Market Research Future (MRFR) has published on the “Global MICE Market”.
The MICE market is estimated to register a CAGR of 7.90% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global MICE market— CWT Meetings & Events, BCD Meetings & Events, Maritz, Conference Care, ATPI Ltd., FCM Meetings & Events, Capita plc, AVIAREPS AG, Questex, Beyond Summits, Meetings and Incentives Worldwide, Inc., One10, LLC, Creative Group, Inc., Cambria DMC, Ci Events.
The global MICE market is accounted to register a CAGR of 7.90% during the forecast period and is estimated to reach USD 1727.6 billion by 2032.
The companies seek opportunities to connect with clients, partners, and employees globally, making international MICE events a crucial platform for networking, knowledge exchange, and business expansion. As businesses continue to operate on a global scale, the demand for MICE services, including destination management, event planning, and logistics, has grown substantially. The integration of advanced technology solutions in the MICE industry, such as virtual reality (VR), augmented reality (AR), hybrid event platforms, and event management software, has revolutionized the way meetings and conferences are conducted.
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The global MICE market has been segmented based event type and application.
On the basis of event type, the market is segmented into Meetings, Incentives, Conferences and Events. The meeting segment was attributed to holding the largest market share in 2022, as it offers better frequency and versatility.
Based on application, the global MICE market has been segmented into Academic Field, Business Field, Political Field, Exhibitions and Others. The business field segment was expected to hold the largest market share in 2022, as the businesses regularly organizes meetings and conferences for different purposes.
The global MICE market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe MICE market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The MICE market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World MICE market comprises of Middle East, Africa, and Latin America.
The largest market share for MICE was maintained by the North American regional sector. The region is home to a large and diverse economy, with many major global corporations headquartered in North America. It boasts a wide range of world-class convention centres, conference facilities, and exhibition venues, particularly in major cities. Further, North America's extensive transportation network, including major airports and well-developed road and rail systems, makes it easily accessible for attendees from around the world. This accessibility is crucial for hosting large-scale international events The region's appeal as a tourist destination further contributes to its dominance in the MICE market, making it a preferred choice for event organizers and attendees alike.
Moreover, the Europe market has been persistently growing over the forecast period. The demand for MICE is driven by its rich cultural heritage, historic venues, and well-developed tourism infrastructure, making it an attractive destination for international conferences and events. Additionally, Europe's central location, efficient transportation systems, and ease of access from various parts of the world contribute to its popularity as a hub for MICE activities.
Additionally, due to the rapid economic growth and urbanization, leading to the emergence of major business hubs and increased corporate activities, Asia Pacific is anticipated to experience the quickest growth over the forecast period. Additionally, Asia Pacific's rich cultural diversity, combined with a rising middle class and increasing connectivity, has made the region an attractive destination for international conferences, events, and incentive travel programs.
Furthermore, the rest of the world's MICE market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the rising focus on emerging economies, rising disposable incomes, and the growing popularity of destination events in regions. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.
Key Findings of the Study