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MICE Market Size, Share & COVID-19 Impact Analysis, By Event Type (Meetings, Incentives, Conventions, and Exhibitions), and Regional Forecast, 2023-2030

Last Updated: April 08, 2024 | Format: PDF | Report ID: FBI108653

 

KEY MARKET INSIGHTS

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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.


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


COVID-19 IMPACT


Lockdown Restrictions amid COVID-19 Pandemic Restricted Market Growth


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


LATEST TRENDS


Increase in the Trend of Social Media Marketing by Corporate Event Organizers to Boost Market Growth


The rise in social media advertisements related to organizing corporate events has attracted a large number of businesses, which has further driven the MICE market growth. Social media platforms such as Facebook, Instagram, YouTube, LinkedIn, and others are used by event organizers to increase customer reach. In addition, these social networking sites are more effective in promoting a business event, destination, or travel opportunity. Furthermore, social media platforms help in establishing a relationship with target customers and also helps in creating a pre-event buzz and excitement among the target audience. Hence, a rise in the use of social media platforms by organizers will boost market expansion.


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DRIVING FACTORS


Rise in the Travel and Tourism Industry to Boost Market Growth


The rise in the growth of tourist arrivals, along with the increase in business trips worldwide, has fueled the market. According to the United Nations World Tourism Organization (UNWTO), around 235 million tourists traveled abroad in the first three months of 2023, which is more than twice during the same period in 2022. Furthermore, factors such as an increase in infrastructure, change in lifestyle, ease in the booking of traveling & lodging facilities, and others will further boost the MICE industry. In addition, globalization and the rise in the promotion of tourist places by government and individuals through social media platforms has increased the footfall of tourists globally. The rise in infrastructure, increase in business trips, ease in booking methods, and others are the factors driving the growth of the market.


Organizer Focus on Adoption of Latest Technology to Drive Market Growth


Technology has played an essential role in the growth of the MICE industry by providing innovative solutions to improve the overall attendee experience. The upgradation in the technology has helped MICE event organizers in smoothening their operations, making them more profitable and efficient. Furthermore, with the help of event management software, the organizers are able to manage diversified aspects of the events, such as ticketing, registration, marketing, and logistics, from a single platform. This advancement in technology level also helps in saving time, reduces the risk of errors, and ensures everything runs smoothly. In addition, this technology is also used to observe crowds and detect potential security threats, ensuring the safety of everyone at the corporate event. Hence, the adoption of advanced technology by the organizer for smoothening the corporate event will further boost market growth.


RESTRAINING FACTORS


Political Instability Worldwide to Restrict Market Growth


Political instability can be explained as the potential political, military, economic, and social risks that directly impact the travel & tourism and MICE industry. The political instability risks are a key measure of the tension between nations, which leads to a shift in tourist's choice of destination toward the country that has a safe and steady economy and which guarantees security to them. Furthermore, the countries that are totally dependent on the tourism sector are severely affected by the political risk as it results in the reduction of tourist footfall and also reduces the organization of corporate events. Thus, the rise in political instability between the countries is a vital factor restricting market growth.


SEGMENTATION


By Event Type Analysis


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Meetings Segment Holds a Major MICE Market Share Owing to Increase in Corporate Events Worldwide


Based on event type, the market is divided into meetings, incentives, conventions, and exhibitions. The meetings segment dominates the market owing to an increase in the number of corporate events worldwide. 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 a key challenge, 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. 


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


REGIONAL INSIGHTS


Based on region, the market has been studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.


Europe MICE Market Size, 2022 (USD Billion)

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Europe dominates the global market owing to a rise in corporate events and exhibitions in the region. Furthermore, globalization has increased corporate activities in industries such as information technology, pharmaceuticals, automobiles, and others, which will further result in a rapid increase in business events in the region. In addition, a rise in the development of the travel & tourism industry, along with growing hospitality and infrastructure, will further boost market growth.


In North America MICE is an important part of the tourism industry. The region has witnessed huge businesses travel for meetings, conferences, and exhibitions. A large number of companies are sending their employees to the U.S. and Canada for enhanced professional performance from individual employees, partners, or groups. Furthermore, the rise in the number of companies providing MICE services in the region will further fuel market growth.


Asia Pacific is anticipated to grow with the highest CAGR during the forecast period due to a rise in Small and Medium-Sized Enterprises (SMEs) and new startups in the region. Furthermore, the rise in government investments in making infrastructure more attractive, along with the development of tourist places, has further boosted the growth of the market. The continuously changing lifestyle, increased tourism promotion, and improved transport facilities will further drive this market in the region.


South America and the Middle East regions have witnessed rapid growth in tourist footfall in the last couple of years. The increase in technological advancement has made hotel & resort and transport booking easier for business event organizers.  Furthermore, the rise in convention & exhibition centers, professional business event organizers, and others in the Latin America region will further drive the growth of the market.


KEY INDUSTRY PLAYERS


Key Companies to Adopt Innovative Strategies to Gain Competitive Edge


This market is highly competitive, and prominent players such as ITA Group, Flight Centre Travel Group Limited, Freeman, and others have focused on technology, innovation, partnerships, and business expansions to gain a strong foothold in the market. Key market players are focusing on promotion and marketing strategies to create strong brand awareness.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • April 2023 - Freeman announced the acquisition of Impact Point Group, a nationally certified women-owned business and consulting firm providing a full range of strategic event consulting services. The acquisition would help the company increase its client base, which would also result in enhancing the revenue of the company.  

  • November 2022 - ITA Group, which deals in providing corporate engagement solutions, announced a partnership with PRM Marketing Services. The partnership would help the company in expanding its Asia Pacific operations. 

  • July 2022 - Intent Strategy Group (ISG), which is the consulting part of Meetings and Incentives Worldwide, Inc., launched Simplified+ in partnership with Bizly, an event technology company. The launch would help streamline the overall organization’s meetings and events strategy.

  • August 2020 – The Japan MICE Association launched a series of incentive meetings and conferences that would take place several times a year. The conference would invite domestic and international speakers to provide inputs on the global market and to discuss the future of Japan’s M&I industry.

  • May 2020 - Meeting and Incentives Worldwide, Inc., which is a global event management & strategy firm, announced its partnership with Bizly, a meeting technology firm. The partnership would help the company in providing 360-degree meeting solutions to its clients.


REPORT COVERAGE


An Infographic Representation of MICE Market

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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.


Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2017-2030



Base Year



2022



Estimated Year 



2023



Forecast Period



2023-2030



Historical Period



2017-2021



Growth Rate



CAGR of 8.54% from 2023 to 2030



Unit



Value (USD Billion)



 Segmentation



By Event Type



  • Meetings

  • Incentives

  • Conventions

  • Exhibitions


By Region



  • North America (By Event Type and Country)

    • U.S. (By Event Type)

    • Canada (By Event Type)

    • Mexico (By Event Type)



  • Europe (By Event Type and Country)

    • Germany (By Event Type)

    • France (By Event Type)

    • Italy (By Event Type)

    • Spain (By Event Type)

    • U.K. (By Event Type)

    • Rest of Europe (By Event Type)



  • Asia Pacific (By Event Type and Country)

    • China (By Event Type)

    • India (By Event Type)

    • Japan (By Event Type)

    • South Korea (By Event Type)

    • Thailand (By Event Type)

    • Australia (By Event Type)

    • Rest of Asia Pacific (By Event Type)



  • South America (By Event Type and Country)

    • Brazil (By Event Type)

    • Argentina (By Event Type)

    • Rest of South America (By Event Type)



  • Middle East and Africa (By Event Type and Country)

    • South Africa (By Event Type)

    • UAE (By Event Type)

    • Rest of the Middle East and Africa (By Event Type)








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 693.21 billion in 2022 and is anticipated to reach USD 1,605.17 billion by 2030.

In 2022, the Europe market value stood at USD 352.43 billion.

Ascending at a CAGR of 8.54%, the global market will exhibit steady growth over the forecast period (2023-2030).

Based on event type, the meeting segment leads the market.

Increase in development of travel and tourism industry is a key factor driving the market.

ITA Group, Flight Centre Travel Group Limited, Freeman, and others are major players in the market.

Europe dominated the market in terms of share in 2022.

Organizer focus on adoption of latest technology is expected to drive the adoption of these products.

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