US MICE Market 2024–2033

Reports Description

As per the current market research conducted by the CMI Team, the US MICE Market 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.

The US MICE (Meetings, Incentives, Conferences, and Exhibitions) market is a dynamic sector within the tourism and hospitality industry, focusing on organizing and hosting a wide range of business events. It encompasses corporate meetings, industry conventions, incentive travel programs, trade shows, and special events.

With a diverse range of destinations and venues across the country, the US MICE market caters to the needs of various industries and interest groups. Advancements in technology, sustainability practices, and event formats continue to shape the market, while strategic partnerships and government support drive growth and competitiveness in this thriving sector.

US MICE Market – Significant Growth Factors

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

• Technological Advancements: Continuous innovations in event technology, such as virtual reality, AI-powered analytics, and mobile applications, are enhancing attendee engagement, streamlining event management processes, and expanding the reach of MICE events.

• Growing Demand for Hybrid Events: The increasing popularity of hybrid event formats, combining in-person and virtual components, caters to diverse attendee preferences, broadens audience reach, and offers flexibility in event participation, thereby driving market growth.

• Focus on Sustainability: Heightened awareness of environmental issues has led to a growing emphasis on sustainable practices within the MICE industry. Organizations are adopting eco-friendly initiatives, such as carbon offsetting, waste reduction, and green venue certifications, to meet the demands of environmentally conscious attendees and stakeholders.

• Government Support and Infrastructure Development: Government investments in infrastructure, transportation networks, and promotional campaigns enhance the attractiveness of the US as a premier MICE destination. Supportive policies, tax incentives, and funding for convention centers and exhibition halls stimulate market growth and competitiveness.

• Expansion of Niche Markets: There is an opportunity for the US MICE market to expand into niche segments, such as medical and healthcare conferences, technology summits, and sustainability-focused events. By catering to specialized interests and industries, organizers can capitalize on specific needs and preferences, thereby diversifying revenue streams and attracting new audiences.

• Integration of Experiential Elements: Incorporating experiential elements, such as interactive workshops, immersive activities, and themed networking events, presents an opportunity to enhance attendee satisfaction and differentiate MICE offerings. By creating memorable and engaging experiences, organizers can increase event relevance, foster meaningful connections, and drive repeat attendance.

• Emerging Technologies Integration: Embracing emerging technologies like artificial intelligence, augmented reality, and live streaming can revolutionize the event experience. Integrating these technologies into MICE events offers opportunities for personalized content delivery, enhanced interactivity, and remote participation, catering to the evolving preferences of tech-savvy attendees and driving market growth.

• Destination Development and Promotion: Investing in the development and promotion of new and existing MICE destinations across the US presents an opportunity to attract a broader range of events and attendees. Collaborating with local governments, tourism boards, and industry stakeholders to showcase unique attractions, infrastructure, and cultural offerings can position destinations as desirable locations for hosting MICE events, thus stimulating economic growth and job creation.

US MICE Market – Mergers and Acquisitions

The US 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 US MICE Market include:

• In 2023, Freeman’s acquisition of Impact Point Group, a certified women-owned event consulting firm, aims to expand its client base and strategic offerings. This move is expected to boost Freeman’s revenue through increased market presence and enhanced service capabilities.

• In 2022, Intent Strategy Group (ISG), the consulting arm of Meetings and Incentives Worldwide, Inc., launched Simplified+ in collaboration with Bizly, an event technology company. This partnership aims to streamline the meetings and events strategy of the organization, enhancing efficiency and effectiveness.

• 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.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the US 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

US MICE Market – Significant Threats

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

• Public Health Emergencies: Ongoing or future outbreaks of infectious diseases, similar to the COVID-19 pandemic, pose a significant threat to the MICE industry. Public health concerns may lead to travel restrictions, event cancellations, and reduced attendance, impacting revenue and viability.

• Economic Downturns: Economic recessions or financial crises can result in budget cuts, reduced corporate spending, and decreased demand for MICE events. Organizations may scale back on meetings, conferences, and incentive programs, affecting the overall revenue and profitability of the industry.

• Political Instability and Security Concerns: Political unrest, terrorism threats, and security incidents can disrupt travel patterns, deter international attendees, and affect the perception of safety at MICE events. Destabilizing geopolitical situations may lead to event cancellations or relocation, impacting the reputation and attractiveness of the US as a MICE destination.

• Natural Disasters and Climate Change: Natural disasters such as hurricanes, earthquakes, and wildfires can disrupt infrastructure, transportation networks, and event venues, causing logistical challenges and safety concerns for attendees. Climate change-related phenomena may also impact the frequency and severity of extreme weather events, posing risks to event planning and execution.

• Competitive Pressures and Market Saturation: Increasing competition within the MICE industry, both domestically and internationally, presents a threat to market share and profitability. Destinations and venues vie for lucrative event contracts by offering competitive pricing, incentives, and value-added services, leading to downward pressure on margins and increased commoditization of offerings.

• Technological Disruptions: Rapid advancements in technology, particularly in virtual and hybrid event platforms, pose a threat to traditional MICE models. Virtual alternatives may offer cost-effective and convenient solutions for attendees, reducing the demand for in-person events and challenging the revenue streams of event organizers, venues, and service providers.

Category-Wise Insights

By Event Type:

• Exhibitions: Exhibitions in the US MICE market serve as vital platforms for companies to showcase their products, services, and innovations to a wide audience of potential customers, partners, and investors. Current trends indicate a notable shift towards virtual and hybrid formats, driven by advancements in technology and the need for flexible event solutions amidst changing circumstances. Moreover, there’s a growing emphasis on sustainability practices within exhibitions, with organizers implementing eco-friendly initiatives such as waste reduction, energy efficiency, and carbon offsetting. Additionally, the integration of interactive technologies, such as augmented reality (AR) and virtual reality (VR), is becoming increasingly prevalent to enhance attendee engagement and provide immersive brand experiences.

• Meetings: Meetings constitute essential components of corporate operations, encompassing a variety of gatherings including team meetings, training sessions, seminars, and workshops. In the US MICE market, current trends reflect a shift towards more flexible meeting formats, accommodating the preferences of diverse participants and facilitating remote collaboration through the use of advanced communication technologies. Personalization has emerged as a prominent trend, with organizers tailoring meeting agendas and content to meet the specific needs and interests of attendees. Additionally, the integration of innovative meeting spaces and amenities, such as coworking spaces and wellness facilities, aims to enhance participant productivity and well-being.

• Incentives: Incentive travel programs play a crucial role in motivating and rewarding employees, sales teams, and partners for their outstanding performance and achievements. Within the US MICE market, ongoing trends underscore the importance of customization and personalization in designing incentive experiences that resonate with participants on an individual level. Destination diversity is another significant trend, with organizers incorporating unique and exotic locations to create memorable and aspirational incentive trips. Furthermore, there’s a growing focus on incorporating wellness and sustainability elements into incentive programs, aligning with the evolving values and preferences of participants who prioritize health, environmental consciousness, and meaningful experiences.

• Conventions: Conventions serve as key gatherings within specific industries or interest groups, providing opportunities for networking, knowledge sharing, and business development. In the US MICE market, prevailing trends indicate a diversification of convention offerings to cater to niche sectors and specialized interests, reflecting the growing demand for targeted and focused events. Organizers are increasingly incorporating experiential elements into conventions, such as live demonstrations, interactive workshops, and immersive brand activations, to create engaging and memorable experiences for attendees. Additionally, the adoption of hybrid event formats, which combine in-person and virtual components, is gaining traction as a means of expanding event reach, increasing accessibility, and accommodating the preferences of diverse audiences.

Report Scope

Competitive Landscape – US MICE Market

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

• 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

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships.

New players entering the US MICE (Meetings, Incentives, Conferences, and Exhibitions) market are leveraging innovation and development to establish their presence. Startups like Hopin and Bizzabo are disrupting the industry with virtual event platforms and networking solutions tailored to modern event needs.

Meanwhile, key players like Marriott International, Hilton Worldwide, and Cvent dominate the market with extensive venue networks, comprehensive event management platforms, and established brand reputation. They maintain market dominance by continuously investing in technology, offering diverse event experiences, and fostering strategic partnerships to meet evolving customer demands and sustain competitive advantage.

The US MICE Market is segmented as follows:

By Event Type

• Exhibitions
• Meetings
• Incentives
• Conventions