Global MICE Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Research Team, the global MICE Market is expected to record a CAGR of 9.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 886 Billion. By 2033, the valuation is anticipated to reach USD 1931 Billion.

MICE Market: Overview

MICE is an acronym for meetings, incentives, conferences, and exhibits. In recent years, the labels “meetings industry” and “events industry” have gained traction as alternatives to MICE. It accounts for an important percentage of worldwide business travel because every industry has regular events of some form. The primary purpose here is to bring professionals together, establish connections, encourage new ideas, and accelerate progress.

Traditionally, MICE has primarily included business events. Leisure events, such as concerts or festivals, are classified differently. However, many event organizers are also incorporating leisure components into larger events to further engage visitors and produce a more memorable experience.

The MICE industry is positively influenced by several factor including globalization and economic growth, increased corporate travel budgets, growth in professional development and networking, rapid urbanization and infrastructure development, increased focus on employee engagement and rewards and increasing demand for personalized experiences.

• According to secondary analysis, in 2023, 73% of marketers increased their event budgets, up from 38% in 2021 and 35% in 2022. This is due to the growing recognition of the value events bring to marketing strategies.

• A report based on the annual ICE Information revealed that event spending in the corporate sector is expected to increase by 83% in 2023.

MICE Market: Growth Factors

Rising Globalization Of Business

The expansion of businesses and their operations outside domestic borders, necessitating the organization of international meetings, conferences, and exhibits around the world, is driving the MICE market’s growth.

According to a Standard Chartered Bank report, while corporations in Europe and the Americas prioritize their home regions of Europe (84%) and North America (74%) for growth, Asia Pacific (55%) remains a target for their international expansion strategies. They’re also interested in South America (38%), the Middle East (32%), and Africa (17%).

For example, ACV Auctions, a $481 million digital automotive marketplace for car dealers and commercial partners based in the United States, has entered the Indian industry with a technological development center in Chennai. It opened the center with 15 staff and intends to have 100 by the end of the year.

This globalization trend is a significant driver for the meeting, incentives, conferences, and exhibitions (MICE) industry, increasing the demand for platforms where business leaders, industry experts, and professionals from all over the world can collaborate, share insights, and explore new opportunities.

Increasing Economic Development

The MICE industry contributes significantly to the economic development of host cities and countries by attracting huge numbers of business travelers. The exhibition sector contributes USD 325 billion to the global economy, with about 32,000 exhibitions held each year throughout the globe. MICE events also boost spending in the local economy on hotels, restaurants, transportation, and recreational activities.

For instance, the MICE sector produced Rs. 3 lac crores in business from exhibitions hosted in India. The country has 25 purpose-built exposition grounds, with a total indoor capacity of 4,37,000 square meters. These developments not only improve the destination’s infrastructure and attractiveness, but also solidify the region’s status as a major hub for business and professional meetings.

MICE Market: Recent Development

The MICE industry adopted several strategies which include product launches, acquisitions, collaboration, expansion and others. Some of the company strategies include:

• In October 2022, Sabre Corporation and BCD Travel announced a long-term, multifaceted strategic collaboration that is expected to drive significant development and innovation for both companies and the travel industry. BCD Travel hopes to enhance its booking volumes with Sabre as part of the newly expanded and long-term technology agreement. In addition, the two firms will invest and collaborate on innovative and sophisticated solutions to assist expedite the technology-driven transformation of the corporate travel ecosystem.

• In April 2023, Freeman announced the acquisition of Impact Point Group, a nationally certified women-owned business and consulting firm providing a full range of strategic event consulting services. The acquisition would help the company increase its client base, which would also result in enhancing the revenue of the company.

This product launch, expansion and collaboration strategies have expanded the market presence of the company in the MICE industry and gained its competitive edge.

MICE Market: Challenge

High costs of organizing events

The high cost of organizing events is a major restraining factor for the market growth. Prime locations and large convention centers, especially in major cities, can have hefty rental fees. The cost varies depending on the size of the venue, the duration of the event, and the location. Cities with superior infrastructure and connections, such as New York, London, and Singapore, have higher venue costs due to high demand and popularity.

Furthermore, for foreign events, travel expenses (airfare, transportation, visas) can dramatically raise the overall budget, particularly when big groups or international delegates are involved. Hotels near event venues frequently demand higher rates during peak event seasons, raising the costs for both guests and organizers.

MICE Market: Segmentation Analysis

By Event Type:

The meetings segment is expected to dominate the market. This can be attributable to the growing number of business events worldwide. Shareholder meetings, management meetings, and general meetings are among the several sorts.

The growing appeal of regional locations, along with less densely populated tier cities, is generating rising demand for meetings in these areas. For example, several governments provide funds to promote business events and travel. The Australian government has allocated USD 50 million for the MICE industry to seek for grants covering up to 50% of their costs.

Besides, the incentives segment growing at a rapid rate. The rise in demand for unique travel experiences among millennials is propelling the incentive travel industry forward. Incentives are travel benefits provided by corporations to their teams, employees, partners, and affiliates to demonstrate support and appreciation and raise morale.

Report Scope

MICE Market: Regional Analysis

North America is projected to dominate the MICE market. The market share growth of MICE in the region is attributed to the rising globalization of business. The market is also driven by an increase in corporate travel, as well as increased demand for business leisure vacations. For instance, according to an American Express survey, 75% of passengers are interested in business travel.

However, the Asia Pacific is growing at a significant pace in the global MICE industry. The expansion of the MICE industry has the potential to greatly increase economic growth, interregional cooperation, and intellectual progress.

List of the prominent players in the MICE Market:

• 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
• Others

The MICE Market is segmented as follows:

By Event Type

• Meetings
• Incentives
• Conferences
• Exhibitions

Regional Coverage:

North America

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

Europe

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

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• 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