MICE Market By Event Type (Meetings, Incentives, Conferences, and Exhibitions), Application (Academic Field, Business Field, Political Field, and Others), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 – 2032
The global MICE Market size was worth around USD 506.1 billion in 2022 and is anticipated to grow to reach a valuation of USD 1,478 billion by 2032 at a CAGR of around 27.5% between 2023 and 2032.
MICE, an acronym for Meetings, Incentives, Conferences, and Exhibitions, is a rapidly growing industry catering to businesses, cultural events, political gatherings, and more. MICE event organizers provide a range of services, including presentations, banners, kiosks, audio-visual production facilities, event photography, event marketing and sponsorship, and on-site logistics and staffing, among others. The MICE market is witnessing a strong growth momentum as it simplifies event organization and offers convenient ways to select the right destination, a critical requirement for the success of any event.
The MICE market's growth is fuelled by rapid globalization, expanding industries, and constant technological innovation. For instance, corporate industries have a considerable presence, and their frequent business activities, such as client meetings, brand promotions, and employee training, are driving the market growth. Additionally, government initiatives to promote small and medium enterprises and liberalization of market entry to increase foreign direct investment are expected to further propel growth.
However, high costs associated with MICE events and uncertain global geopolitical conditions can hinder the market growth. Despite these challenges, the MICE market offers tourism services that help organizers and suppliers manage and conduct meetings, conferences, exhibitions, and related events, all aimed at achieving various professional, business, cultural, or academic goals.
- Based on the event type, the meetings segment held the largest market share
- Based on application, the business field segment generated the highest revenue
- On the basis of region, North America accounted for the largest market share
Expansion of the Travel & Tourism Sector to Drive Market Growth
The MICE market's growth is driven by the expansion of the travel and tourism sector. The availability of travel apps designed to meet different kinds of travelers' needs has increased awareness of MICE events in various countries, making the entire process more comfortable and exciting. Moreover, travel apps and websites have enabled exploring new ways to travel in luxury. With the internet's advent, various technologies, and digital intermediaries in the travel distribution sector have introduced agents, which serve as online travel shopbots, making industry intermediaries more exposed.
The rising millennial workforce is also driving the demand for leisure, which favors market growth. Companies use MICE events and incentive trips to promote their businesses, which encourage local tourism. Additionally, the growth in the number of corporate-sponsored B2B/B2C events and the use of advanced technology is driving the event industry. Many countries promote their tourism industry by organizing MICE events, given their diversity and culture, which serves as a source of income.
The emergence of flexible working environments has also increased the demand for holiday travel, expanding the development of technology that increases the MICE market. Several event organizers use advanced technologies such as facial recognition systems, AR, and VR to attract business travelers. The use of augmented reality in MICE tourism helps improve the MICE events' experience.
High Costs Involved in Organizing a MICE Event are Expected to Hinder the Growth of the Market
The MICE market incurs significant operational expenses due to the capital costs associated with hospitality services, such as booking hotels and conference centers, arranging food and beverage, transportation, retail, shopping, and entertainment. Additionally, the cost of organizing an event varies from location to location, further contributing to the high operational costs.
Technological Advancements in MICE Software Provides Lucrative Opportunities in the Market
The MICE industry has promising growth opportunities due to the latest technological trends implemented for events. The growing trend of facial recognition technology allows registered attendees to gain entry without identity proof or tickets. Augmented, virtual, and mixed reality advancements create more engaging and immersive events, especially for product demonstrations, presentations, and entertainment.
Additionally, the use of Internet of Things (IoT) devices such as speakers and lighting controls allows for better customization of event venues to meet client requirements. The market is also expected to see new opportunities with the rapid advancement of virtual event platforms, driven by an increase in demand for hybrid and virtual events that offer more online space for organizers and attendees to interact and engage.
In February 2021: Thomas Cook (India) Ltd. launched a physical MICE event in partnership with Marriott International which aimed to restore confidence in MICE tourism. Thomas Cook India's Assured-Insured-Secured program with Marriott International's commitment to cleanliness instilled confidence in MICE travel and increased confidence in the new normal.
Based on the event type, the market is segmented into meetings, incentives, conventions, and exhibitions. The meeting segment is dominating the market due to technological advancements and the rapid globalization of businesses.
Based on application, the market is segmented into the academic field, business field, political field, and others. The business field segment is dominating the market owing to the increasing adoption of MICE in business tourism as MICE turns business meetings and conferences into more intense, diverse, and enjoyable events for delegates and participants.
Europe Continues to Dominate the MICE Market
The MICE (Meetings, Incentives, Conferences, and Exhibitions) market in Europe is expected to maintain its dominance over the forecast period due to the high demand for meeting locations and improved technology infrastructure. Europe is home to several world-renowned destinations for business and leisure travel, making it a preferred location for meetings and events. The region's high level of internet penetration and a strong focus on social networking platforms are also contributing to the growth of the MICE market.
The rise in the number of meeting activities and increased adoption of smart devices on a large scale have further boosted the MICE market in Europe. Additionally, the expansion of business operations by firms and individuals, along with the increased frequency of such events on a worldwide scale, is predicted to support the MICE market growth in the region.
Asia-Pacific Region to Witness the Fastest Growth in the MICE Market, Driven by Increasing Number of Medium and Large Enterprises
The Asia-Pacific region is projected to witness the fastest growth due to the increasing number of medium and large enterprises. The intensification of cooperation, exchange of delegations, and mutual support of key market players are further increasing the growth in the region. Countries such as India, China, Thailand, Singapore, and South Korea are experiencing strong economic growth, which is further expanding market growth opportunities.
Rising consumer incomes and the adoption of technology in the travel management industry, the digitization of the business tourism industry, and the growing trend of B-leisure tourism are also boosting the MICE market in the region. Tourism businesses are leveraging digital channels to engage consumers with live broadcasts and influencers to generate consumer interest.
The rapid expansion of medium and large enterprises in the region, supported by population growth, rapid urbanization, and favorable government policies, is further strengthening the market growth of the MICE industry in the Asia-Pacific region.
- CSI DMC
- FBT Adventures (I) Pvt. Ltd.
- FGNC Event Management (M) Sdn Bhd.
- IMC International
- ITA Group, Inc.
- Mice International
- REVEZ Corporation Ltd.
- TCIL (India). Ltd
- TI Infotech Pvt. Ltd.
The global MICE market is segmented as follows:
By Event Type
- Academic Field
- Business Field
- Political Field
- North America
- The U.S.
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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