MICE Industry Research Analysis, Characterization and Quantification Forecast by 2030

The Global MICE Industry size valued to USD 916.1 million in 2019, is predicted to garner USD 1.78 billion by 2030, with a CAGR of 6.1% from 2020-2030. MICE stand for Meetings, Incentives, Conferences and Exhibitions.

MICE industry is a specialized niche of group tourism committed to book, plan, manage & deliver meetings, seminars, exhibitions, and other events. These events are held to achieve a range of business, academic, professional, or cultural objectives. MICE industry is one of the hospitality’s industries, that has a positive impact in the growth of cities, businesses, destinations, and other aspects of the global market. MICE event organizers provide many other creative services that include directional signages, banners, show displays, kiosks/exhibit space, event photography, event marketing, sponsorship management, AV/technical production, group air fulfillment, on-site event logistics & staffing, supplier management, virtual meetings, and risk management services.

MICE industry include four different types of travel markets, that are Meeting travel, Incentive travel, Conference travel and Exhibition travel. Meeting travel refers to any number of people coming together in one place for a particular activity or event. Incentive travel refers to a non-business vacation typically given to employees as a reward with the aim of continued motivation of performance. Conference travel is organizing of itineraries, meetings, and events for people from the same profession or field and lastly, Exhibition travel is the event where products or services are displayed.

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Competitive Landscape

The highly competitive MICE industry, consists of several key players, such as Inc, Conference Care Ltd, BI Worldwide, Ltd., ITA Group, BCD Group, One10, LLC Meetings and Incentives Worldwide (M&IW), ACCESS Destination Service, 360 Destination Group, CSI DMC, Maritz, Cievents, the Freeman Company, IBTM, ATPI Ltd, Carlson Wagonlit Travel, Creative Group, Inc., and the Interpublic Group of Companies, Inc. and others.

There are various renowned events taking place on a global platform in the MICE industry. For instance, in-order to connect business opportunities in Latin America the ‘Latin America Meeting & Incentive Travel Exchange (LAMITE),’ event was organized in June 2019, the next annual LAMITE event took place at the Planet Hollywood Beach Resort in Guanacaste, Costa Rica.

In August 2019, Caribbean Meeting & Incentive Travel Exchange (CMITE): The island version of the ITE event was organized at the Santa Barbara Beach & Golf Resort in Willemstad, Curaçao.

Market Dynamics and Trends

MICE industry is booming due to market dynamics such as world-wide growth of the corporate sector, augmentation in Foreign Direct Investment (FDI) activities, proliferating Small and Medium Scale Enterprises, as well as increasing trend towards the adoption of AI & IoT at global level. Besides, consistent increase in the global tourism is expected to drive the growth of MICE industry in future.

Furthermore, factors including rise in per-capita disposable income, increase in the frequency of such events on a global scale coupled with expansion in business activities by the companies or individuals are expected to foster the growth of MICE industry.

However, cost-effectiveness of MICE events and topographic conditions are expected to impede the growth of MICE industry.

Moreover, increasing investments in the development of infrastructure and technological advancements are expected to provide lucrative opportunities for the MICE industry in future.

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Market Segmentations and Scope of the Study:

The global MICE Industry share analysis is based on event type, application, and geography.

Based on event type, the market is segmented into meetings, incentives, conventions, and exhibitions. Based on applications, the market is divided into Academic Field, Business Field, Political Field, Exhibitions, and Others. Geographic breakdown and analysis of each of the previously mentioned segments include regions comprising North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

Europe region is expected to hold the highest market share in MICE industry over the forecast period owing to the increase in meeting activities, increased adoption of smart devices on a wide scale along with the rise in penetration of internet in the region.

Asia-Pacific is expected to grow at the highest CAGR, accounting for a substantial market share. This is attributed to increase in tourism and business activities in the MICE industry, supporting government regulations and higher adoption of AI & IoT.

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