The global MICE market size was valued at USD 693.21 billion in 2022 and is projected to grow from USD 904.30 billion in 2023 to USD 1,605.17 billion by 2030, exhibiting a CAGR of 8.54% during the forecast period.
MICE refers to a group travel segment focused on planning, booking, and the organization of seminars, conferences, and events. The market growth is being driven by an upsurge in globalization which offers numerous opportunities for business expansion.
Fortune Business Insights™ provides this information in its research report, titled “MICE Market, 2023-2030”.
List of Key Players Mentioned in the Report:
- ITA Group (U.S.)
- Flight Centre Travel Group Limited (Australia)
- Freeman (U.S.)
- Meetings and Incentives Worldwide, Inc. (U.S.)
- Conference Care (U.K.)
- One10, LLC (U.S.)
- BCD Meetings & Events (U.S.)
- Creative Group, Inc. (U.S.)
- Access (U.S.)
- CWT Meetings & Events (U.S.)
Meetings Segment Leads the Market Driven by Upsurge in Corporate Events
By event type, the market is subdivided into incentives, meetings, exhibitions, and conventions. The meetings segment holds a dominating market share. This can be attributed to a rise in the number of corporate events across the globe. Some of these events comprise management planning meetings, general meetings, annual business meetings, board meetings, supplier meetings, and others.
Based on geography, the market for MICE has been analyzed across North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
The report provides an insight into the key trends in the global market. It further delves into the impact of COVID-19 pandemic on market expansion. The report gives an overview of the prominent factors driving the industry expansion over the coming years. The vital strategies deployed by market players for expanding the reach of their services have also been covered in the report.
Drivers and Restraints:
Expanding Travel and Tourism Sector to Drive Industry Expansion
The MICE market growth is being driven by an upsurge in business trips across the globe and the expanding travel and tourism sector. Additional factors favoring industry expansion included the ease in travel bookings, change in lifestyle, and a surge in infrastructure.
However, the industry growth may be restrained by the political instability across the globe. Such occurrences particularly affect countries dependent on the tourism sector for revenue generation.
Europe Dominates the Market Driven by the Surge in Corporate Activities
Europe accounts for a leading MICE market share in the global market. This can be attributed to an escalation in corporate activities across numerous industries such as automobiles, pharmaceuticals, information technology, and others.
Asia Pacific is set to expand at the highest CAGR over the study period. This is due to an upsurge in government investments focused on infrastructure enhancement in the region.
Over the past couple of years, the regions of South America and the Middle East registered an upsurge in tourist footfall. The Latin America market is set to rise owing to the upsurge in professional business event organizers in the region.
Industry Players Focus on Innovation to Gain Strong Footing
Major MICE industry players are deploying numerous strategies to gain strong footing in the market. Some of these steps constitute partnerships, innovation, and business expansion. Furthermore, to raise brand awareness, market players are adopting marketing and promotion strategies.
Key Industry Development:
- September 2023 – Freeman announced a collaboration with 42Chat. The deal focuses on the launch of conversational AI chatbots for supporting attendee engagement for conference and trade show organizers.