Wilmington, Delaware , Sept. 30, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled “MICE Industry by Event type ( meeting, incentive, convention, and exhibition): Global Opportunity Analysis and Industry Forecast, 2023–2032.“ According to the report, the global meeting, incentive, convention, and exhibition (MICE) industry was valued at $598.2 billion in 2022, and is estimated to reach $2,309.4 billion by 2032, registering a CAGR of 11.6% from 2023 to 2032.
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Prime determinants of growth
The growth of the MICE industry is majorly driven by many factors. The MICE industry has increasingly embraced hybrid and virtual event formats. This has allowed for greater reach and accessibility, enabling participants from around the world to attend conferences and exhibitions without the need for physical presence. Moreover, sustainability has become a key focus in the MICE industry. Event organizers and venues have adopted eco-friendly practices to minimize the environmental impact of meetings and conferences. This included using sustainable materials, reducing waste, and implementing energy-efficient technologies. In addition, the integration of technology in the MICE industry was on the rise. This included the use of event management software, mobile apps, virtual reality (VR), and augmented reality (AR) to enhance the overall event experience. Technology has been also utilized for efficient registration processes, engagement, and data analytics.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $598.2 billion |
| Market Size in 2032 | $2,309.4 billion |
| CAGR | 11.6% |
| No. of Pages in Report | 390 |
| Segments covered | Event Type and Region. |
| Drivers | Rapid growth in the travel and tourism industry Increase in globalization of businesses Rapid increase in SMEs Rise in disposable income Rise in interest among youth in entrepreneur & business seminars |
| Opportunities | Technological advancements Infrastructural investment |
| Restraints | High operational cost associated with MICE events Growth in geopolitical and social uncertainties Inadequate support infrastructure |
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The meeting segment to maintain its leadership status throughout the forecast period
Based on event type, the meeting segment held the highest market share in 2022, accounting for more than three-fifth of the MICE Industry market revenue and is estimated to maintain its leadership status throughout the forecast period. The meeting segment has historically dominated the market share in the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry due to its frequency, regularity, and essential role in corporate business activities. Meetings occur regularly for internal communication, decision-making, and strategic planning, contributing to a stable and prominent market position. The diversity in the scale and purpose of meetings, ranging from small board meetings to large international conferences, allows the MICE industry to cater to a broad spectrum of business needs. Moreover, the consistent demand for meetings serves as a reliable revenue stream for venues, event organizers, and related service providers, making it a financially significant segment. The local and regional impact of meetings, often attracting attendees from nearby areas, further contributes to higher attendance and market share. In addition, the inclusion of corporate travel and accommodation in meeting-related activities enhances the economic significance of this segment within the MICE industry.
The Europe segment to maintain its leadership status throughout the forecast period
Based on region, the Europe segment held the highest market share in 2022, accounting for more than three-fifth of the MICE Industry market revenue and is estimated to maintain its leadership status throughout the forecast period. Europe holds the highest market share in the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry due to a combination of factors. The region has a well-developed infrastructure with state-of-the-art facilities for hosting various events, supported by efficient transportation systems. Its diverse range of destinations, from vibrant cities to scenic landscapes, caters to the varied preferences of MICE participants. Major European cities, such as London, Frankfurt, Paris, and Geneva, serve as strong business and financial hubs, attracting high-profile conferences and corporate events. The global connectivity facilitated by Europe’s well-established air and rail networks makes it a convenient destination for international attendees. The region’s rich cultural heritage and tourism attractions add an extra appeal, allowing participants to combine business activities with cultural experiences. Moreover, Europe’s reputation for safety, political stability, and the availability of professional services and expertise in event planning contribute to its prominence in the MICE industry.
Leading Market Players: –
- 360 DESTINATION GROUP
- ACCESS DESTINATION SERVICES
- CONFERENCE CARE LTD.
- CREATIVE GROUP, INC.
- MEETINGS AND INCENTIVES WORLDWIDE, INC
- THE FREEMAN COMPANY, LLC
- THE INTERPUBLIC GROUP OF COMPANIES, INC.
The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting market growth.
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The global meeting, incentive, convention, and exhibition (MICE) industry was valued at $598.2 billion in 2022, and is estimated to reach $2,309.4 billion by 2032, registering a CAGR of 11.6% from 2023 to 2032.
The MICE sector is intricate, involving participants, sponsors, planners, convention and visitor bureaus, meeting venues, accommodations, and suppliers in the comprehensive planning and execution of events. This industry facilitates streamlined and convenient event organization, aiding in the selection of suitable destinations crucial for the success of an event. The MICE segment within the tourism industry has experienced remarkable growth, attributed to the swift pace of globalization, the expansion of service industries, and the ongoing advancements in scientific and technological innovations.
According to the market analysis, the global MICE industry is segmented into event type, and region. On the basis of event type, the market is divided into meetings, incentives, conventions, and exhibitions. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, Spain, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Singapore, Thailand, Indonesia, Australia, New Zealand, Japan, Malaysia, South Korea, Viet Nam, Hong Kong, Taiwan, and Rest of Asia-Pacific), Latin America (Brazil and Rest of LAMEA), Middle East (UAE and Rest Of Middle East), and Africa (South Africa, Nigeria, Ghana, Kenya, Namibia, Rwanda, and Rest Of Africa).
By event type, the meetings segment accounted for more than 60% of the market share, in terms of revenue, in 2022 owing to the recent trend of organizing hybrid meetings, which involve the use of social media and meeting apps. Hybrid meeting solutions facilitate virtual connections between speakers and attendees, accommodating audiences ranging from small gatherings to large-scale events with thousands of participants. The duration of these meetings varies depending on the specific type of gathering.
As of 2022, Europe emerged as the predominant market, holding a substantial market share of 41.0%. The European region not only dominated the global MICE industry in 2022 but is anticipated to maintain its leadership throughout the forecast period. Notably, Europe has excelled in securing international association conferences, with more than half of its major cities and countries chosen as preferred destinations. The United Kingdom and Germany stand out as primary investment hubs for the MICE industry in Europe. In addition, the market is experiencing growth, driven by the rising trend of online booking.
Some of the key players profiled in the MICE industry analysis include Maritz, BI Worldwide, Ltd., ITA Group, Inc, One10, LLC, Meetings and Incentives Worldwide, Inc. (M&IW), Creative Group, Inc., ACCESS Destination Service, 360 Destination Group, CSI DMC, Carlson Wagonlit Travel, IBTM, BCD Group, Cievents, ATPI Ltd, Conference Care Ltd, the Freeman Company, and the Interpublic Group of Companies, Inc.
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Source: GlobeNewswire – Press Releases