MICE Market Size, Share & Trends Analysis Report By Event Type (Meetings, Incentives, Conferences, Events), By Region (Asia Pacific, North America, Central & South America, Europe), And Segment Forecasts, 2023 - 2030

MICE Market Size, Share & Trends Analysis Report By Event Type (Meetings, Incentives, Conferences, Events), By Region (Asia Pacific, North America, Central & South America, Europe), And Segment Forecasts, 2023 - 2030

MICE Market Growth & Trends

The global MICE market size is expected to reach USD 1,563.29 billion by 2030, registering a CAGR of 7.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. Companies are utilizing MICE events and incentive travel to promote their business, thereby driving local tourism. A rise in the number of B2B/B2C events sponsored by enterprises and the use of advanced technology is driving the events industry. Several countries with varied diversity and cultures are boosting their tourism sector by organizing MICE events as it acts as a source of revenue. Moreover, the increasing number of business travelers for corporate events, and exhibitions, coupled with factors, such as employee engagement, is driving the market.

An important factor that every employer considers is employee engagement. The demand for leisure travel has increased due to the emergence of flexible work environments, which, in turn, drives the growth of the market. The adoption of geo-cloning by exhibition organizers is driving the market. Geo-cloning is a strategy being investigated by organizers and exhibitors to connect with audiences locally and internationally. The idea behind geo-cloning is to replicate well-known exhibition and event brands in different parts of the world. Reed Exhibitions, a division of RELX, successfully implements geo-cloning for brands, such as EuroBLECH, RAILTEX, and PSE Europe, which contributes to the industry growth.

The industry is expected to experience growth in the interior decoration sector, which is projected to fuel demand for digitally printed wallpaper throughout the forecast period. This is due to the rising construction projects of residential and commercial buildings. The growing need for new houses as a result of the increasing population across regions is also expected to boost the market. The adoption of sustainable practices across the industry is offering players an opportunity to gain traction among consumers. Due to the influence of initiatives, such as the United Nations Climate Change Conference (COP-26) and Net Zero Carbon Events, many venues, hotels, and airlines are working toward estimating the carbon footprint resulting from their events and decreasing or offsetting their impact on the environment.

Apart from this, in accordance with their sustainability and ESG policies, event planners and clients are both aiming to develop and carry out carbon-neutral or zero-carbon events. Due to the great value millennials place on “travel and seeing the world,” younger workers choose remote employment and millennials are particularly likely to take advantage of bleisure travel. Gen Z is the first generation to be born with access to the internet, social media, and linked electronics. They have a strong appreciation for technology and are inclined to use it in a variety of ways when they travel for work. In addition, Gen Z and millennials are more concerned about global sustainability. All these factors support industry growth.

MICE Market Report Highlights

• The meetings segment accounted for a majority share in 2022 due to its demand being driven by the increase in corporate events worldwide. During the pandemic, this section underwent a change as a result of the cancellation of significant events and lockdown orders
• In addition, the rise in popularity of regional destinations coupled with less densely populated tier cities is also driving the demand for meetings in such regions
• Asia Pacific was the biggest contributor to the industry in 2022. The expansion of this regional market is significantly influenced by the development of the travel and tourism sector
• For instance, according to World Tourism Organization, Asia Pacific saw more than triple (+230%) international arrivals in the first nine months of 2022