June 25, 2024
ICT

MICE Market Size To Reach USD 1,748.07 Billion By 2032

The global MICE market size reached  USD 935.01 billion in 2023 and is expected to hit around USD 1,748.07 billion by 2032,  at a CAGR of 7.20% during the forecast period from 2023 to 2032.

MICE Market Size 2023 To 2032

Key Takeaways

  • Asia-Pacific contributed more than 44% of revenue share in 2022.
  • Europe is estimated to expand the fastest CAGR between 2023 and 2032.
  • By event type, the meetings segment has held the largest market share of 42% in 2022.
  • By event type, the incentives segment is anticipated to grow at a remarkable CAGR of 8.4% between 2023 and 2032.

The MICE (Meetings, Incentives, Conferences, and Exhibitions) market is a dynamic and rapidly growing segment of the global tourism and hospitality industry. This niche market focuses on facilitating business events, ranging from corporate meetings and conferences to trade shows and exhibitions. The MICE industry plays a pivotal role in driving economic development, fostering international collaboration, and promoting business networking.

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Growth Factors

Several factors contribute to the growth of the MICE market. Firstly, globalization has intensified the need for businesses to connect with partners and clients globally, leading to an increased demand for international meetings and conferences. Secondly, the rising trend of incentive travel, where companies reward employees or clients with trips, has significantly boosted the MICE sector. Additionally, technological advancements have transformed the way events are organized and executed, with virtual and hybrid events becoming more prevalent.

The increasing significance of experiential marketing has also propelled the growth of the MICE market. Companies recognize the value of face-to-face interactions in building relationships and brand presence. As a result, there is a continuous demand for well-equipped venues, innovative event technologies, and comprehensive event management services.

MICE Market Scope

Report Coverage Details
Growth Rate from 2023 to 2032 CAGR of 7.20%
Market Size in 2023 USD 935.01 Billion
Market Size by 2032 USD 1,748.07 Billion
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered By Event Type
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: Nanozymes Market Size To Attain USD 2.72 Million By 2032

Event Type

The MICE (Meetings, Incentives, Conferences, and Exhibitions) market is diversely segmented based on event types, catering to various business and social needs. Meetings, being a fundamental component, involve gatherings of professionals to discuss ideas, strategies, and collaborations. These can range from small corporate meetings to large-scale conferences. Incentives, on the other hand, focus on rewarding individuals or groups for achievements, typically through travel experiences, aiming to motivate and recognize success.

Conferences form another crucial segment, encompassing a wide spectrum of gatherings, from industry-specific conventions to academic symposiums. These events facilitate knowledge exchange, networking, and the dissemination of the latest trends and research. Exhibitions, the final segment, provide a platform for businesses to showcase products and services, fostering interaction between exhibitors and potential clients or partners. Each event type within the MICE market serves a distinct purpose, collectively contributing to the dynamic landscape of corporate and social engagements.

Recent Developments

  • In January 2023, ITA Group completed the acquisition of HTK Limited, a cloud-based solution provider. The strategic move is poised to enhance ITA Group’s technological capabilities in customer loyalty and engagement.
  • In September 2022, ITA Group expanded its global footprint by acquiring NKD, a company specializing in employee engagement and educational learning. The acquisition positions ITA Group to extend its business reach across five continents and diversify its consumer offerings.
  • In February 2022, ATPI Ltd. strengthened its presence in Australia through the acquisition of the Travel Authority Group.
  • In January 2022, Creative Group, Inc., bolstered its telecommunications industry presence in the Southeastern U.S. by acquiring Strategic Meetings and Incentives, LLC, a meeting incentive agency based in Arizona. The acquisition also contributes to the expansion of Creative Group’s services portfolio.
  • In February 2023, BCD Group inaugurated a new office in Panama City, Panama, as part of its strategic initiative to broaden its footprint in the Latin America region.
  • In October 2022, BI WORLDWIDE established a cutting-edge technology center in Chennai, India. This center is poised to concentrate on delivering inventive solutions for loyalty and engagement, enhancing the company’s technological capabilities.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

MICE Market Players

  • CWT Meetings & Events
  • BCD Meetings & Events
  • Maritz Global Events
  • American Express Meetings & Events
  • The Freeman Company
  • Grass Roots Meetings & Events
  • ATPI Ltd.
  • ITA Group
  • Creative Group, Inc.
  • MCI Group
  • BCD Travel
  • BESynergy
  • Eventive
  • HelmsBriscoe
  • Kuoni Global Travel Services

Segments Covered in the Report

By Event Type

  • Meetings
  • Incentives
  • Conferences
  • Events

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on MICE Market

5.1. COVID-19 Landscape: MICE Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global MICE Market, By Event Type

8.1. MICE Market, by Event Type, 2023-2032

8.1.1. Meetings

8.1.1.1. Market Revenue and Forecast (2020-2032)

8.1.2. Incentives

8.1.2.1. Market Revenue and Forecast (2020-2032)

8.1.3. Conferences

8.1.3.1. Market Revenue and Forecast (2020-2032)

8.1.4. Events

8.1.4.1. Market Revenue and Forecast (2020-2032)

Chapter 9. Global MICE Market, Regional Estimates and Trend Forecast

9.1. North America

9.1.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.1.2. U.S.

9.1.2.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.1.3. Rest of North America

9.1.3.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.2. Europe

9.2.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.2.2. UK

9.2.2.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.2.3. Germany

9.2.3.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.2.4. France

9.2.4.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.2.5. Rest of Europe

9.2.5.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.3. APAC

9.3.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.3.2. India

9.3.2.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.3.3. China

9.3.3.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.3.4. Japan

9.3.4.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.3.5. Rest of APAC

9.3.5.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.4. MEA

9.4.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.4.2. GCC

9.4.2.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.4.3. North Africa

9.4.3.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.4.4. South Africa

9.4.4.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.4.5. Rest of MEA

9.4.5.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.5. Latin America

9.5.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.5.2. Brazil

9.5.2.1. Market Revenue and Forecast, by Event Type (2020-2032)

9.5.3. Rest of LATAM

9.5.3.1. Market Revenue and Forecast, by Event Type (2020-2032)

Chapter 10. Company Profiles

10.1. CWT Meetings & Events

10.1.1. Company Overview

10.1.2. Product Offerings

10.1.3. Financial Performance

10.1.4. Recent Initiatives

10.2. BCD Meetings & Events

10.2.1. Company Overview

10.2.2. Product Offerings

10.2.3. Financial Performance

10.2.4. Recent Initiatives

10.3. Maritz Global Events

10.3.1. Company Overview

10.3.2. Product Offerings

10.3.3. Financial Performance

10.3.4. Recent Initiatives

10.4. American Express Meetings & Events

10.4.1. Company Overview

10.4.2. Product Offerings

10.4.3. Financial Performance

10.4.4. Recent Initiatives

10.5. The Freeman Company

10.5.1. Company Overview

10.5.2. Product Offerings

10.5.3. Financial Performance

10.5.4. Recent Initiatives

10.6. Grass Roots Meetings & Events

10.6.1. Company Overview

10.6.2. Product Offerings

10.6.3. Financial Performance

10.6.4. Recent Initiatives

10.7. ATPI Ltd.

10.7.1. Company Overview

10.7.2. Product Offerings

10.7.3. Financial Performance

10.7.4. Recent Initiatives

10.8. ITA Group

10.8.1. Company Overview

10.8.2. Product Offerings

10.8.3. Financial Performance

10.8.4. Recent Initiatives

10.9. Creative Group, Inc.

10.9.1. Company Overview

10.9.2. Product Offerings

10.9.3. Financial Performance

10.9.4. Recent Initiatives

10.10. MCI Group

10.10.1. Company Overview

10.10.2. Product Offerings

10.10.3. Financial Performance

10.10.4. Recent Initiatives

Chapter 11. Research Methodology

11.1. Primary Research

11.2. Secondary Research

11.3. Assumptions

Chapter 12. Appendix

12.1. About Us

12.2. Glossary of Terms

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