MICE Market Size, Share & Industry Analysis, By Event Type (Meetings, Incentives, Conferences, and Exhibitions), By Service Type (Venue Rentals, Accommodation, Transportation [Airline Industry and Other Transportation Services], Food & Beverages and Catering, Event Management Services/Costs, and Others), and Regional Forecast, 2025-2032

The global MICE market size was valued at USD 1,121.95 billion in 2024. The market is projected to grow from USD 1,226.07 billion in 2025 to USD 2,449.10 billion by 2032, exhibiting a CAGR of 10.39% over the forecast period. Europe dominated the MICE market with a market share of 51.61% in 2024.    

The term MICE is the acronym for meetings, incentives, conferences, and exhibitions. The market refers to a specific section of group corporate travel that is dedicated to booking, planning, and organizing conferences, seminars, and other MICE events. Business tourism consists of several elements and agents working in this sector, providing a full range of conference and travel services for both small & large group meetings and events of longer and shorter durations. These business events are conducted to achieve a variety of academic, professional, business, and cultural objectives. The rise in globalization has provided various business opportunities worldwide, which fuel the overall market growth. These include the expansion of businesses, an increase in revenue, a rise in business tourism, and enhanced international customer reach.

• According to the American Hotel & Lodging Association (AHLA), in the first nine months of 2024, luxury and mid-scale hotel occupancy rates in the U.S. increased by 48.5% and 34.5%, respectively.

Leading players operating in the market include Freeman, Flight Centre Travel Group Ltd., CWT Meetings & Events, ITA Group, and One10, LLC. These players establish partnership with marketing agencies to promote their business globally. In November 2022, ITA Group, Inc. established partnership with PRM Marketing Services (PRMMS), a Singapore-based channel and loyalty marketing solutions provider. The partnership will help ITA Group Inc. provide the benefits of enhanced employee engagement programs; localized program management solutions; Enhanced loyalty/CRM program design, global technology, promotions and communications, awards and incentives; and access to the strong network of Asia Pacific support partners.

Global MICE Market Snapshot & Highlights

Market Size & Forecast:

• 2024 Market Size: USD 1,121.95 billion
• 2025 Market Size: USD 1,226.07 billion
• 2032 Forecast Market Size: USD 2,449.10 billion
• CAGR: 10.39% from 2025–2032

Market Share:

• Europe dominated the MICE market with a 51.61% share in 2024, supported by strong demand for in-person meetings, a well-established business travel infrastructure, and sustainable tourism initiatives across countries such as Germany, the UK, Spain, and Italy.
• By event type, the Meetings segment is expected to retain the largest market share in 2025, owing to increasing corporate gatherings and the rise of hybrid workplace models. The Conferences segment is projected to be the fastest-growing, driven by demand for knowledge-sharing platforms and large-scale professional networking events.

Key Country Highlights:

• Germany: A leading MICE destination with strong infrastructure and high demand for business tourism, especially in Berlin, Frankfurt, and Munich.
• United Kingdom: Continues to attract international conferences and exhibitions, supported by London’s global connectivity and event facilities.
• China: Strong government investment in MICE infrastructure and expansion of domestic business travel, especially in cities like Shanghai, Beijing, and Guangzhou.
• India: Rapid airport expansion (74 airports in 2014 to 148 in 2023) and government-backed MICE tourism policies are boosting international event hosting.
• United States: Continues to be a key global MICE market with demand driven by corporate incentives, major exhibitions, and conference hubs like Las Vegas and Orlando.
• UAE: Abu Dhabi and Dubai are emerging as premier MICE destinations in the Middle East with cutting-edge venues and strong hospitality offerings.

MARKET DYNAMICS

Market Drivers

Rapidly Evolving Travel and Tourism Industry Favors the Market Expansion

The increasing number of tourist arrivals and business trips globally fuels the market growth. According to the United Nations World Tourism Organization (UNWTO), international tourist arrivals are expected to grow between 3% and 5% in 2025, compared to those of 2024. Around 235 million tourists traveled abroad in the first three months of 2023, more than twice the figure from the same period in 2022. Factors such as an increase in infrastructure, a change in lifestyle, ease in the booking of traveling & lodging facilities, and others will further boost the industry. In addition, globalization and the rise in the promotion of tourist places by governments and individuals through social media platforms have increased the footfall of tourists globally. The rise in infrastructure, increase in business trips, and ease in booking methods lead to the global MICE market growth.

Emphasis on Adoption of Latest Technology to Fuel Market Growth

Technology plays an essential role in the growth of the MICE sector by providing innovative solutions, including virtual and hybrid events, to improve the overall attendee travel experiences. Technological upgrades help corporate event organizers manage operations efficiently, making them more profitable and efficient. Furthermore, with the help of event management software, organizers are able to manage diversified aspects of the events, such as ticketing, registration, marketing, and logistics, from a single platform. These technological advancements save time, reduce the risk of errors, and ensure smooth event execution. In addition, this technology is also used to observe crowds and detect potential security threats, ensuring the safety of individuals at the corporate event.  

• In September 2023, Apple Inc., an American multinational technology company, conducted its virtual product event 'Wonderlust' to showcase its new range of products, including the Apple Watch series and iPhone series.

Market Restraints

Higher Cost Involved in Conducting Prestigious Events to Hinder Market Growth

High costs can strain corporate budgets, particularly for small and medium-sized enterprises (SMEs). Increasing incidences of exceeding the costs of hosting or conducting an event from their businesses' estimated budget range are expected to lower the number of events the corporate firms conduct, thus restraining the market growth. In addition, economic uncertainty and increasing inflationary pressure are expected to reduce the number of business meetings and conference events.

Market Opportunities

Collaborations, Networking, and Cross-Promotion Activities to Offer Lucrative Business Opportunities

The intensely competitive landscape forces industry participants to employ different strategies. With hotels and other accommodation venues becoming hubs for corporate relationship building or networking, collaborations, and cross-promotion activities between event organizers and hotels will create lucrative business opportunities, notably for newer market players. Hotel chains can leverage event management activities to attract new attendees or guests, while event organizers can avail of attractive discounts based on the frequency of services, thereby creating a mutually beneficial outcome.

Market Challenges

Seasonality and Sustainability to Pose Significant Challenges to the Market Growth

Despite its increasing popularity across countries, the demand for such programs in the event management sector can be seasonal. In this respect, the fluctuation in demand within the travel industry directly influences the demand for event management. Furthermore, destinations featuring high seasonal variability pose market-related challenges, such as inadequate infrastructure, overcrowding, and high costs. The industry also faces sustainability challenges across countries with a growing global demand for environmentally friendly practices. These practices can include low carbon emissions, energy consumption, reducing waste, and making sustainability commitments throughout the supply chain.

MICE Market Trends

Escalating Demand for Exclusive and Personalized Event Services is a Prominent Trend

Tailoring event programs and schedules to meet the specific preferences and needs of consumers enhances their overall experience and satisfaction. Exclusive services such as VIP access, customized tours, and bespoke event activities increase the perceived value of the event, making it more attractive to potential participants. In addition, personalized services create memorable experiences, fostering stronger emotional connections and brand loyalty among individuals. Therefore, customers who receive personalized services are more likely to share positive feedback and reviews, enhancing the event's reputation and attracting new participants. Europe witnessed MICE market growth from USD 529.55 Billion in 2023 to USD 579.08 Billion in 2024.

• For instance, in January 2023, CWT Meetings & Events launched two new products for event organizers: a tool that enables collaboration with planners to design event websites and chat support to assist event attendees.

Impact of COVID-19

The COVID-19 pandemic adversely impacted event management operations owing to the enforcement of travel restrictions at the global level. Government authorities of several countries announced the closure of national and international borders, along with lockdowns, and quarantine measures were implemented to protect citizens. These government decisions restricted international trade and the tourism industry. These decisions resulted in a sharp decline in the tourism sector with serious economic consequences, especially for countries that are mostly dependent on tourism. According to the United Nations World Tourism Organization (UNWTO), the international tourist arrivals in 2020 decreased by 74% compared to the previous year.

SEGMENTATION ANALYSIS

By Event Type

Meetings Segment Dominates the Market Owing to Increasing Corporate Events Worldwide

The global MICE market analysis can be conducted based on various event types, including meetings, incentives, conventions, and exhibitions.

The meetings segment dominates the market owing to an increase in the number of corporate events globally. Meetings often take place in hotel conference rooms or convention centers. These are one-day events that bring together a group of individuals or professionals to tackle different key challenges, discuss plans, strategize future steps, or set a goal for the organization. These meetings can be of various types, such as general meetings, management planning meetings, supplier meetings, board meetings, annual business meetings, and others. 

A rise in the number of conferences & large events and increasing hotel occupancy rates from the participants & guests attending convention events accelerate the conferences segmental growth at the fastest rate during the forecast period of 2025-2032.

• As per the Asia Pacific Economic Cooperation Leaders' Summit, in 2023, a number of delegates attending Moscone Center conventions reached 618,298, 82.6% up over the previous year.

Event organizers adopt data analytics and consumer behavior tracking technologies to enhance their customers' experience of attending convention events. In addition, they are integrating wellness tourism into their convention tourism-related packages. Increasing event organizers' provision of custom convention events favors segmental growth during 2025-2032.

• The conventions segment is expected to hold a 18.92% share in 2024.

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The exhibitions segment is expected to grow at the third-highest CAGR during the forecast period of 2025-2032. Continual governmental and tourism industry stakeholders' promotional efforts of conducting exhibitions to advertise tourism services offerings, stimulate travel, and increase brand awareness are slated to increase the exhibition tourism services revenues and drive the exhibition segmental growth.

The incentive segment is expected to grow at the fourth-highest CAGR during the forecast period of 2025-2032. Incentives include rewards that an organization provides to its partners, staff, affiliates, team members, and others. The main aim of offering incentive travel is to showcase appreciation for good performance and boost the morale of employees or partners.

By Service Type

Significant Organizations' Spending On Renting a Venue Results in Venue Rentals Segment Growth

By service type, the global market is segmented into venue rentals, accommodation, transportation, food & beverages and catering, event management services/costs, and others.

The venue rentals segment exhibited a majority MICE market share in 2024. The venue rentals segment is slated to grow at the second-fastest rate during the forecast period of 2025-2032. Venue rental costs are an essential component of the overall business spending on corporate events. The increasing number of organizers opting for green rental venues involving the integration of virtual and hybrid events creates newer venue rental segmental growth opportunities during the forecast period of 2025-2032. In addition, consistent venue rental facilities' usage of sustainably made equipment, including lighting & audio control, speakers, stage props, eco-friendly furniture, and others, favors venue rental services demand globally.

The accommodation segment is slated to grow at the fastest rate during the forecast period of 2025-2032. The increasing number of domestic and international business travelers, their growing spending on the plans of additional leisure activities, and the rising hotel occupancy rate accelerate accommodation segmental revenues in the market. In addition, a rising number of business organizations opting for luxury accommodation settings to provide better reimbursement support to their employees’ international business trips has skyrocketed accommodation services in the industry.

• According to the American Hotel & Lodging Association (AHLA), in the first nine months of 2024, luxury and mid-scale hotel occupancy rates in the U.S. increased by 48.5% and 34.5%, respectively.

The transportation segment is slated to grow at the fourth fastest rate during the forecast period of 2025-2032. Business transportation costs include the expenses of getting attendees to different locations of the events. The modes of business transportation are air travel, buses, private cars, and shared mobility vehicles. The growing number of public transportation infrastructural facilities and governmental assistance in the development of transportation hubs support the development of the transportation segmental growth during the forecast period of 2025-2032.

• In March 2025, the government of the U.K. committed to investing USD 2.26 billion in the improvement of the transportation facilities across the north of England, U.K.

The transportation segment is further sub-segmented into the airline industry and other transportation services. Large-scale businesses mainly prefer airline transportation to conduct/attend business events, trade exhibitions, and large-scale conferences. These facilities provide premium-based onboarding, accommodation, and attendance accessibility at the business events. In addition, airlines are developing automated group booking tools to handle large-scale conference travel efficiently. These automation tools reduce operational costs and turnaround time, creating an exponential demand for business flight bookings for trade events. The rising number of international air travelers and increasing corporate firms' spending on business leisure plans to conduct international business operations mainly drive the airline industry's segmental growth.

Other transportation services include buses, private cars, and shared mobility vehicles. Mid-scale and small-sized corporate business settings and their staff mainly prefer the other mentioned modes of transportation. The rising number of small and mid-sized corporate businesses accelerates the other transportation services segment's growth during the forecast period of 2025-2032.

The food & beverages and catering segment is slated to grow at the third fastest rate during 2025-2032. Increasing business spending on sustainable team member wellness programs is expected to drive food & beverage and catering segmental growth. In addition, the rising number of luxury restaurants and food service infrastructural facilities accepting customized food orders from the attendees of the trade events drives service demand in the segment.

The event management services/costs segment is slated to grow at the fifth fastest rate during 2025-2032. Event management services/costs mainly include venue booking & décor costs, suppliers & vendor’s fees, and staff wages and salaries. The rise in the number of social gatherings, including business concerts and exhibitions, increases the public event facilities to spend more on event management activities, supporting the revenue generation from the event management services segment in the industry.

Other segments include the total market coverage of the various other service types, including virtual travel consultation & personalized service, and marketing materials. The increasing number of event facilities offering virtual travel consultation services to their audience to inform them about the changes/modifications in the MICE event schedules supports the development of other segments.

MICE Market Regional Outlook

Geographically, the global MICE market includes North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Europe

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The European region exhibited a majority global market share in 2024. The regional market is slated to grow at the second-fastest rate during the forecast period of 2025-2032. Business corporations opt for in-person gatherings of business meetings over virtual events, as employees better appreciate the value of trips and live events. The higher number of business meetings conducted by the business corporations in Germany, the U.K., Spain, and Italy resulted in significant business tourism services revenue generation from the European region.

Event organizers' efforts to implement sustainability business practices, including the utilization of plastic-free event supplies and advanced digital tools for hybrid meetings, create new business growth opportunities in Europe. In addition, the rise in the sports and cultural tourism industry in European countries, including the Netherlands, Poland, Portugal, and Austria, favors European market growth.

• According to the CBI Ministry of Foreign Affairs, as of 2024, 4 in 10 European tourists choose their destination based on cultural offerings.

Asia Pacific

The Asia Pacific market is slated to grow at the fastest rate during the forecast period of 2025-2032. To improve and manage employees' motivation level and behavior at work, business organizations conduct a diverse range of employee engagement activities, including incentives, conferences & conventions, and meetings. Increasing corporate spending on business tourism services in China, Japan, South Korea, Thailand, and Southeast Asia drives the Asia Pacific region's market growth. In addition, growing infrastructural settings related to the airports & roadways and increasing penetration of innovative hotel establishments in China, India, and Thailand support the demand in these countries.

• According to the Global Business Travel Association (GBTA), in 2022, MICE activities comprised around 42% of the total domestic business travel volume and 45% of the business travel spending in China.
• According to the Press Information Bureau, Ministry of Information & Broadcasting, Government of India, the number of operational airports in India increased from 74 in 2014 to 148 in 2023.

North America

The North American market is slated to grow at the third fastest-growing rate during the forecast period of 2025-2032. The rising number of inbound and international business trips and increasing corporate firms' spending on business meetings, incentives, and events in the U.S. and Canada drive North American market growth. In addition, the growing development of technologically advanced infrastructural facilities, including hotels & restaurants, transportation facilities, and others in Mexico and Canada, will support the development of the market in the North American region.

South America

The presence of adequate tourism facilities, high-end hotel networks, and big capacity innovation centers, particularly in Rio de Janeiro and São Paulo, Brazil; Bogotá & Cartagena in Colombia; and Buenos Aires in Argentina, is slated to provide lucrative growth opportunities for the corporate tourism services in the region. Furthermore, the increasing number of international tourist arrivals for business trips in Brazil and Colombia will probably increase the international corporate spending on business tourism services in the region.

Middle East & Africa

Business organizations and governmental bodies host major events, global concerts, and international trade exhibitions in the UAE and Saudi Arabia for their promotional activities. Tourism guests prefer the combination of business trips and leisure activities with innovative accommodation facilities. The rising number of international business travelers in Saudi Arabia and the UAE drives the Middle Eastern MICE industry revenues.  

• In 2022, a number of association conventions, including the 34th International Nursing Research Congress, the UNCTAD World Investment Forum, the International Conference on Advanced Robotics, the 13th World Trade Organization (WTO) Ministerial Conference (MC13), and others, were conducted in Abu Dhabi, UAE. The presence of state-of-the-art business venues and cultural offerings has promoted Abu Dhabi to be a thriving & dynamic business hub for corporate events.

COMPETITIVE LANDSCAPE

Key Industry Players

Consistent Key Companies Brand Building Projects to Gain a Competitive Edge

Leading players, including Freeman, Flight Centre Travel Group Ltd., CWT Meetings & Events, ITA Group, and One10, LLC, characterize the global market. These players focus on building brand image to expand their services' reach globally. For instance, in May 2023, ITA Groups ITA Airways participated in the IMEX 2023, an international event for the Meetings, Incentives, Conferences, and Exhibitions (MICE) held in Frankfurt, Germany, to showcase its custom offerings and discuss the future growth strategies in the event. The company's participation in industry events could build its brand image.

List of Key MICE Companies Profiled

• 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.)

KEY INDUSTRY DEVELOPMENTS

• March 2024 – BCD M&E established a partnership with MPI U.K. & Ireland Chapter on the Vanessa Cotton Scholarship to provide U.K.-based students an opportunity to have an internship in the meetings tourism industry.
• January 2024 – One10 LLC, a performance incentive improvement solutions provider, acquired First Lorandus Global Inc., an Ontario, Canada-based provider of virtual, hybrid, incentive travel, and face-to-face events, to build its industry-leading capabilities and services offerings.
• December 2023 – BCD M&E established a partnership with Avoris Corporation Empresarial to increase its corporate meetings & events business in Portugal.
• May 2023 – ITA Groups ITA Airways participated in the IMEX 2023, an international event for the Meetings, Incentives, Conferences, and Exhibitions held in Frankfurt, Germany, to showcase its custom offerings and discuss the future growth strategies at the event. The company's participation in industry events could build its brand image.
• January 2023: CWT Meetings & Events launched a new website collaboration tool to facilitate easy and efficient collaborations with planners for designing event websites and chat support for attendees who need assistance.

INVESTMENT ANALYSIS AND OPPORTUNITIES

Key market players significantly focus on investing in building the digital presence of the event to promote their brand image across the local and international markets. For instance, in 2022, Maritz, a global event company, officially introduced First Person Experience, a Metaverse application that creates digital replicas of trade shows, product launches, trade-show booths, and other event experiences. These 3D digital events can be integrated with live events to enhance return on investment and expand reach and accessibility.

REPORT COVERAGE

The research report provides a detailed market analysis and focuses on key aspects such as competitive landscape, company profiling, key market drivers, restraints, and opportunities. Besides this, it offers insights into the various market trends and highlights key industry developments. In addition to these mentioned factors, it encompasses several other factors that have contributed to the growth of the market in recent years.

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Report Scope & Segmentation