MICE Market Size was valued at USD 871.5 Billion in 2022. The MICE market industry is projected to grow from USD 940.3 Billion in 2023 to USD 1727.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.90% during the forecast period (2023 - 2032). Increased globalization of businesses and the requirement for face-to-face interaction in a digitally connected world are the key market drivers enhancing th egrowth of the market.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for MICE is being driven by the rising globalization of businesses and the need for face-to-face interactions. Globalization has led to businesses expanding their operations across borders. As companies operate in multiple countries and regions, the need for face-to-face interactions becomes essential for building relationships with international clients, partners, and stakeholders. MICE events provide a platform for these crucial in-person meetings, facilitating international business expansion.
Despite the convenience of digital communication tools, face-to-face interactions remain vital for building trust and strong business relationships. MICE events offer opportunities for professionals to meet and connect on a personal level, fostering stronger ties and facilitating collaboration, which can lead to increased business opportunities. When businesses enter new markets or aim to expand their presence, they often organize conferences, exhibitions, and seminars to introduce their products or services to a wider audience. These events help in generating leads, attract potential customers, and gain market insights. MICE events provide extensive networking opportunities, allowing professionals to meet potential clients, partners, suppliers, and industry experts. The ability to network and exchange the ideas with peers is a significant driver for attendance at such events. Conferences and seminars within the MICE industry serve as platforms for sharing industry knowledge, trends, and best practices.
Attendees can participate in workshops, attend presentations, and engage in discussions, enabling them to stay informed about the latest development in their respective fields. Many organizations use incentive travel as a tool to motivate and reward employees, sales teams, or channel partners. Incentive travel programs often involve destination-based MICE events, where top performers are recognized and rewarded with the opportunity to travel, further driving the demand for MICE services. Hosting MICE events can have a significant economic impact on the host city or region. These events bring in attendees who spend money on accommodation, dining, transportation, and leisure activities, thereby boosting the local economy. In turn, governments and tourism authorities may actively promote and invest in MICE infrastructure to attract such events.
While digital connectivity is crucial, technological advancements have also played a role in driving the MICE market. Virtual and hybrid event solutions have expanded the reach of MICE events, allowing participants from around the world to attend and engage, even when face-to-face participation is not possible. Thus driving the MICE market revenue.
MICE Event Type Insights
The MICE Market segmentation, based on event type, includes Meetings, Incentives, Conferences and Events. The meeting segment dominates the market, accounting for the largest market revenue due to its frequency and versatility. Meetings are a fundamental component of corporate communication, making them a consistent demand driver for MICE services. Businesses regularly organize internal and external meetings for decision-making, collaboration, and networking, contributing significantly to the market's sustained growth. Moreover, meetings serve as a foundation for larger MICE events like conferences and conventions, amplifying their impact on the overall market. With the growth of hybrid and virtual meetings, this event type continues to evolve, ensuring its continued dominance in the MICE industry.
Figure 1: MICE Market, by Type, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
The MICE Market segmentation, based on application, includes the Academic Field, Business Field, Political Field, Exhibitions and Others. The business field dominates the market as corporate meetings, conferences, and events are a significant driver of the MICE industry. Businesses regularly organize meetings and conferences for various purposes, including strategy planning, product launches, training, and networking. The demand for these events remains relatively consistent, and they often have larger budgets compared to other sectors. Additionally, incentive travel programs are common in the business world, which adds to the demand for MICE services. Further, the academic field is anticipated to witness the second fastest growth as academic conferences, seminars, and workshops are essential components of knowledge dissemination and collaboration within the academic community. They contribute to the MICE market, particularly in the education and research sectors.
By region, the study gives market insights into the North America, Europe, Asia-Pacific and the Rest of the World. The North American MICE market area will dominate this market due to its robust infrastructure, extensive network of world-class venues, and diverse range of destination options. The region's economic stability and high concentration of multinational corporations drive a consistent demand for business meetings and conferences. Additionally, North America's accessibility through major airports and its reputation for hosting international events contribute to its leading position in the global MICE industry.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Figure 2: MICE MARKET SHARE BY REGION 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe MICE market accounts for the second-largest market share as it offers unique and attractive destinations for events, as well as facilitating ease of travel and accessibility for participants from around the world. Further, the German MICE market held the largest market share, and the UK MICE market was the fastest-growing market in the European region.
The Asia-Pacific MICE Market is expected to grow at a rapid CAGR from the year 2023 to 2032. This is due to the rapid economic growth, increasing globalization of businesses, and a rising middle class seeking leisure and business travel opportunities. Moreover, China’s MICE market held the largest market share, and the Indian MICE market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing hugely in research and development in order to expand their product lines, which will help the MICE market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including higher investments, new product launches, contractual agreements, mergers and acquisitions, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the MICE industry must offer cost-effective items.
Manufacturing locally to minimize the operational costs is one of the key business tactics used by manufacturers in the global MICE industry to benefit clients and increase the market sector. In recent years, the MICE industry has offered some of the most significant advantages to the business. Major players in the MICE market, including 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, and others, are attempting to increase market demand by investing in the research and development operations.
The Meeting Professionals International (MPI) is a prominent meetings industry association company. MPI is a global organization that brings together professionals from the meetings and events industry, including event planners, suppliers, and industry stakeholders. It offers educational programs, networking opportunities, certifications, and resources to help members enhance their skills and stay updated on industry trends and the best practices. MPI plays a significant role in advancing the meetings and events industry and promoting professionalism and excellence among its members. In July 2022, the Meetings Industry Association (MIA) partnered with the American Hotel & Lodging Association (AH&LA) to launch a new advocacy campaign to promote the importance of the MICE industry to the U.S. economy. The campaign will highlight the economic benefits of the MICE industry and urge policymakers to support policies that benefit the industry.
CWT Meetings & Events operates globally, with a presence in numerous countries around the world. This global network allows them to offer services for events of all sizes and types, from small corporate meetings to large international conferences. The company provides a broad range of services, including event planning and management, venue sourcing and selection, registration and attendee management, logistics and travel management, and event technology solutions. They work closely with clients to create the tailored event experiences. In September 2022, CWT Meetings & Events, a division of CWT, partnered with the International Congress and Convention Association (ICCA) to launch a new research program on the future of the meetings industry. The program will explore the impact of emerging technologies, such as virtual and hybrid events, on the MICE industry.
MICE Industry Developments
August 2022: The Global Business Travel Association (GBTA) partnered with the Global Meetings Industry Council (GMIC) to launch a new initiative to promote sustainability in the MICE industry. The initiative will provide resources and support to help MICE organizations reduce their environmental impact.
January 2022: Creative Group, Inc. acquired Strategic Meetings, and Incentives, LLC., a meeting incentive agency based in Arizona, U.S. This acquisition will strengthen Creative Group, Inc.'s business presence in the telecommunications industry in the Southeast region of the U.S. and further its services portfolio.
January 2023: Marriott International partnered with the World Economic Forum to become the official hotel partner of the Davos Agenda. This partnership is expected to provide Marriott International with opportunities to showcase its sustainability initiatives and connect with global leaders.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 871.5 Billion |
| Market Size 2023 | USD 940.3 Billion |
| Market Size 2032 | USD 1727.6 Billion |
| Compound Annual Growth Rate (CAGR) | 7.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Event Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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 |
| Key Market Opportunities | ·      Increase in the experience economy. |
| Key Market Dynamics | ·      Increased globalization of businesses and the requirement for face-to-face interaction in a digitally connected world. |
Frequently Asked Questions (FAQ) :
The MICE Market size was valued at USD 871.5 Billion in 2022.
The global market is foreseen to rise at a CAGR of 7.90% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are 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, and Ci Events.
The meetings category dominated the market in 2022.
The businesses had the largest share in the global market.
Senior Research Analyst I have a bachelor's degree in mechanical engineering and an mba. i have more than two years of expertise in the retail, food, and beverage, chemical, and material industries, and hence have developed a sound cross-domain expertise. a firm believer in lifelong learning and sharing of knowledge. having a proclivity for hatching ideas and trying to absorb as much information as possible in a short amount of time. introducing corporates to the data and insight, which enables them to move from probability to possibility, has been my key areas of interest.Â
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