The MICE industry size was $345.8 billion in 2021 and is estimated to reach $ 2.13 billion by 2031, registering a CAGR of 15.2% from 2022 to 2031.
The MICE industry consists of organizers and suppliers that deal in the management and delivery of meetings, conferences, exhibitions, and other related events held to achieve a range of professional, business, cultural, or academic objectives.
The activities of the MICE industry play a key role in the future growth for businesses, cities, destinations, and other covered spectrums. Organizers of MICE events also provide other creative services that include show displays, directional signage, banners, kiosks/exhibit space, event photography, and AV/technical production, and event marketing and sponsorship management, group air fulfillment, on-site event logistics and staffing, supplier management, virtual meetings, and risk management services.
Travel & tourism includes leisure tourism, business tourism, medical tourism, and others. The factors that promote the growth of the travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in accessibility of transport facilities, and others, which are expected to fuel the growth of the MICE industry. Furthermore, technological advancements have given rise to easy access to hotel & transport booking through online portals, which further boost the market growth. Continuous development in the travel & tourism industry and integration of various segments, such as hospitality & infrastructure with government initiatives, accelerate the growth of the global travel & tourism industry, which, in turn, supplements the growth of the MICE industry.
Improvement in economic condition and growth in disposable income are significant factors that propel the growth of the market. After the 2009 economic crisis in Europe and China, the world economy has witnessed a standstill. However, strong recovery from the crisis results in high economic growth, especially in developing economies, and has led to increase in disposable income among the middle-income groups, consequentially adding to the middle-class population.
In addition, disposable income of individuals in North America and Asia-Pacific has witnessed a high growth rate, thus acting as a major driver for the market, as medium & high-income consumers in urban areas are shifting their consumption trend from essential to premium goods & services. This trend favors the adventure tourism industry as well as enhances the service offering in numerous adventure activities across various segments.
Public and private travel & tourism investment is necessary to support the ongoing growth of the MICE industry. Many destinations around the world have invested heavily in infrastructure development resulting from greater demand for conventions & meetings and in view of the industry’s potential economic benefits. There is an increased focus on investment to build structures and facilities to expand capacity and maintain & improve current infrastructure.
However, countries, such as India, China, Saudi Arabia, the UAE, and others, have witnessed a strong economic growth and notable development in business travel over the years. Thus, these countries focus on infrastructural development of roads, airports, and better hotels to cater to the demand from corporate and government travelers. For instance, Singapore’s Changi Airport Group launched a Master Architect tender for the construction of Terminal 5. This new terminal is projected to consist of a three-runway system. All these factors are expected to provide potential growth opportunities for the market.
According to the market analysis, the MICE industry is segmented into event type, and region. On the basis of event type, the market is divided into meetings, incentives, conventions, and exhibitions. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, Spain, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Singapore, Thailand, Indonesia, Australia, New Zealand, Japan, Malaysia, South Korea, Vietnam, Hong Kong, Taiwan, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), Middle East (UAE and Rest Of Middle East), and Africa (South Africa, Nigeria, Ghana, Kenya, Namibia, Rwanda, and Rest Of Africa). The players in the MICE industry have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the market.
The players in the MICE industry have adopted strategies such as acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the MICE industry.
Some of the key players profiled in the MICE industry analysis include Maritz, BI Worldwide, Ltd., ITA Group, Inc, One10, LLC, Meetings and Incentives Worldwide, Inc. (M&IW), Creative Group, Inc., ACCESS Destination Service, 360 Destination Group, CSI DMC, Carlson Wagonlit Travel, IBTM, BCD Group, Cievents, ATPI Ltd, Conference Care Ltd, the Freeman Company, and the Interpublic Group of Companies, Inc.
The MICE industry consists of organizers and suppliers that deal in the management and delivery of meetings, conferences, exhibitions, and other related events held to achieve a range of professional, business, cultural, or academic objectives.
The activities of the MICE industry play a key role in the future growth for businesses, cities, destinations, and other covered spectrums. Organizers of MICE events also provide other creative services that include show displays, directional signage, banners, kiosks/exhibit space, event photography, and AV/technical production, and event marketing and sponsorship management, group air fulfillment, on-site event logistics and staffing, supplier management, virtual meetings, and risk management services.
Travel & tourism includes leisure tourism, business tourism, medical tourism, and others. The factors that promote the growth of the travel & tourism industry include changes in lifestyle, rise in tourism promotion, increase in accessibility of transport facilities, and others, which are expected to fuel the growth of the MICE industry. Furthermore, technological advancements have given rise to easy access to hotel & transport booking through online portals, which further boost the market growth. Continuous development in the travel & tourism industry and integration of various segments, such as hospitality & infrastructure with government initiatives, accelerate the growth of the global travel & tourism industry, which, in turn, supplements the growth of the MICE industry.
Improvement in economic condition and growth in disposable income are significant factors that propel the growth of the market. After the 2009 economic crisis in Europe and China, the world economy has witnessed a standstill. However, strong recovery from the crisis results in high economic growth, especially in developing economies, and has led to increase in disposable income among the middle-income groups, consequentially adding to the middle-class population.
In addition, disposable income of individuals in North America and Asia-Pacific has witnessed a high growth rate, thus acting as a major driver for the market, as medium & high-income consumers in urban areas are shifting their consumption trend from essential to premium goods & services. This trend favors the adventure tourism industry as well as enhances the service offering in numerous adventure activities across various segments.
Public and private travel & tourism investment is necessary to support the ongoing growth of the MICE industry. Many destinations around the world have invested heavily in infrastructure development resulting from greater demand for conventions & meetings and in view of the industry’s potential economic benefits. There is an increased focus on investment to build structures and facilities to expand capacity and maintain & improve current infrastructure.
However, countries, such as India, China, Saudi Arabia, the UAE, and others, have witnessed a strong economic growth and notable development in business travel over the years. Thus, these countries focus on infrastructural development of roads, airports, and better hotels to cater to the demand from corporate and government travelers. For instance, Singapore’s Changi Airport Group launched a Master Architect tender for the construction of Terminal 5. This new terminal is projected to consist of a three-runway system. All these factors are expected to provide potential growth opportunities for the market.
According to the market analysis, the MICE industry is segmented into event type, and region. On the basis of event type, the market is divided into meetings, incentives, conventions, and exhibitions. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, Spain, France, Italy, and Rest of Europe), Asia-Pacific (China, India, Singapore, Thailand, Indonesia, Australia, New Zealand, Japan, Malaysia, South Korea, Vietnam, Hong Kong, Taiwan, and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), Middle East (UAE and Rest Of Middle East), and Africa (South Africa, Nigeria, Ghana, Kenya, Namibia, Rwanda, and Rest Of Africa). The players in the MICE industry have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the market.
The players in the MICE industry have adopted strategies such as acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the MICE industry.
Some of the key players profiled in the MICE industry analysis include Maritz, BI Worldwide, Ltd., ITA Group, Inc, One10, LLC, Meetings and Incentives Worldwide, Inc. (M&IW), Creative Group, Inc., ACCESS Destination Service, 360 Destination Group, CSI DMC, Carlson Wagonlit Travel, IBTM, BCD Group, Cievents, ATPI Ltd, Conference Care Ltd, the Freeman Company, and the Interpublic Group of Companies, Inc.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the mice industry by event type (meeting, incentive, conventions, and exhibitions): global opportunity analysis and industry forecast 2017-2028 market analysis from 2021 to 2031 to identify the prevailing mice industry by event type (meeting, incentive, conventions, and exhibitions): global opportunity analysis and industry forecast 2017-2028 market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the mice industry by event type (meeting, incentive, conventions, and exhibitions): global opportunity analysis and industry forecast 2017-2028 market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global mice industry by event type (meeting, incentive, conventions, and exhibitions): global opportunity analysis and industry forecast 2017-2028 market trends, key players, market segments, application areas, and market growth strategies.
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- Senario Analysis & Growth Trend Comparision
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- Brands Share Analysis
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- Market share analysis of players at global/region/country level
- SWOT Analysis
- Volume Market Size and Forecast
Key Market Segments
By Event Type
- Exhibitions
- Meetings
- Incentives
- Conventions
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- Spain
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Singapore
- Thailand
- Indonesia
- Australia
- New Zealand
- Japan
- Malaysia
- South Korea
- Viet Nam
- Hong Kong
- Taiwan
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Rest of LAMEA
- Middle East
- UAE
- Rest Of Middle East
- Africa
- South Africa
- Nigeria
- Ghana
- Kenya
- Namibia
- Rwanda
- Rest Of Africa
Key Market Players
- BCD Group International BV
- ATPI Ltd.
- The Interpublic Group of Companies, Inc.
- Meetings and Incentives Worldwide, Inc
- Maritz
- CWT
- Conference Care Ltd.
- One10, LLC
- CSI DMC
- Creative Group, Inc.
- IBTM World
- BI WORLDWIDE
- ITA Group
- 360 Destination Group
- FCM Travel
- ACCESS Destination Services
- The Freeman Company, LLC
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: MICE INDUSTRY, BY EVENT TYPE
CHAPTER 5: MICE INDUSTRY, BY REGION
CHAPTER 6: COMPETITIVE LANDSCAPE
CHAPTER 7: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- BCD Group International BV
- ATPI Ltd.
- The Interpublic Group of Companies, Inc.
- Meetings and Incentives Worldwide, Inc
- Maritz
- CWT
- Conference Care Ltd.
- One10, LLC
- CSI DMC
- Creative Group, Inc.
- IBTM World
- BI WORLDWIDE
- ITA Group
- 360 Destination Group
- FCM Travel
- ACCESS Destination Services
- The Freeman Company, LLC
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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