NEW
YORK, June 27, 2024 /PRNewswire/ -- The global
meetings, incentives, conventions, and exhibitions (MICE) market
size is estimated to grow by USD 249.2
billion from 2024-2028, according to Technavio. The market
is estimated to grow at a CAGR of over 11.94% during the
forecast period. Digitalization of travel payments is driving
market growth, with a trend towards rapid increase in
globalization. However, threat of growing terrorism poses a
challenge. Key market players include 360 Destination Group, ATPI
Ltd., BCD Group, BI WORLDWIDE, Capita Plc, Carlson Inc., Conference
Care Ltd., Coterie Spark, CSI DMC, Direct Travel Inc., Flight
Centre Travel Group Ltd., GL events Group, ITA Group Inc., Maritz
Holdings Inc., Meetings and Incentives Worldwide Inc., One10 LLC,
Questex Media Group LLC, RELX Plc, REVEZ Corp. Ltd., and Sustain
Europe.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Meeting,
Incentive, Exhibition, and Convention), Service (Hospitality,
Transportation, Retail, and Entertainment), and Geography (North
America, Europe, APAC, Middle East and Africa, and South
America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
360 Destination Group,
ATPI Ltd., BCD Group, BI WORLDWIDE, Capita Plc, Carlson Inc.,
Conference Care Ltd., Coterie Spark, CSI DMC, Direct Travel Inc.,
Flight Centre Travel Group Ltd., GL events Group, ITA Group Inc.,
Maritz Holdings Inc., Meetings and Incentives Worldwide Inc., One10
LLC, Questex Media Group LLC, RELX Plc, REVEZ Corp. Ltd., and
Sustain Europe
|
Key Market Trends Fueling Growth
The global MICE market is experiencing significant growth due to
business expansion driven by globalization. Companies like Toyota,
Walmart, and Adidas are actively expanding their market presence in
countries such as India,
China, and Saudi Arabia. This growth is fueled by
corporations' willingness to invest in travel and events that offer
unique experiences and value. Cross-cultural training, mergers and
acquisitions, international marketing, and other strategies are
being employed to facilitate this expansion. As a result, the MICE
market is expected to thrive during the forecast period.
The Meetings, Incentives, Conferences, and Exhibitions (MICE)
market is thriving with technological advancements and changing
consumer preferences. Travel and technology go hand in hand in this
sector. Conferences are now conducted online, making them more
accessible and convenient for attendees. Virtual events are the new
trend, allowing companies to connect with a global audience.
Tech-savvy attendees expect interactive and engaging experiences.
Companies are investing in advanced technology to create unique and
memorable events. Disposable income and business needs drive the
demand for incentive travel. The market is expected to grow
significantly in the coming years. Meeting planners are focusing on
sustainability and eco-friendly practices. The use of mobile apps
and social media is increasing to enhance attendee engagement. The
MICE industry is adapting to the changing times and offering
innovative solutions to meet the evolving needs of businesses and
individuals.
Research report provides comprehensive data on
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Report
Market Challenges
- The global MICE market faces significant challenges due to
terrorism, which raises security concerns and decreases attendance.
Terrorist incidents in regions perceived as high risk lead to
increased insurance costs and potential event cancellations or
postponements. In 2023, US experienced threats from organizations
like ISIS and al Qaeda, causing direct impacts on industries
such as hotels, airlines, and restaurants. Travel becomes more
complicated with border clearance issues and higher insurance
costs, making the growth of the MICE market uncertain during the
forecast period.
- The Meetings, Incentives, Conferences, and Exhibitions (MICE)
market faces several challenges. Technology is a significant
factor, as conferencing and exhibitions have gone digital,
requiring organizations to adapt. Conferences need to be convenient
for attendees, with online options and flexible scheduling.
Incentives must be engaging and unique to motivate participants.
Logistics can be complex, from coordinating travel and
accommodations to ensuring safety protocols. Costs are a concern,
with budgets for MICE events continually increasing. Confirming
sponsors and securing venues can also be challenging. Overall, the
MICE industry requires innovative solutions to meet the evolving
needs of businesses and attendees.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This meetings, incentives, conventions, and exhibitions (mice)
market report extensively covers market segmentation by
- Type
- 1.1 Meeting
- 1.2 Incentive
- 1.3 Exhibition
- 1.4 Convention
- Service
- 2.1 Hospitality
- 2.2 Transportation
- 2.3 Retail
- 2.4 Entertainment
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Meeting- The MICE market refers to the business of
organizing and coordinating Meetings, Incentives, Conventions, and
Exhibitions. These events bring together professionals from various
industries, fostering networking opportunities and knowledge
sharing. Companies invest in MICE to boost sales, reward employees,
and showcase their products or services. The market is thriving,
with a significant number of businesses participating each year.
Organizations plan meticulously to ensure successful events,
focusing on logistics, catering, and attendee engagement. MICE
events contribute to economic growth by generating revenue and
creating jobs.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
The Meetings, Incentives, Conferences, and Exhibitions (MICE)
market encompasses various business activities that bring together
professionals, corporations, and organizations for knowledge
exchange, cultural understanding, and networking. MICE events
include meetings, seminars, conferences, exhibitions, and group
tourism. These events are meticulously planned and booked at
conference centers and other suitable venues. MICE components
include health concerns, event technology, and business activities
such as conventions and incentives. Artificial intelligence and
augmented reality are increasingly being integrated into MICE
events to enhance interconnectedness and create immersive
experiences. The MICE industry is a significant contributor to the
global economy, fostering growth and innovation through knowledge
exchange and corporate meetings.
Market Research Overview
The Meetings, Incentives, Conferences, and Exhibitions (MICE)
market refers to the business sector that organizes and facilitates
various events, including meetings, incentive travel programs,
conferences, and exhibitions. These events cater to diverse
industries and serve multiple purposes, such as product launches,
professional development, and networking opportunities. The MICE
industry is a significant contributor to the global economy,
generating substantial revenue through various sources, including
sponsorships, registrations, and venue rentals. The market is
driven by factors such as increasing globalization, advancements in
technology, and the growing trend towards experiential marketing.
The MICE industry offers various services, including event
planning, logistics, and catering, to ensure the success of these
events. The market is expected to continue growing due to the
increasing demand for face-to-face interactions and the need for
businesses to build relationships and showcase their offerings to
potential clients.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Meeting
- Incentive
- Exhibition
- Convention
- Service
-
- Hospitality
- Transportation
- Retail
- Entertainment
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio