Global MICE Industry Market Report and Forecast 2024-2032

Global MICE Industry Market Outlook

The global MICE industry market size was around USD 783.7 billion in 2023. The market is estimated to grow at a CAGR of 6.7% during 2024-2032 to reach a value of USD 1,407.45 billion by 2032.  

Key Takeaways

• Investments in infrastructure development, such as the construction of modern event spaces, upgraded transportation systems, and improved communication networks, are playing a significant role in the expansion of the MICE market.

• The adoption of technology such as virtual reality is helping organisers create more engaging and interactive events, including product launches and business conferences.

• Event organisers are increasingly adopting eco-friendly practices to minimise environmental impact and promote social responsibility.

Meetings, Incentives, Conferences, and Exhibitions, or MICE events, are primarily designed to provide a forum for networking among the corporate, industrial, government, and academic communities to foster economic growth.

According to the 2019 International Congress and Convention Association's (ICCA) Country and City Rankings, with 934 meetings out of 13,254, the USA was the top country to conduct international association meetings, globally.

The MICE sector benefits from robust infrastructure, including an extensive transportation network and well-established facilities such as hotels, conference centres, and theatres. Prominent convention centres in the world include Hannover Messe (Germany), The National Exhibition and Convention Center (China), and Fiera Milano (Italy).

MICE event planners use event management software to streamline processes and increase efficiency and cost-effectiveness. Organisers can handle multiple parts of an event, such as registration, ticketing, and marketing using the software.

Key Trends and Developments

Rising sustainability concerns; growing technological advancements; favourable government initiatives; and increasing investment in infrastructure development are the major trends in the MICE industry market

MICE Industry Market Trends

MICE travel is a subsegment of business travel that may include some leisure time. In addition to bringing in a sizable amount of revenue, MICE events can enhance a hotel/ hosting venue’s reputation. The MICE industry also contributes to an increase in corporate and public sector investments that enhance the location’s overall hospitality environment. Advanced technologies, such as augmented reality (AR) and data analytics allow attendees to experience events in an interactive and immersive way. By employing biometric solutions and facial recognition technology, organisers can guarantee that only authorised participants can enter the location.

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Market Segmentation

“Global MICE Industry Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

By event type, meetings account for the majority of the MICE industry market share

In 2021, the number of meetings conducted by international associations on a global scale accounted to approximately 7.7 thousand. Business meetings are conducted within a corporate setting to discuss objectives, strategies, and tasks pertaining to the organisation. Conducting meetings is essential in retaining the employees’ engagement and motivation, further improving their optimal productivity.

Conferences involve the attendance of a large number of individuals, span several days, and include various programs such as keynote presentations, panel discussions, workshops, and networking events.

Exhibitions are undergoing a transition with the adoption of technological innovations. Exhibitors are making use of virtual product demonstrations allowing attendees to interact with products in a virtual environment. AR and VR are beneficial for companies where physical demonstrations are difficult.

Organisations and business provide incentives to motivate and reward employees for attaining goals or achieving exceptional performance. Some of the popular incentive programs include Google’s peer recognition program and Salesforce’s PTO (Paid Time Off) program, that provides employees six days of paid volunteer time per year.

Competitive Landscape

The market players are focusing on hosting MICE events in a more sustainable manner, driven by the growing need to lower environmental impact and reduce carbon emissions

Other notable players operating in the global MICE industry market include Meetings & Incentives Worldwide, ITA Group, Inc., Maritz Holdings Inc., and The MICE Company, among others. The manufacturers are incorporating the latest capabilities and advanced technologies to meet the evolving demands of consumers.

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Global MICE Industry Market Analysis by Region

In Europe, the MICE industry has grown to be a thriving sector that attracts tourists, event planners, and business professionals. With a preference for conventional urban centres, the top 5 meeting locations in Europe are Madrid, Barcelona, London, Paris, and Manchester.

The Asia Pacific region is a prominent emerging region for startups and MSMEs. To promote small-scale businesses and local manufacturing at the international level, the governments are hosting several trade expos and exhibitions and introducing supportive policies.

The United States and Canada have the presence of excellent infrastructure such as convention centres, exhibition halls and other establishments attracting MICE events. Key regions such as Orlando, Florida (FL) and Chicago, Illinois (IL) can host over 200 corporate conferences yearly.

The Middle East and Africa region is a key destination for MICE in sectors, such as pharmaceutical, technology, biotechnology, and consulting. Prominent hotels in the region with conference rooms, such as Millennium Plaza Hotel (Dubai), Crowne Plaza Riyadh Hotel & Convention (Saudi Arabia), and the Westin Cape (South Africa) aid MEA in hosting MICE events.

Growing nearshoring phenomenon in Latin America is supporting the MICE industry market growth in the region. Multiple companies are backing the trend by investing in the opening of new hotels.

Key Highlights of the Report

MICE Industry Market Report Snapshots

MICE Industry Market Size

MICE Industry Market Trends

MICE Industry Market Regional Analysis

MICE Industry Companies