MICE Industry Market Report
MICE Industry Market by Type (Meetings, Incentives, Conventions, and Exhibitions) and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast 2021–2028
MICE Industry Analysis
The global MICE industry is anticipated to garner $1,619.3 billion in the 2021–2028 timeframe, growing from $1,007.2 billion in 2020 at a healthy CAGR of 5.9%.
Acquisition, partnerships, and business expansions among market players due to rapid globalization that helps the companies to acquire potential customers are anticipated to drive the growth of the MICE industry.
The high operational cost involved in MICE events, as it contains various hospitality services such as catering, lodging, transportation, tourism, convention facility supply, entertainment, retail shopping, and various others, is anticipated to restrain the market growth.
According to the regional analysis of the market, the Asia-Pacific MICE industry is anticipated to grow at a CAGR of 6.7% by generating a revenue of $501.3 billion during the review period.
MICE Industry Overview
MICE stands for meetings, incentives, conferences, and exhibitions and is a group of tourism that plans and organizes books conferences, seminars, and other events. The MICE industry is a part of the hospitality industry, one of the most profitable sectors, and the industry is known to spend large amounts on their on-site budgets. As the MICE industry uses hotel banquet facilities the most, MICE groups are highly important to many hotels, and booking for these events are planned a year or two in advance.
Impact Analysis of COVID-19 on the Global MICE Industry
The novel coronavirus pandemic had a devastating effect on several industries and the MICE industry also experienced a negative impact owing to unprecedented lockdowns, travel restrictions, restrictions on social meetings, and gatherings led by social distancing measures to curb the spread of COVID-19 pandemic. Due to the complete lockdown, majority of the popular MICE events destinations were closed for an indefinite time period. For instance, United Arab Emirates (UAE) the popular MICE events destination faced huge revenue loss due to strict travel restrictions that has led to the closure of Emirati Airlines, hotels, and tourism sectors. For instance, as stated on November 5, 2020, in the Nature Portfolio, a popular research journal, Dubai held 301 meetings, incentives, and conferences that were organized by Dubai Business Events in 2019 and this number declined significantly in 2020 due to the pandemic. The spate of big-ticket MICE events that were cancelled in 2020 are Mobile World Congress 2020 Barcelona, Google annual developer conference, IBM Think, Microsoft MVP Summit, and others. COVID-19 has led to a cancellation of many such events leaving the MICE organizers in lurch. All these factors have created a negative impact on the MICE industry growth during the pandemic.
Due to travel restrictions imposed by the pandemic many MICE events are taking place online without the need for tourism companies operating in the industry. The growing popularity of video conferencing platforms such as Google Meet and Zoom are offering platforms for conducting MICE events. For instance, many events that were scheduled in 2020 went virtual due to the pandemic. The Adobe Summit, Google Cloud Next 2020, TED, and others were conducted virtually. In addition, safety measures are taken by the hospitality industry to ensure the safety of guests and staff. In addition, to recover from revenue loss and to generate a positive image on the mindset of guests, MICE industry is focusing on strong promotional and marketing campaigns at local and international levels. For instance, the Singapore Tourism Board has implied safety measures for expansion of MICE event pilots in Singapore. Some of these measures are MICE event pilot should not have more than 100 participants at a time, MICE event pilots with more than 50 participants must implement compulsory Pre-event Testing (PET) for all the participants, there should not be any unmasking during the event except eating or drinking, and others. Furthermore, reducing the operational cost with flexible pricing structure, cancellation policies, and flexible work environment are being considered by the players operating in the MICE industry.
Rapid Increase in Globalization to Drive the Market Growth
The global MICE industry is witnessing rapid growth due to globalization that has resulted in rapid expansion of businesses across the globe. For instance, Toyota Motor Corporation, Wal-Mart stores, Adidas, and others have rapidly expanded their businesses beyond national boundaries to increase business opportunities. The rapid globalization is estimated to drive the demand for MICE events. For instance, the corporates across the globe are willing to shell out their extra money to travel to various destinations and host an event that offers new experiences and added value to travel. The liberalization for market entry strategies in countries like India, China, Saudi Arabia, and others encourages the companies to enhance their market presence via business expansion. Hence, these organizations are actively involved in cross-culture employee training, mergers & acquisitions of overseas companies, international marketing, and others. All these factors are estimated to drive the demand for MICE industry during the forecast period.
To know more about global MICE industry drivers, get in touch with our analysts here.
High Operational Cost Associated with MICE Industry to Restrain Market Growth
Organizing an MICE event needs high operational expenses. These expenses include the cost of food & beverage, lodging, hotel, convention service, transportation, tourism, retail shopping, and others. As the population during MICE events is more diverse, the dietary requirements and food preference changes which increases the cost of food & beverage. For instance, vegan, pescatarian, paleo, and religious dietary requirements are the latest trends of dining. All these factors are estimated to hamper the growth of MICE industry during the analysis period.
Technological Advancements to Create Enormous Investment Opportunities
The pandemic has brought drastic changes in the MICE industry due to ban on social gatherings, travel restrictions, and others. This has increased the popularity of virtual meetings that are more appealing as the participants can attend meeting without the need to get on a plane or book a hotel room. As virtual meetings do not require booking of rooms or buying a plane ticket, they are cheaper than destination meetings. In addition, digitized meeting spaces are growing in popularity and becoming a trend among various conferences. For instance, virtual communication platforms such as Zoom and Google Meet are being made available for the attendees to conduct conferences without being physical present at the meeting venue. Also, these digitized meeting spaces provide the use of virtual whiteboards, instant messaging, storage of contents, sharing folders & files, and others. All such initiatives are estimated to generate huge growth opportunities in the MICE industry during the analysis timeframe.
To know more about global MICE industry opportunities, get in touch with our analysts here.
MICE Industry Market
Source: Research Dive Analysis
The meetings sub-type is anticipated to have a dominant market share and generate a revenue of $979.6 billion by 2028, growing from $623.3 billion in 2020. Meetings bring people together and help them in contributing their ideas, sharing the information, and also carry out discussions & problem solving. There are various types of corporate meetings such as board meetings, seminars, product launch meetings, training seminars, meeting with suppliers, clients, and others. In addition, the meetings encourage teamwork among staff as well as clients. The meetings also facilitate opportunities for personal growth as it helps the participants in understanding effective communication techniques and motivating the group to achieve their commitments. All these factors are estimated to drive the demand for meetings sub-segment during the forecast period.
The exhibitions sub-type is anticipated to witness fastest growth and generate a revenue of $130.7 billion by 2028, growing from $73.4 billion in 2020. Exhibitions offer various benefits and growth opportunities for your business as they help you to meet and connect with the potential clients. In addition, exhibitions increase the brand awareness and allow you to get in front of your target audience to showcase your brand and grow your business image and gain social media exposure. Also, exhibition is an inexpensive technique to promote your business and provides an opportunity to sell your product to the target audience. All these factors are estimated to drive the growth of exhibitions sub-segment during the forecast period.
MICE Industry Market
Source: Research Dive Analysis
The Market for MICE Industry in Europe to be the Most Dominant
The Europe MICE industry accounted $405.4 billion in 2020 and is projected to register a revenue of $626.0 billion by 2028. Europe is a popular destination for MICE events due to presence of top meeting destinations such as UK, France, and Germany. The popularity of MICE industry in Europe is attributed to high level of customer service, safe & comfortable transport, excellent catering, clean, comfortable & safe accommodation, excellent internet connectivity and Wi-Fi access. In addition, the technological trends driving the events industry in Europe are QR codes that offer convenience to the guests, event planners that quickly register or check in the guests, and event apps that allow the users to download presentations, connect with other attendees, and view speakers bios. All these factors are estimated to drive the growth of MICE industry in the Europe region.
The Market for MICE Industry in Asia-Pacific to be the Fastest Growing
The share of Asia-Pacific MICE industry is anticipated to grow at a CAGR of 6.7% by registering a revenue of $501.3 billion by 2028. This growth is majorly attributed to rapid economic growth, business travel, infrastructure development in countries such as India, China, Japan, South Korea, and rest. The development of roads, airports, hotels, and use of advanced technologies with excellent internet connectivity is estimated to drive the growth of MICE industry in Asia-Pacific region. The diverse culture, cuisines is estimated to drive the market growth. For instance, Singapore, is one of the popular MICE destination and IBTM, the leading global events and meeting company had announced the launch of its new business trade event IBTM Asia Pacific at Marina Bay Sands in between 6-8 April 2020. In addition, Bangkok, the Thai capital, is a popular destination for MICE industry due to various factors such as visa-on-arrival for 21 nationalities, good infrastructure, expansion of airline facilities, high-quality venues that make it a popular destination for business events. All these factors are estimated to drive the growth of Asia-Pacific MICE industry during the forecast period.
Competitive Scenario in the Global MICE Industry
Acquisition, business expansions, and technological advancements are common strategies followed by major market players.
Source: Research Dive Analysis
Some of the leading MICE industry players are ACCESS Destination Services, ATPI Ltd., BCD Group, BI Worldwide, Carlson Wagonlit Travel, Cievents, Conference Care Ltd., Creative Group, Inc., CSI DMC, and IBTM Events
Porter’s Five Forces Analysis for the Global MICE Industry:
- Bargaining Power of Suppliers: The bargaining power of suppliers is moderate and the companies operating in the market focus on providing excellent infrastructure, venue, and other facilities to the guest. In addition, due to pandemic the companies involved in MICE industry such as hospitality and travel industry has to comply with various regulations such as social distancing norms.
Thus, the bargaining power suppliers is moderate.
- Bargaining Power of Buyers: Buyers have high bargaining power as it depends on the buyers which destination they want to choose for their meetings, conferences, exhibition, and other events. Various countries such as India, Japan, UAE offer economic benefit with excellent infrastructure necessary for MICE events.
Thus, the bargaining power of the buyers is high.
- Threat of New Entrants: The companies entering MICE industry are using new approaches such as adoption of innovative technologies, low pricing strategy for various MICE events, flexible cancellation policies but the investment cost in MICE industry is high due to high operational charges.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: The availability of substitute product such as online video conferencing platforms Zoom, Google Meet, and launch of various event apps increases the threat from substitution.
Thus, the threat of substitutes is moderate.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is moderate. The number of players operating in MICE industry are high and strategies adopted by these players such as acquisitions, business expansions, partnerships, and launch of new technologies are increasing significantly.
Therefore, competitive rivalry in the market is moderate.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Type
Key Companies Profiled
Q1. What is the size of the global MICE industry?
A. The size of the global MICE industry was over $1,007.2 billion in 2020 and is projected to reach $1,619.3 billion by 2028.
Q2. Which are the major companies in the MICE industry?
A. ACCESS Destination Services, ATPI Ltd., and BCD Group are some of the major players operating in the MICE industry.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific MICE industry?
A. Asia Pacific MICE industry is anticipated to grow at 6.7% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Acquisitions, partnerships, and technological advancements are the key strategies opted by the operating companies in this market.
Q6. Which companies are investing more on R&D practices?
A. ACCESS Destination Services, ATPI Ltd., BCD Group are investing more on R&D activities for developing new technologies.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
3.1.Market segmentation & definitions
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.8.Market value chain analysis
4.MICE Industry Market, by Type
4.1.1.Market size and forecast, by region, 2020-2028
4.1.2.Comparative market share analysis, 2020 & 2028
4.2.1.Market size and forecast, by region, 2020-2028
4.2.2.Comparative market share analysis, 2020 & 2028
4.3.1.Market size and forecast, by region, 2020-2028
4.3.2.Comparative market share analysis, 2020 & 2028
4.4.1.Market size and forecast, by region, 2020-2028
4.4.2.Comparative market share analysis, 2020 & 2028
5.MICE Industry Market, by Region
5.1.1.Market size and forecast, by Type, 2020-2028
5.1.2.Market size and forecast, by country, 2020-2028
5.1.3.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by Type, 2020-2028
126.96.36.199.Comparative market share analysis, 2020 & 2028
188.8.131.52.Market size and forecast, by Type, 2020-2028
184.108.40.206.Comparative market share analysis, 2020 & 2028
220.127.116.11.Market size and forecast, by Type, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
5.2.1.Market size and forecast, by Type, 2020-2028
5.2.2.Market size and forecast, by country, 2020-2028
5.2.3.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by Type, 2020-2028
126.96.36.199.Comparative market share analysis, 2020 & 2028
188.8.131.52.Market size and forecast, by Type, 2020-2028
184.108.40.206.Comparative market share analysis, 2020 & 2028
220.127.116.11.Market size and forecast, by Type, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by Type, 2020-2028
126.96.36.199.Comparative market share analysis, 2020 & 2028
188.8.131.52.Market size and forecast, by Type, 2020-2028
184.108.40.206.Comparative market share analysis, 2020 & 2028
5.2.9.Rest of Europe
220.127.116.11.Market size and forecast, by Type, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
5.3.1.Market size and forecast, by Type, 2020-2028
5.3.2.Market size and forecast, by country, 2020-2028
5.3.3.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by Type, 2020-2028
126.96.36.199.Comparative market share analysis, 2020 & 2028
188.8.131.52.Market size and forecast, by Type, 2020-2028
184.108.40.206.Comparative market share analysis, 2020 & 2028
220.127.116.11.Market size and forecast, by Type, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by Type, 2020-2028
126.96.36.199.Comparative market share analysis, 2020 & 2028
5.3.8.Rest of Asia Pacific
188.8.131.52.Market size and forecast, by Type, 2020-2028
184.108.40.206.Comparative market share analysis, 2020 & 2028
5.4.1.Market size and forecast, by Type, 2020-2028
5.4.2.Market size and forecast, by country, 2020-2028
5.4.3.Comparative market share analysis, 2020 & 2028
220.127.116.11.Market size and forecast, by Type, 2020-2028
18.104.22.168.Comparative market share analysis, 2020 & 2028
22.214.171.124.Market size and forecast, by Type, 2020-2028
126.96.36.199.Comparative market share analysis, 2020 & 2028
188.8.131.52.Market size and forecast, by Type, 2020-2028
184.108.40.206.Comparative market share analysis, 2020 & 2028
6.1.ACCESS Destination Services
6.1.4.Recent strategic moves & developments
6.2.4.Recent strategic moves & developments
6.3.4.Recent strategic moves & developments
6.4.4.Recent strategic moves & developments
6.5.Carlson Wagonlit Travel
6.5.4.Recent strategic moves & developments
6.6.4.Recent strategic moves & developments
6.7.Conference Care Ltd.
6.7.4.Recent strategic moves & developments
6.8.Creative Group, Inc.
6.8.4.Recent strategic moves & developments
6.9.4.Recent strategic moves & developments
6.10.4.Recent strategic moves & developments
Meetings, incentives, conferences, and exhibitions or MICE is a congregation which by using tourism creates itineraries for organizations and companies on business tours. It also helps in organizing to book conferences, seminars, and other events on similar lines. Being a part of the hospitality sector, it also holds a larger share in the market.
COVID-19 Impact on the Global MICE Industry
The COVID-19 virus started spreading all over the world in the initial months of 2020, which led to lockdowns and travel bans being implemented by a majority of the countries. The social distancing regulations in place also restricted gatherings in large numbers which caused the global MICE industry to experience a slowdown in its growth rate. Multiple events such as the Google Annual Developer Conference, Microsoft MVP Summit, and more were cancelled further adding to the negative effect on the market growth.
To ensure growth post pandemic, the market has been placing more safety measures such to ensure the safety of their guests. This along with new improved promotional marketing campaigns globally, as well as flexible pricing structure, and flexible work environment are factors predicted to help the market gain its momentum back in the coming years.
Key Developments in the Industry
Several industries are working on building up their presence in the market while also involving in research which is a part of the efforts. The innovative methodologies by organizations of creating better products are also used, keeping in mind satisfaction of customers or companies in terms of quality.
For instance, in February 2021, Singapore-based company, SingEX which operates under Temasek, a pioneer in investments, announced a merger with an expert in events, Singapore Press Holdings’ subsidiary company known as Sphere Exhibits. This initiative is set to use the five decades of experience of both the organizations, to provide quality in trade and consumer events all over Singapore.
Additionally, in April 2021, the Thailand Convention and Exhibition Bureau (TCEB) announced a new initiative known as the ‘MICE Innovation, Winning, with the Innovation.’ This is expected to push more companies into further working on innovations, while also keeping the competitive spirit in the MICE sector of Thailand afloat.
Forecast Analysis of the Global MICE Industry
As per the latest report by Research Dive, the global MICE industry is expected to witness a rise in revenue from $1,007.2 billion in 2020 to over $1,619.3 billion by 2028 at a steady CAGR of 5.9% from 2021-2028. The European region is predicted to dominate the market due to the presence of quality customer service, exceptional living facilities at hotels along with high speed internet connectivity.
The process of globalization has helping in speeding up the process of expansion of businesses worldwide. Many corporate are also vouching to spend more money which can help in the expansion of the company to many places. There has also been a change in the market strategies of several countries such as China, India, Saudi Arabia and more that have been experiencing liberalization. These factors have been the dominant reasons for the growth of the global MICE market.
The operational budget of any MICE event – a popular form of business tourism today is normally higher. It is inclusive of transportation, lodging facilities, convention service, shopping and entertainment, tourism, and more. The food choices of all the members also need to be considered in terms of different cuisines or dietary requirements such as paleo or vegan. These factors could limit the growth of the market.
Additionally, the digitalization of meetings has made it more made things simpler for organizations as there is no requirement to reserve bookings in hotels or spend large amounts on flight tickets. Also the meetings also contain virtual whiteboards, along with a feature to message the participants and share the necessary document. This trend of being able to attend conference from the comforts of the participant’s home is predicted to provide an opportunity of growth for the global MICE market.
To add further, many experts and pioneers of the market have put in plenty of efforts to make future business meets more seamless and convenient. Some of them are- ATPI Ltd, BI Worldwide, Cievents, Creative Group, Inc, IBTM Events, ACCESS Destination Services, BCD Group, Carlson Wagonlit Travel, Conference Care Ltd, and CSI DMC.