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, 2022–2031
Global MICE Industry Analysis
The Global MICE Industry Market Size was $1,027.6 billion in 2021 and is predicted to grow with a CAGR of 7.0%, by generating a revenue of $1,990.1 billion by 2031.
Global MICE Industry Market Synopsis
The globalization of the MICE industry has led to an increase in the number of business meetings. Meetings are one type of gathering that is frequently planned in advance. The term ‘incentive’ describes the compensation that workers, sales partners, or staff receive for their productivity and sales output or any other type of outcome in the form of a trip, hotel stay, excursion, or tour package. Conferences provide a platform for finding out what is happening in a specific field. Exhibiting precious and uncommon antiquities or other interesting goods is a part of exhibitions. Building networks and meeting new people working in the same profession can be accomplished through these events.
The meetings, incentives, conferences, and exhibitions (MICE) sector is expanding extremely quickly and contributing significantly to both the tourism sector and the economic growth of destinations. Personalization is another major trend in the MICE industry. There is a clear shift from traditional speakers and delegated roles toward more audience participation and involvement. This requires providing clients with more options such as novel meeting formats and engaging activities.
MICE events are held in modern venues with cutting-edge IT infrastructure. Event platforms remain on the higher end of the price spectrum due to the high associated expenses of this infrastructure, affecting MICE event operational costs. The cost of organizing a meeting, conference, or event, as well as long-distance transportation for participants, is relatively high. Furthermore, high operational costs may be detrimental to the tourism industry in some countries.
Currently, the terms ‘augmented reality’ and ‘virtual reality’ are very popular. Even though this technology is not entirely new, it has just recently advanced to the point that it is more widely available for use. The hybrid MICE events trend has a strong connection to digital attendance because augmented reality and virtual reality technology make it simpler for people to join events virtually. Though this is not the sole application of AR and VR technologies. Also, it can be used to provide guests with an immersive event-going experience.
According to regional analysis, the Europe MICE Industry accounted for the highest market share in 2021. Europe holds great potential for MICE events with Germany and the UK being the largest MICE event destinations. In addition, Europe has been successfully winning the conferences of international associations due to which the majority of top cities and countries are selected as destinations for international association conferences. Also, steady economic growth, an increase in online booking with the advent of technology, and improvement in building infrastructure, roads, airways, and others are estimated to drive the Europe MICE industry growth during the forecast period.
MICE Industry Market Overview
MICE stands for meetings, incentives, conferences, and exhibitions and is a group of tourism that plans and organizes book conferences, seminars, and other events. The MICE industry is a subset of the hospitality industry, which is one of the most profitable and is recognized for spending big sums on on-site expenses. As the MICE business makes the most use of hotel banquet facilities, MICE groups are important to several hotels, and booking for these events is done a year or two in advance.
COVID-19 Impact on Global MICE Industry Market
The novel coronavirus pandemic has negatively impacted various leading industries. The global MICE industry market experienced negative growth owing to unprecedented lockdowns, several travel restrictions, and a ban on social meetings and gatherings. In addition, the ‘work from home’ working module also impacted the revenue of the MICE industry market. Various MICE industry organizers have faced an economic crisis and were forced to lay off a large number of employees due to a decline in demand. These key factors showcase that the demand for the MICE industry market during the COVID-19 health emergency experienced negative growth.
The communal transmission of COVID-19 has created a negative impact on the MICE industry owing to the shutdown of popular MICE destinations across the world. For instance, various MICE event destinations in United Arab Emirates (UAE) were closed due to the closure of Emirates airlines, tourism, and hotel sectors. In addition, many big-ticket events and exhibitions were either postponed or canceled to contain the spread of the COVID-19 virus. Some of these events are IBM Think, Microsoft MVP Summit, Mobile World Congress 2020 Barcelona, Google Annual Developer Conference, and others. In addition, even after delaying or postponing several events, many of them were scaled down massively owing to government restrictions. For instance, in April 2020, Inside Asian Gaming, a popular magazine, stated that more than 50% of MICE events scheduled to be held in April 2020, in Macau were canceled. All these aspects have negatively impacted the MICE industry due to the COVID-19 pandemic.
Advancements in Travel & Tourism Sector to Drive the Market Growth
The global MICE industry market is developing quickly owing to the rapid economic expansion brought about by the globalization of businesses. For instance, in order to increase economic opportunities, companies like Wal-Mart, Adidas, and Toyota Motor Corporation quickly expanded their operations internationally. For instance, businesses all around the world are willing to spend additional money to visit other locations and arrange events that provide unique opportunities and the benefits of travel. In various countries such as Saudi Arabia, India, China, and others, the liberalization of market entrance strategies encourages businesses to expand in order to increase their market presence. Therefore, these organizations are actively involved in worldwide marketing, mergers & acquisitions of foreign businesses, and cross-cultural employee training. All of these factors are anticipated to increase demand for the MICE sector during the forecast period.
To know more about global MICE Industry market drivers, get in touch with our analysts here.
High Operational Costs Linked with MICE Industry to Restrain the Market Growth
The operational expenses of the MICE business are very high owing to the significant capital cost involved in hospitality services such as booking hotels and conference centers, arranging food & beverage, catering, transportation, retail, shopping, entertainment, and others. Long-distance transportation is another factor that contributes to high operational costs, as ticket prices vary from location to location. All these are the key factors predicted to limit the growth of the MICE industry market during the forecast period.
Technological Advancements in MICE Sector to Drive Excellent Opportunities
The latest technological trends in the MICE industry during events are estimated to generate huge growth opportunities. For instance, the implementation of facial recognition technology that grants admission to registered attendees during events without the need for identity proofs or tickets to fuel the market growth. In addition, the advancements in augmented, virtual, and mixed reality that creates more immersive and engaging events, especially for product demonstrations, presentations, or entertainment is set to open endless new opportunities for the MICE industry. Also, controlling the events with the help of the Internet of Things (IoT) such as speakers, and lighting control creates new ways for venues to meet the client's requirements. In addition, rapid advancements in the virtual event platforms owing to an increase in the demand for hybrid & virtual events that offer more online space for organizers and attendees to engage and interact are estimated to generate excellent growth opportunities during the forecast period.
To know more about global MICE Industry market opportunities, get in touch with our analysts here.
Global MICE Industry Market, By Type
Based on type, the market has been divided into meetings, incentives, conventions, and exhibitions. Among these, the meetings sub-segment accounted for the dominant market share in 2021 and is estimated to show the fastest growth during the forecast period.
Global MICE Industry Market Size, By Type, 2021
Source: Research Dive Analysis
The meetings sub-segment accounted for the highest market size in 2021. Meetings play a vital role in various business activities. The meeting is a significant way of formal communication that helps in sharing information and discussing issues. Some of the popular meetings include board meetings, training seminars, management meetings, product launches, suppliers & clients, retreat, and others. Meetings encourage teamwork among staff and help in streamlining business operations. Meetings help in achieving effective communication techniques and motivating groups to achieve their commitments.
Meetings play a major role in building teamwork and strong relationships due to the free-flowing exchange of ideas that helps in establishing a deeper bond with the team. The face-to-face meetings help in discussing complex issues, ideas, and solutions. Effective team meetings enable the team to get on the same page quickly compared to virtual meetings or communication via email. Meetings facilitate a better and faster decision-making process. Meetings promote a feeling of inclusion which creates an environment that is productive and supportive, where a group of people can freely express their thoughts and ideas. Meetings boost employee engagement and create a medium for feedback and improvement. It also helps in resolving conflicts within the team that can negatively impact the employee’s performance. Meetings also promote personal growth by helping the participants in understanding effective communication techniques and helping people to achieve their commitments. These factors are anticipated to drive the demand for the meetings sub-segment during the forecast period.
The conventions sub-segment is anticipated to grow at a significant rate during the forecast timeframe. Similar to meetings, conventions involve the gathering of people with common objectives. Conventions facilitate the exchange of views, ideas, and information of common interest within the group. Most of the organizations organize conventions every year having a theme related to the organization’s topic. The convention can be organized at the international, national, as well as regional level. The convention helps people in meeting the experts in their fields. For instance, an individual participating in the convention of the pharmaceutical industry can meet renowned scientists, professionals, and industry experts in their field. This helps in gaining knowledge as well as offers a professional experience to the visitors along with plenty of leisure and entertainment activities.
Conventions boost the entrepreneurs in the tourism sector, boost the local economy, and boost the city’s economic growth with greater touristic prominence in that area. It helps in creating new jobs as local professionals are also hired to host the event. Conventions help in promoting cultural tourism and benefit taxi drivers, hoteliers, and various business owners. All these aspects are anticipated to drive the growth of the convention sub-segment of the MICE industry during the forecast period.
Global MICE Industry Market, Regional Insights
The MICE industry market analysis was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Global MICE Industry Market Size & Forecast, by Region, 2021-2031 ($Billion)
Source: Research Dive Analysis
The Market for MICE industry in Europe to be the Most Dominant
Europe holds great potential for MICE events with the UK and Germany being the largest MICE event destinations. In addition, Europe has been successfully winning the conferences of international associations due to which the majority of top cities and countries are selected as destinations for international association conferences. Also, steady economic growth, an increase in online booking with the advent of technology, and improvement in building infrastructure, roads, airways, and others are estimated to drive the Europe MICE industry market growth during the forecast period.
The growth of the Europe MICE industry can be attributed to rise in the number of business travelers compared to leisure travelers. MICE events serve as networking opportunities for various businesses that have a positive impact on local tourism and business growth. MICE events facilitate professional contact and knowledge sharing that boost creativity and innovation. It boosts the local job market and attendees can extend their stays to enjoy leisure time at the destination. The plethora of benefits such as buzzy, vibrant cities, quality & budget-matching accommodation, state-of-the-art conferences, exceptional cuisine & entertainment, excellent convention facilities, and reliable public transport are the major growth driving factors for the regional market during the forecast period.
The Market for MICE industry in Asia-Pacific to be the Fastest Growing
The Asia-Pacific MICE industry is one of the fastest developing MICE destinations in the world. It is majorly owing to economic growth, regional cooperation, and infrastructure development such as the development of roads, airports, and others. Substantial developments in the travel & tourism industry, hospitality sector, and rapid expansion of multinational companies are the major factors driving the demand for the Asia-Pacific MICE industry market.
China, India, Singapore, Hong Kong, Japan, and Thailand are popular MICE destinations in Asia-Pacific. This is because these countries offer an impressive combination of accommodation, conference support, and high-tech facilities to match global standards. Rapid globalization, large employment opportunities, industry associations, and technological innovations are key factors driving the regional market growth. In addition, allied infrastructure that ranges from the availability of hotel rooms, online booking, excellent connectivity to the venue, developed transport network, and other tourist attractions are anticipated to attract significant visitors. These factors are estimated to boost the Asia-Pacific MICE industry market size during the forecast timeframe.
Competitive Scenario in the Global MICE Industry Market
Business expansion, partnership, and new technology are common strategies followed by major market players. For instance, in April 2021, ATPI Group, the leading MICE industry player, expanded its international network with new partners across Asia, Europe, Middle East, and South America. This expansion will help the company in enhancing its travel management and events sector across strategic locations for serving its clients.
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.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Type
Key Companies Profiled
Q1. What is the size of the global MICE industry market?
A. The size of the global MICE industry market was over $1,027.6 billion in 2021 and is projected to reach $1,990.1 billion by 2031.
Q2. Which are the major companies in the MICE industry market?
A. ACCESS Destination Services, ATPI Ltd., and BCD Group are some of the major players operating in the MICE industry market.
Q3. Which region, among others, possesses greater investment opportunities in the future?
A. Asia-Pacific possesses great investment opportunities for investors in the future.
Q4. What will be the growth rate of the Asia-Pacific MICE industry market?
A. Asia-Pacific MICE industry market is anticipated to grow at 7.7% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Business expansion, partnership, 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. BI Worldwide, Carlson Wagonlit Travel, and Cievents are investing more on R&D activities for developing new products and technologies.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
1.5.Market size estimation
2.2.Key objectives of the study
2.5.Overview of the impact of COVID-19 on Global MICE Industry market
4.2.Growth impact forces
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.7.Impact of COVID-19 on MICE Industry market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.MICE Industry Market Analysis, by Type
5.2.1.Definition, key trends, growth factors, and opportunities
5.2.2.Market size analysis, by region, 2022-2031
5.2.3.Market share analysis, by country, 2022-2031
5.3.1.Definition, key trends, growth factors, and opportunities
5.3.2.Market size analysis, by region, 2022-2031
5.3.3.Market share analysis, by country, 2022-2031
5.4.1.Definition, key trends, growth factors, and opportunities
5.4.2.Market size analysis, by region, 2022-2031
5.4.3.Market share analysis, by country, 2022-2031
5.5.1.Definition, key trends, growth factors, and opportunities
5.5.2.Market size analysis, by region, 2022-2031
5.5.3.Market share analysis, by country, 2022-2031
5.6.Research Dive Exclusive Insights
6.MICE Industry Market, by Region
220.127.116.11.Market size analysis, by Type, 2022-2031
18.104.22.168.Market size analysis, by Type, 2022-2031
22.214.171.124.Market size analysis, by Type, 2022-2031
6.1.4.Research Dive Exclusive Insights
126.96.36.199.Market size analysis, by Type, 2022-2031
188.8.131.52.Market size analysis, by Type, 2022-2031
184.108.40.206.Market size analysis, by Type, 2022-2031
220.127.116.11.Market size analysis, by Type, 2022-2031
18.104.22.168.Market size analysis, by Type, 2022-2031
6.2.6.Rest of Europe
22.214.171.124.Market size analysis, by Type, 2022-2031
6.2.7.Research Dive Exclusive Insights
126.96.36.199.Market size analysis, by Type, 2022-2031
188.8.131.52.Market size analysis, by Type, 2022-2031
184.108.40.206.Market size analysis, by Type, 2022-2031
220.127.116.11.Market size analysis, by Type, 2022-2031
18.104.22.168.Market size analysis, by Type, 2022-2031
6.3.6.Rest of Asia-Pacific
22.214.171.124.Market size analysis, by Type, 2022-2031
6.3.7.Research Dive Exclusive Insights
126.96.36.199.Market size analysis, by Type, 2022-2031
188.8.131.52.Market size analysis, by Type, 2022-2031
184.108.40.206.Market size analysis, by Type, 2022-2031
220.127.116.11.Market size analysis, by Type, 2022-2031
6.4.5.Rest of LAMEA
18.104.22.168.Market size analysis, by Type, 2022-2031
6.4.6.Research Dive Exclusive Insights
7.1.Top winning strategies, 2021
7.3.Market share analysis
8.1.ACCESS Destination Services
8.1.7.Research Dive Analyst View
8.2. ATPI Ltd.
8.2.7.Research Dive Analyst View
8.3.7.Research Dive Analyst View
8.4. BI Worldwide
8.4.7.Research Dive Analyst View
8.5.Carlson Wagonlit Travel
8.5.7.Research Dive Analyst View
8.6.7.Research Dive Analyst View
8.7.Conference Care Ltd.
8.7.7.Research Dive Analyst View
8.8.Creative Group, Inc.
8.8.7.Research Dive Analyst View
8.9.7.Research Dive Analyst View
8.10.7.Research Dive Analyst View
Business travel has indeed gained popularity in recent years. It is an essential part of tourism that involves travelers who attend conferences, congresses, exhibitions, events, incentive travels, and corporate business travels. Many nations have realized the importance of this aspect of tourist development and how it affects the organization, promotion, and realization of tourism. Nowadays, both local and international organizations increasingly use the acronym MICE to refer to various sorts of travel.
MICE stand for meetings, incentives, conferences, and exhibitions in the context of travel. The MICE industry is a specialist area of group travel that focuses on booking, planning, seminars, facilitating conferences, and other events. It is the largest revenue contributor to the travel sector. The MICE industry is complex, with many different parties engaged in the organization and execution of an event, including attendees, planners, sponsors, convention and visitor bureaus, meeting locations, lodging, and suppliers. The industry offers simple, practical strategies for event planning and aids in selecting the ideal location, all of which are essential components of a successful event. The global MICE industry market is expanding at a rapid pace due to the modernization of businesses and the rising number multinational businesses looking to take advantage of new economic opportunities.
Newest Insights in the MICE Industry Market
An increase in SMEs that offer a variety of job opportunities to boost the economic growth of any nation has boosted the demand for the services offered by MICE industry. As per a report by Research Dive, the global MICE industry market is expected to surpass a revenue of $1,990.1 billion in the 2022–2031 timeframe. The Europe MICE industry market is expected to perceive foremost growth in the years to come. This is because the region has a huge demand for the MICE industry due to a consistent economic expansion, an increase in online booking resulting from technology, and advancements in developing infrastructure, roads, and airports in the region.
How are Market Players Responding to the Rising Demand for MICE Industry Services?
Market players are greatly investing in pioneering research and inventions to cater for the growing need for infrastructure development, including new highways, roads, airports, and building constructions to meet the demand of business and government travelers. Some of the foremost players in the MICE Industry market are ATPI Ltd., ACCESS Destination Services, BI Worldwide, BCD Group, Cievents, Carlson Wagonlit Travel, Conference Care Ltd., CSI DMC, Creative Group, Inc., IBTM Events and others. These players are focused on implementing strategies such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market. For instance:
- In January 2021, Meetingselect, the top marketplace for meetings, group bookings, and workspaces in the globe, announced the completion of the acquisition of MICE Access, a global meetings distribution technology with headquarters in Germany.
- In February 2021, Thomas Cook, a travel company with its headquarters in Mumbai, India, launched the first live MICE event in India in collaboration with Marriott, the biggest hotel chain across the world by the number of available rooms.
- In December 2022, Tripjack, a company that makes travel plans and provides a B2B travel portal, flight tickets, hotel reservations, and visa services, launched MICE vertical to establish a prominent position in the market by utilizing its existing network.
COVID-19 Impact on the Global MICE Industry Market
The unpredicted rise of the coronavirus pandemic in 2020 adversely impacted the global MICE industry market. During the pandemic period, several travel restrictions, unprecedented lockdowns, and the prohibition of social gatherings negatively impacted market growth. Furthermore, the 'work from home" module greatly impacted the MICE industry's income. Some MICE sector organizers faced financial difficulty and were compelled to fire numerous staff as a result of a drop in demand. These key factors stated that the COVID-19 health emergency had a detrimental impact on the MICE industry market growth. However, as per market analyst, the market is expected to recover soon in the post-pandemic period.