Global MICE Industry Market to Grow at a CAGR of 6.7% During 2024-2032, Aided by the Increasing Investments in the Infrastructure Development

The global MICE industry market is driven by the increasing focus of businesses on networking and creating strong relationships and partnerships with clinets. Investments in robust infrastructure, including an extensive transportation network, top-notch hotels, conference centres, and theatres also support the market growth. Based on the 2019 ICCA Country and City Rankings, the USA led globally with 934 international association meetings out of 13,254. The MICE sector relies on strong infrastructure, including comprehensive transportation networks and established venues like Hannover Messe (Germany), The National Exhibition and Convention Center (China), and Fiera Milano (Italy).

Fig: ICCA Rankings by Region; 2022

Prominent MICE Associations in the world includes the International Association of Exhibitions and Events (IAEE), Global Association of the Exhibition Industry (UFI), International Congress and Convention Association (ICCA), Meeting Professionals International (MPI), Association of British Professional Conference Organizers (ABPCO), and Meetings & Events Australia (MEA).

The MICE industry market is propelled by a growing emphasis on sustainability, driven by consumer awareness of environmental impacts. Event planners are integrating reusable products and convenient recycling facilities at venues. Another trend is the rising demand for hybrid and virtual events, which offer participants the flexibility to choose between physical or digital attendance, a trend that gained traction during the COVID-19 pandemic and is expected to persist post-pandemic.

Hosting MICE events offers venues significant benefits, including revenue generation and enhanced reputation. The MICE industry also attracts investments that improve overall hospitality offerings. Globalisation has expanded the reach of MICE, drawing events and participants globally. International corporations and organisations seek diverse meeting locations, contributing to a more globalised industry.

The expanding social media industry is a key driver for the MICE sector, leveraging its interactive and collaborative nature. Governments worldwide are supporting startups and MSMEs through initiatives that promote the market growth. Exhibitions serve as crucial platforms for MSMEs to showcase offerings, enhancing business development, brand visibility, and networking. Startup networking events foster knowledge sharing, collaboration, and funding opportunities.

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Market Breakup by Event Type, and Region:

• The market is segmented based on event type into meetings, conferences, exhibitions, and incentives.

• By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Key Findings of the Report:

• Investments in infrastructure development, including modern event spaces, upgraded transportation systems, and improved communication networks, are driving the expansion of the MICE (meetings, incentives, conferences, and exhibitions) market. These investments support the growth and accessibility of event venues, transportation options, and connectivity, contributing to the overall development of the MICE industry.

• The integration of technology like virtual reality is enhancing event experiences, enabling organisers to host more engaging and interactive events, such as product launches and business conferences. This adoption of technology is revolutionising event planning and delivery, offering innovative ways to engage attendees and create impactful experiences.

• Event organizers are embracing eco-friendly practices to reduce environmental impact and demonstrate social responsibility. This shift reflects a growing commitment to sustainability in event planning and underscores the importance of environmentally conscious initiatives within the sector.

Key Offerings of the Report:

• The EMR report gives an overview of the global MICE industry market for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the event type, and region of the global MICE industry market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the market are IMC International, CSI DMC, 360 Destination Group, Creative Group, Inc., Meetings & Incentives Worldwide, ITA Group, Inc., Maritz Holdings Inc., and The MICE Company, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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