MICE Industry By Type (Meeting, Incentive, Convention and Exhibition): Opportunity Analysis and Industry Forecast, 2023–2032

MICE Industry By Type (Meeting, Incentive, Convention and Exhibition): Opportunity Analysis and Industry Forecast, 2023–2032

The MICE industry size was $345.8 billion in 2021 and is estimated to reach $2,130.4 million by 2031, registering a CAGR of 15.2% from 2022 to 2031.

The MICE industry consists of organizers and suppliers that deal in the management and delivery of meetings, conferences, exhibitions, and other related events held to achieve a range of professional, business, cultural, or academic objectives.

The activities of the MICE industry play a key role in the future growth for businesses, cities, destinations, and other covered spectrums. Organizers of MICE events also provide other creative services that include show displays, directional signage, banners, kiosks/exhibit space, event photography, and AV/technical production, and event marketing and sponsorship management, group air fulfillment, on-site event logistics and staffing, supplier management, virtual meetings, and risk management services.

Travel & tourism includes leisure tourism, business tourism, medical tourism, and others. The factors that promote the growth of the travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in accessibility of transport facilities, and others, which are expected to fuel the growth of the MICE industry. Furthermore, technological advancements have given rise to easy access to hotel & transport booking through online portals, which further boost the market growth. Continuous development in the travel & tourism industry and integration of various segments, such as hospitality & infrastructure with government initiatives, accelerate the growth of the global travel & tourism industry, which, in turn, supplements the growth of the MICE industry.

Improvement in economic condition and growth in disposable income are significant factors that propel the growth of the market. After the 2009 economic crisis in Europe and China, the world economy has witnessed a standstill. However, strong recovery from the crisis results in high economic growth, especially in developing economies, and has led to increase in disposable income among the middle-income groups, consequentially adding to the middle-class population.

In addition, disposable income of individuals in North America and Asia-Pacific has witnessed a high growth rate, thus acting as a major driver for the market, as medium & high-income consumers in urban areas are shifting their consumption trend from essential to premium goods & services. This trend favors the adventure tourism industry as well as enhances the service offering in numerous adventure activities across various segments.

Public and private travel & tourism investment is necessary to support the ongoing growth of the MICE industry. Many destinations around the world have invested heavily in infrastructure development resulting from greater demand for conventions & meetings and in view of the industry’s potential economic benefits. There is an increased focus on investment to build structures and facilities to expand capacity and maintain & improve current infrastructure.

However, countries, such as India, China, Saudi Arabia, the UAE, and others, have witnessed a strong economic growth and notable development in business travel over the years. Thus, these countries focus on infrastructural development of roads, airports, and better hotels to cater to the demand from corporate and government travelers. For instance, Singapore’s Changi Airport Group launched a Master Architect tender for the construction of Terminal 5. This new terminal is projected to consist of a three-runway system. All these factors are expected to provide potential growth opportunities for the market.

According to the market analysis, the 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, Vietnam, Hong Kong, Taiwan, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), Middle East (UAE and Rest Of Middle East), and Africa (South Africa, Nigeria, Ghana, Kenya, Namibia, Rwanda, and Rest Of Africa). The players in the MICE industry have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the market.

The players in the MICE industry have adopted strategies such as acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the MICE industry.

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.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mice industry by event type (meeting, incentive, conventions, and exhibitions): global opportunity analysis and industry forecast 2017–2028 market analysis from 2021 to 2031 to identify the prevailing mice industry by event type (meeting, incentive, conventions, and exhibitions): global opportunity analysis and industry forecast 2017–2028 market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the mice industry by event type (meeting, incentive, conventions, and exhibitions): global opportunity analysis and industry forecast 2017–2028 market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global mice industry by event type (meeting, incentive, conventions, and exhibitions): global opportunity analysis and industry forecast 2017–2028 market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Event Type

Exhibitions
Meetings
Incentives
Conventions

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
UK
Spain
France
Italy
Rest of Europe
Asia-Pacific
China
India
Singapore
Thailand
Indonesia
Australia
New Zealand
Japan
Malaysia
South Korea
Viet Nam
Hong Kong
Taiwan
Rest of Asia-Pacific
LAMEA
Brazil
Rest of LAMEA
Middle East
UAE
Rest Of Middle East
Africa
South Africa
Nigeria
Ghana
Kenya
Namibia
Rwanda
Rest Of Africa
Key Market Players
BCD Group International BV
ATPI Ltd.
The Interpublic Group of Companies, Inc.
Meetings and Incentives Worldwide, Inc
Maritz
CWT
Conference Care Ltd.
One10, LLC
CSI DMC
Creative Group, Inc.
IBTM World
BI WORLDWIDE
ITA Group
360 Destination Group
FCM Travel
ACCESS Destination Services
The Freeman Company, LLC

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