MICE Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

MICE Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of MICE Market

The MICE market size was valued at USD 904.30 billion in 2023, and the market is now projected to grow from USD 970.76 billion in 2024 to USD 1,932.73 billion by 2032, exhibiting a CAGR of 8.99% during the forecast period of 2024-2032.

The UNWTO says that international incoming tourist visits had dropped by 74 percent in 2020 compared to 2019 due to COVID-19, which severely affected MICE market growth on a global scale through restrictions on movement, shutdowns as well as borders being closed.

According to the UNWTO, the growth of the MICE industry is due to an increase in tourists visiting Leisure Activities and business travels. At the beginning of the year 2023, there were over 235 million visitors who had travelled overseas which is double the 2022 figures. This expansion is triggered by improved infrastructure, behavioral changes, higher accessibility when booking hotels/conference halls, spread of the global culture and advertisements via interactive platforms in general as outlined by UNWTO in MICE market share.

MICE market growth has been driven by the use of social media advertisements for corporate events on various platforms including Facebook, Instagram, YouTube, and LinkedIn. Through these platforms, promotion for events is made faster, customer base widens, and there is increased anticipation before the actual day, which in turn augments market size through engagement with visitors that is effective as well as creating relationships.

Comprehensive MICE Market

The MICE market is growing at an exponential rate due to its market segmentation. These segmentations are methodically segregated by Event Type Analysis. The Event Type Analysis includes meetings, incentives, conventions, and exhibitions.

The Europe area lead the MICE market with the resource of estimate a market size of USD 2.82 billion in 2023 due to the globalization has led to an increasing presence of industries like IT, pharmaceuticals, automobiles, and others by companies resulting in more events within a short period of time within the region.

The top players in the market play a crucial role in the Consumer Goods industry assuring industrial prospectus development and setting market standards. These players include, ITA Group (U.S.), Freeman (U.S.), Flight Centre Travel Group Limited (Australia), Conference Care (U.K.), Meetings and Incentives Worldwide, Inc. (U.S.), BCD Meetings & Events (U.S.), One10, LLC (U.S.), CWT Meetings & Events (U.S.), Creative Group, Inc. (U.S.), Access (U.S.) these market players provide a competitive landscape.

In April 2023, Freeman announced the acquisition of Impact Point Group, which is a women-owned business and consulting firm that is nationally certified and offers strategic event consulting services. The purchase would expand its client pool and correspondingly boost the firm's revenue.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 8.99% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Event Type

Meetings

Incentives

Conventions

Exhibitions

By Region

North America (By Event Type and Country)

- U.S. (By Event Type)

- Canada (By Event Type)

- Mexico (By Event Type)

Europe (By Event Type and Country)

- Germany (By Event Type)

- France (By Event Type)

- Italy (By Event Type)

- Spain (By Event Type)

- U.K. (By Event Type)

- Rest of Europe (By Event Type)

Asia Pacific (By Event Type and Country)

- China (By Event Type)

- India (By Event Type)

- Japan (By Event Type)

- South Korea (By Event Type)

- Thailand (By Event Type)

- Australia (By Event Type)

- Rest of Asia Pacific (By Event Type)

South America (By Event Type and Country)

- Brazil (By Event Type)

- Argentina (By Event Type)

- Rest of South America (By Event Type)

Middle East and Africa (By Event Type and Country)

- South Africa (By Event Type)

- UAE (By Event Type)

- Rest of the Middle East and Africa (By Event Type)


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