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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global MICE Industry Market Size
The global MICE industry market 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.
MICE Industry Market Report Snapshots
MICE Industry Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market attained a value of USD 783.7 billion in 2023.
The market is estimated to grow at a CAGR of 6.7% during 2024-2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 1,407.45 billion by 2032.
The increasing reliance on the MICE industry for brand reputation building and network creation, rapid expansion of enterprises and industries, and efforts of organisations towards employee retention are the major market drivers.
The key market trends include the favourable policies of various governments encouraging MICE tourism and growing collaborations between major MICE industry players.
North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa are the major regions included in the market report.
The main aim of MICE industry is to provide efficient hospitality to improve operations related to meeting, incentives, conferences, and exhibitions.
Companies of all sizes participate in the MICE industry, with the scale depending upon the budget. For example, while smaller companies may prefer local events, larger companies may plan MICE events at international destinations.
Meetings, conferences, exhibitions, and incentives are the different event types included in the market report.
The key players in the market include 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.
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