MICE Industry Market – By Event Type (Meetings, Incentives, Conferences, and Exhibitions), By Applications (Academic Field, Business Field, Political Field, Exhibitions, and Others), and By Region - Global Opportunity Analysis and Industry Forecast, 2020 – 2030

MICE Industry market is anticipated to grow from USD 877.8 million in 2020 to USD 1843.0 million by 2030, at a CAGR of 7.7%, during the forecast period. MICE industry refers to the tourism and travel done with the purpose of meetings, incentives, conferences, and exhibitions where arrangements are done differently and by different people for business, cultural, political objectives, and others. The organisers of MICE events deliver various services that include show displays, banners, kiosks, directional signage, event photography, audio-visual production tools, on-site logistics & staffing, event marketing & sponsorship management, and many others. The industry is complex as it consists of planners, sponsors, meeting venues, accommodations, suppliers, and participants, all being involved in the planning and execution of an event. The MICE industry provides simple and convenient methods for organizing events and choosing the right destination, which is the basic requirement for a successful event. Rapid globalisation, expansion of various industries, continuous developments in scientific researches, and technological innovations are some of the major factors attributing towards the growth of the MICE industry.

Market Segmentation:

On the basis of event type, the MICE industry can be classified into meetings, incentives, conferences, and exhibitions. Based on applications, the industry is categorised into academic field, business field, political field, exhibitions, and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.  

Market Dynamics and Factors:

The surge in the presence of corporate industries has led to massive increase in business activities like client meetings, brand promotions, employee trainings, and others. This is the key driver of the MICE industry in the global market. The growth of the hospitality sector is mainly attributed to the success of the MICE industry as it accounts for 40% to 60% of its total revenue generated. Other major growth drivers of the MICE industry are industrial growth due to rapid globalisation, changing political landscape leading to bi-lateral and multi-lateral talks among nations, and many others. Additionally, the rise in government initiatives for the promotion of small & medium industries (SMEs), liberalisation of market entry to encourage foreign direct investments (FDI), and ease of doing business policies are expected to boost the growth of this market in further years to come. However, high costs associated with the MICE events, uncertain geo-political conditions, and economic crises are some key factors that could hamper the growth of this industry. Trends like rise of social media, custom-made experiences, drift towards virtual & augmented elements, and demand of non-traditional event spaces are fuelling the growth of the MICE industry within the forecast period.

Geographic Analysis:

The MICE industry has been dominated by Europe and Asia Pacific regions during the forecast period. Emerging economies like India, China, Japan, Thailand and Singapore are driving this market in the APAC region mainly because of factors like ease of restrictions, high penetration of internet & technology, and many others. For instance, Thailand Convention & Exhibition Bureau (TCEB) launched “360 degree exhibition success” campaign to redefine success and maximise return on investment (ROI) for business centre in India in July 2019. The European region’s domination of this market is mainly attributed to factors like enhancements in technology, rise in usage of smart devices, and increasing penetration of internet.  Germany, France, Spain, Italy, and U.K are the most preferred tourist destinations for corporates in Europe.

Competitive Scenario:

The key players operating in the global MICE industry are –

ITA Group Inc, Meetings & Incentives Worldwide, Access Destination Service, 360 Destination Group, Carlson Wagonlit Travel, Creative Group Inc, The Freeman Company, Conference Care Ltd, One10 llc, BCD Group, Cievents, and Maritz, BI Worldwide.

MICE Industry Market Report Scope