by The global Meetings, Incentives, Conferences, and Exhibitions (MICE) Market is estimated to be valued at US$ 876.42 Bn or Billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Meetings, Incentives, Conferences, and Exhibitions (MICE) refers to a type of tourism in which groups of people travel to a place for business or pleasure related activities. MICE involves planning, booking and carrying out events such as meetings, business meetings, conferences, trade shows, exhibitions, and incentive programs. The need for MICE arises as it helps in networking of professionals from different industries and countries, provides opportunity to showcase products and services, knowledge and information exchange, and boosting business opportunities.
Market key trends:
The MICE market is witnessing increasing adoption of digital technologies for events planning and management. Events organizers are using digital tools and platforms to engage participants online and facilitate virtual/hybrid events. Technological solutions such as event apps, livestreaming, virtual reality, and augmented reality are enhancing attendee experience. Virtual conferences allow organizers to plan larger events with global participation at lower costs compared to physical events. The increasing demand for unique experiences is also prompting event planners to curate specialized activities and destinations to attract customers. The emergence of Asia Pacific, Latin America and Africa as popular MICE destinations due to lower costs and availability of world-class infrastructure is propelling market growth.
Porter’s Analysis
Threat of new entrants: The MICE market requires high initial investments to enter and has stringent regulations for event management. This poses barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of several MICE service providers. However, switch cost is low.
Bargaining power of suppliers: Suppliers of venues, travel and technology have low bargaining power given the global presence and financial strength of major MICE operators.
Threat of new substitutes: Threat from substitutes like online virtual events is low currently but expected to increase with advances in technology.
Competitive rivalry: The global MICE market landscape is dominated by few major players leading to high competition.
Key Takeaways
The Global MICE Market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing business events and demand for diverse corporate clientele. The market was valued at 876.42 billion in 2022.
Regional analysis indicates North America dominates the global MICE market currently. However, Asia Pacific is expected to emerge as the fastest growing market owing to rising business activities in China and India. Countries like Singapore are also major hubs for MICE events.
Key players operating in the MICE market are Maritz Holdings Inc., BI Worldwide, ITA Group, ONE 10, Meetings and Incentives Worldwide Inc., Creative Group, Access Destination Services, 360 Destination Group, CSI DMC, CWT, Reed Exhibitions Ltd, BCD Group, Corporate and Leisure Events, and ATPI ltd. Major players are focusing on expansion, acquisition and collaboration to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
