Press Release
Press Release
According to a new report by EMR titled, ‘The Global MICE Industry Market Report and Forecast 2024-2032’, the market attained a value of nearly USD 783.7 billion in 2023. The market is further estimated to grow at a CAGR of 6.7% between 2024 and 2032 to reach a value of approximately USD 1,407.45 billion by 2032.
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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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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Event Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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