Meetings, Incentives, Conventions, and Exhibitions (MICE) Market size is set to grow by USD 249.2 billion from 2024-2028, Digitalization of travel payments to boost the market growth, Technavio

NEW YORK, June 27, 2024 /PRNewswire/ -- The global meetings, incentives, conventions, and exhibitions (MICE) market size is estimated to grow by USD 249.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 11.94% during the forecast period. Digitalization of travel payments is driving market growth, with a trend towards rapid increase in globalization. However, threat of growing terrorism poses a challenge. Key market players include 360 Destination Group, ATPI Ltd., BCD Group, BI WORLDWIDE, Capita Plc, Carlson Inc., Conference Care Ltd., Coterie Spark, CSI DMC, Direct Travel Inc., Flight Centre Travel Group Ltd., GL events Group, ITA Group Inc., Maritz Holdings Inc., Meetings and Incentives Worldwide Inc., One10 LLC, Questex Media Group LLC, RELX Plc, REVEZ Corp. Ltd., and Sustain Europe.

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Key Market Trends Fueling Growth

The global MICE market is experiencing significant growth due to business expansion driven by globalization. Companies like Toyota, Walmart, and Adidas are actively expanding their market presence in countries such as India, China, and Saudi Arabia. This growth is fueled by corporations' willingness to invest in travel and events that offer unique experiences and value. Cross-cultural training, mergers and acquisitions, international marketing, and other strategies are being employed to facilitate this expansion. As a result, the MICE market is expected to thrive during the forecast period. 

The Meetings, Incentives, Conferences, and Exhibitions (MICE) market is thriving with technological advancements and changing consumer preferences. Travel and technology go hand in hand in this sector. Conferences are now conducted online, making them more accessible and convenient for attendees. Virtual events are the new trend, allowing companies to connect with a global audience. Tech-savvy attendees expect interactive and engaging experiences. Companies are investing in advanced technology to create unique and memorable events. Disposable income and business needs drive the demand for incentive travel. The market is expected to grow significantly in the coming years. Meeting planners are focusing on sustainability and eco-friendly practices. The use of mobile apps and social media is increasing to enhance attendee engagement. The MICE industry is adapting to the changing times and offering innovative solutions to meet the evolving needs of businesses and individuals.

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Market Challenges

• The global MICE market faces significant challenges due to terrorism, which raises security concerns and decreases attendance. Terrorist incidents in regions perceived as high risk lead to increased insurance costs and potential event cancellations or postponements. In 2023, US experienced threats from organizations like ISIS and al Qaeda, causing direct impacts on industries such as hotels, airlines, and restaurants. Travel becomes more complicated with border clearance issues and higher insurance costs, making the growth of the MICE market uncertain during the forecast period.
• The Meetings, Incentives, Conferences, and Exhibitions (MICE) market faces several challenges. Technology is a significant factor, as conferencing and exhibitions have gone digital, requiring organizations to adapt. Conferences need to be convenient for attendees, with online options and flexible scheduling. Incentives must be engaging and unique to motivate participants. Logistics can be complex, from coordinating travel and accommodations to ensuring safety protocols. Costs are a concern, with budgets for MICE events continually increasing. Confirming sponsors and securing venues can also be challenging. Overall, the MICE industry requires innovative solutions to meet the evolving needs of businesses and attendees.

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Segment Overview

This meetings, incentives, conventions, and exhibitions (mice) market report extensively covers market segmentation by

1. Type
• 1.1 Meeting
• 1.2 Incentive
• 1.3 Exhibition
• 1.4 Convention
2. Service
• 2.1 Hospitality
• 2.2 Transportation
• 2.3 Retail
• 2.4 Entertainment
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Meeting- The MICE market refers to the business of organizing and coordinating Meetings, Incentives, Conventions, and Exhibitions. These events bring together professionals from various industries, fostering networking opportunities and knowledge sharing. Companies invest in MICE to boost sales, reward employees, and showcase their products or services. The market is thriving, with a significant number of businesses participating each year. Organizations plan meticulously to ensure successful events, focusing on logistics, catering, and attendee engagement. MICE events contribute to economic growth by generating revenue and creating jobs.

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Research Analysis

The Meetings, Incentives, Conferences, and Exhibitions (MICE) market encompasses various business activities that bring together professionals, corporations, and organizations for knowledge exchange, cultural understanding, and networking. MICE events include meetings, seminars, conferences, exhibitions, and group tourism. These events are meticulously planned and booked at conference centers and other suitable venues. MICE components include health concerns, event technology, and business activities such as conventions and incentives. Artificial intelligence and augmented reality are increasingly being integrated into MICE events to enhance interconnectedness and create immersive experiences. The MICE industry is a significant contributor to the global economy, fostering growth and innovation through knowledge exchange and corporate meetings.

Market Research Overview

The Meetings, Incentives, Conferences, and Exhibitions (MICE) market refers to the business sector that organizes and facilitates various events, including meetings, incentive travel programs, conferences, and exhibitions. These events cater to diverse industries and serve multiple purposes, such as product launches, professional development, and networking opportunities. The MICE industry is a significant contributor to the global economy, generating substantial revenue through various sources, including sponsorships, registrations, and venue rentals. The market is driven by factors such as increasing globalization, advancements in technology, and the growing trend towards experiential marketing. The MICE industry offers various services, including event planning, logistics, and catering, to ensure the success of these events. The market is expected to continue growing due to the increasing demand for face-to-face interactions and the need for businesses to build relationships and showcase their offerings to potential clients.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Meeting
• Incentive
• Exhibition
• Convention
• Service
• Hospitality
• Transportation
• Retail
• Entertainment
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio