making, and information sharing. Market trends in meetings include the adoption of virtual meeting platforms, flexible meeting formats, increased emphasis on collaboration and productivity, and integration of technology for seamless communication.

Incentives: Incentives are programs designed to motivate and reward employees or customers. Market trends in incentives include unique and experiential travel incentives, personalized reward options, wellness-focused incentives, and the integration of technology for efficient program management.

Conventions: Conventions are large conferences that bring together professionals from a specific industry or field. Market trends in conventions include the incorporation of specialized educational sessions and workshops, networking opportunities, hybrid event formats combining in-person and virtual elements, and the use of technology for enhanced attendee engagement and interaction.

MICE Market – Regional Analysis

The MICE Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

• North America: In North America, a significant trend in the MICE market is the increasing demand for unique and experiential events. Attendees are seeking immersive experiences, incorporating innovative technologies and interactive elements. Dominating market players in this region include Cvent, Eventbrite, and Freeman.

• Europe: In Europe, sustainability is a prominent trend in the MICE market. There is a growing emphasis on eco-friendly practices, such as reducing carbon footprints, implementing green event guidelines, and promoting responsible event management. Key market players in Europe include UBM (Informa Markets), Reed Exhibitions, and Messe Frankfurt.

• Asia-Pacific: In the Asia-Pacific region, the MICE market is driven by the rapid growth of emerging economies and the increasing focus on business collaborations. Key trends include the rise of mega-events and international exhibitions, as well as the integration of technology for enhanced attendee engagement. Dominating market players in this region include Pico, UBM Asia, and Messe München.

• LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, a significant trend in the MICE market is the development of world-class infrastructure and iconic event venues. Countries like Dubai, Abu Dhabi, and South Africa have been investing in state-of-the-art facilities to attract international events. Key market players in this region include Informa Markets, MCI Group, and Thebe Reed Exhibitions.

Competitive Landscape – MICE Market

The MICE Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

• Global Air-American Express Travel Services (Global Business Travel Group, Inc.)
• CWT Meetings & Events
• BCD Meetings & Events
• Maritz
• Conference Care
• ATPI Ltd.
• FCM Meetings & Events
• Global Cynergies, LLC
• Capita plc
• AVIAREPS AG
• ITL World Company (MICEMINDS)
• Questex
• Beyond Summits
• American Express Global Business Travel (GBT)
• Meetings and Incentives Worldwide, Inc.
• One10, LLC
• Creative Group, Inc.
• Cambria DMC
• Carlson Wagonlit Travel
• Ci Events
• Others

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, In 2021, Eventbrite, a leading event management platform, partnered with Zoom, a popular video conferencing platform, to integrate their services and provide seamless virtual event experiences. This partnership enables event organizers to easily manage and host online events, expanding the reach and accessibility of virtual gatherings.

Several new players have entered the MICE market with innovative approaches and developments. These new entrants leverage advanced technologies, such as virtual and augmented reality, to enhance attendee experiences and offer unique event solutions.

They also focus on sustainability, incorporating eco-friendly practices and promoting socially responsible events. However, the MICE market is primarily dominated by key players with established market presence and extensive resources. These dominant players have a wide network, strong industry partnerships, and a proven track record of successful event management.

Their market dominance is reinforced by their ability to deliver comprehensive event solutions, attract top clients, and provide end-to-end event planning and execution services.

The MICE Market is segmented as follows:

By Event Type

• Exhibitions
• Meetings
• Incentives
• Conventions

By Region

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• 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