MICE Market

Market Overview:

The global MICE market size reached US$ 1,077.27 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,639.49 Billion by 2028, exhibiting a growth rate (CAGR) of 7.10% during 2023-2028. The introduction of advanced technologies, increasing globalization, and rising number of corporate events represent some of the key factors driving the market.

MICE stands for meetings, incentives, conferences and exhibitions, which is a significant segment of the tourism and hospitality industry. It involves planning, organizing, and executing various events, such as corporate meetings, trade shows, and exhibitions. The purpose of these events is to bring people together for networking, learning, and business transactions. It is regarded as a key driver of economic growth as it generates significant revenue for destinations, hotels, event planners, and other stakeholders in the industry. The MICE industry is complex, consisting of participants, sponsors, planners, convention and visitor bureaus, meeting venues, accommodations, and suppliers that are involved in the planning and execution of an event. The success of a MICE event depends on a variety of factors, including location, accessibility, infrastructure, amenities, and local attractions. In recent years, there has been significant growth in the MICE industry due to various technological advancements and the growing popularity of virtual and hybrid events.

MICE Market Trends:

The market is primarily driven by the increasing globalization across the globe that has escalated the need for international conferences and events to bring together professionals from different countries to exchange ideas and knowledge. In addition, the introduction of advanced technologies represents another major growth-inducing factor. The MICE industry has been rapidly adopting new technologies to enhance the attendee experience, such as virtual and hybrid events. These solutions have also enabled event organizers to streamline operations, reduce costs, and improve efficiency. Besides this, the growth of different industries, such as healthcare, technology, and finance, has created a demand for industry-specific events to cater to the needs of professionals in those fields. This, coupled with the implementation of favorable government initiatives, such as infrastructure development, funding, and policy changes, is contributing to market growth. Moreover, the rising number of corporate events is favoring industry growth. For instance, in 2022, Asia Paints organized a sales conference that was attended by over 10,000 employees from all over India. In addition, a rise in the number of national and international exhibitions worldwide, coupled with an increasing number of visitors from various regions, is creating a favorable market outlook across the globe.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global MICE market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on type.

Type Insights:

• Meetings
• Incentives
• Conferences
• Events
   

The report has provided a detailed breakup and analysis of the MICE market based on the type. This includes meetings, incentives, conferences, and events.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global MICE market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Aviareps AG, BCD Group, Beyond Summits Ltd., Capita Plc, Imc International., ITL World Company, Questex, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

MICE Market Report Scope:

Key Questions Answered in This Report:

• How has the global MICE market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global MICE market?
• What is the impact of each driver, restraint, and opportunity on the global MICE market?
• What are the key regional markets?
• Which countries represent the most attractive MICE market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the MICE market?
• What is the competitive structure of the global MICE market?
• Who are the key players/companies in the global MICE market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the MICE market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global MICE market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the MICE industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.