Meetings, Incentives, Conferences and Exhibitions (MICE) Global Market Opportunities and Strategies to 2033

This report describes and explains the meetings, incentives, conferences and exhibitions (MICE) market and covers 2018-2023, termed the historic period and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global meetings, incentives, conferences and exhibitions (MICE) market reached a value of nearly $898.45 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.1% since 2018. The market is expected to grow from $898.45 billion in 2023 to $1.35 trillion in 2033.

Growth in the historic period resulted from the increase in business activities, increased internet penetration and rise in disposable income. Factors that negatively affected growth in the historic period include rising terrorist attacks and political instability.

Going forward, increasing government support, growth of the global population, strong economic growth in emerging markets and global surge in business trips will drive the market. Factors that could hinder the growth of the meetings, incentives, conferences and exhibitions (MICE) market in the future include increasing use of virtual meetings apps.

The meetings, incentives, conferences and exhibitions (MICE) market is segmented by event type into meetings, incentives, conferences and events. The meetings market was the largest segment of the meetings, incentives, conferences and exhibitions (MICE) market segmented by event type, accounting for 52.1% or $467.83 billion of the total in 2023. Going forward, the incentives segment is expected to be the fastest growing segment in the meetings, incentives, conferences and exhibitions (MICE) market segmented by event type, at a CAGR of 9.8% during 2023-2028.

The meetings, incentives, conferences and exhibitions (MICE) market is segmented by service type into event planning and organization, venue management, accommodation services and food and beverage services. The event planning and organization market was the largest segment of the meetings, incentives, conferences and exhibitions (MICE) market segmented by service type, accounting for 32.3% or $290.26 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the meetings, incentives, conferences and exhibitions (MICE) market segmented by service type, at a CAGR of 9.3% during 2023-2028.

The meetings, incentives, conferences and exhibitions (MICE) market is segmented by application into e- academic field, business field, political field, exhibitions and other applications. The business field market was the largest segment of the meetings, incentives, conferences and exhibitions (MICE) market segmented by application, accounting for 65.5% or $588.33 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the meetings, incentives, conferences and exhibitions (MICE) market segmented by application, at a CAGR of 9.1% during 2023-2028.

The meetings, incentives, conferences and exhibitions (MICE) market is segmented by organization type into large enterprises and SME enterprises. The large enterprises market was the largest segment of the meetings, incentives, conferences and exhibitions (MICE) market segmented by organization type, accounting for 72.2% or $653.17 billion of the total in 2023. Going forward, the SME enterprises segment is expected to be the fastest growing segment in the meetings, incentives, conferences and exhibitions (MICE) market segmented by organization type, at a CAGR of 8.3% during 2023-2028.

The meetings, incentives, conferences and exhibitions (MICE) market is segmented by end-user into associations, government, oil and gas, entertainment, sports, consulting and professional services, technology and telecommunications, construction, finance and insurance, healthcare and pharmaceuticals, education and academia, retail, manufacturing and mining and other end users. The government market was the largest segment of the meetings, incentives, conferences and exhibitions (MICE) market segmented by end-user, accounting for 21.9% or $196.54 billion of the total in 2023. Going forward, the technology and telecommunications segment is expected to be the fastest growing segment in the meetings, incentives, conferences and exhibitions (MICE) market segmented by end-user, at a CAGR of 11.7% during 2023-2028.

Western Europe was the largest region in the meetings, incentives, conferences and exhibitions (MICE) market, accounting for 33% or $296.26 billion of the total in 2023. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the meetings, incentives, conferences and exhibitions (MICE) market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 9.4% and 8.8% respectively. These will be followed by North America and Eastern Europe, where the markets are expected to grow at CAGRs of 8.4% and 8.1% respectively.

The global meetings, incentives, conferences and exhibitions (MICE) market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 1.01% of the total market in 2022. Expedia Group Inc. was the largest competitor with a 0.14% share of the market, followed by ATPI Ltd. with 0.14%, Maritz Holdings Inc. with 0.13%, Flight Centre Travel Group with 0.12%, Italia Trasporto Aereo S.p.A. with 0.11%, American Express Company with 0.11%, The Freeman Company with 0.09%, GL events Group with 0.09%, Radisson Hospitality Inc. with 0.07% and Aviareps AG with 0.02%.

The top opportunities in the meetings, incentives, conferences and exhibitions (MICE) market segmented by event type will arise in the meetings segment, which will gain $241.96 billion of global annual sales by 2028. The top opportunities in the meetings, incentives, conferences and exhibitions (MICE) market segmented by service type will arise in the event planning and organization segment, which will gain $161.51 billion of global annual sales by 2028. The top opportunities in the meetings, incentives, conferences and exhibitions (MICE) market segmented by application will arise in the business field segment, which will gain $322.73 billion of global annual sales by 2028. The top opportunities in the meetings, incentives, conferences and exhibitions (MICE) market segmented by end-user will arise in the government segment, which will gain $78.33 billion of global annual sales by 2028. The top opportunities in the meetings, incentives, conferences and exhibitions (MICE) market segmented by organization type will arise in the large enterprises segment, which will gain $319.19 billion of global annual sales by 2028. The meetings, incentives, conferences and exhibitions (MICE) market size will gain the most in the USA at $107.73 billion.

Market-trend-based strategies for the meetings, incentives, conferences and exhibitions (MICE) market include launch of cutting-edge technology centers to deliver innovative services, new platforms to meet the evolving needs of event organizers, strategic partnerships and collaborations among major players and introduction of virtual and augmented reality experience technologies with new chat features.

Player-adopted strategies in the meetings, incentives, conferences and exhibitions (MICE) market include expanding business through new product developments, strengthening business capabilities through new service launches, enhancing business capabilities through strategic partnerships and strengthening business capabilities through new solutions.

To take advantage of the opportunities, the analyst recommends the meetings, incentives, conferences and exhibitions (MICE) companies to focus on technological innovation to enhance service offerings, focus on new platforms to enhance event quality, focus on VR and AR technologies to enhance event engagement, focus on expanding in the meetings market segment, focus on diversifying distribution channels for mice companies. focus on strategic partnerships to drive market expansion, expand in emerging markets, focus on strategic pricing for mice companies, provide competitively priced offerings, prioritize digital marketing channels, cultivate strategic partnerships and sponsorships, continue to use b2b promotions, focus on understanding end-user needs for targeted strategies, focus on expanding in the business field segment and focus on leveraging opportunities in the government market segment.