The meetings, incentives, conferences, and exhibitions (MICE) market consists of various events organized for business or educational purposes with a primary focus on networking and learning. MICE events are crucial for bringing professionals from different organizations and industries together to exchange ideas, create business opportunities, and build relationships. They help in expanding business networks, enhancing organizational branding, fulfilling marketing goals, and providing employees with training and development opportunities.
The global MICE market is estimated to be valued at US$ 192.39 million in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the MICE market comprise Ancol Pet Products Limited, Blue Buffalo Co., Ltd., Champion Petfoods LP, Hill`s Pet Nutrition, Inc., and Mars, Incorporated. These companies collectively account for a significant share of the global market. Key players are focusing on mergers and acquisitions to expand their product portfolios and geographic presence.
The rising demand for customized events from various industries and growing virtual and hybrid event solutions due to the COVID-19 pandemic present lucrative growth opportunities. Moreover, advancing technologies such as artificial intelligence and virtual reality are enabling event organizers to provide immersive and engaging experiences to audiences.
Globally, the Asia Pacific region is expected to witness the fastest growth in the Meetings, Incentives, Conferences, and Exhibitions (MICE) Market Demand owing to the rising spending power, expanding corporate sectors, and government initiatives to promote regional tourism in countries such as China, India, and Indonesia. Several global MICE companies are expanding their operations in Asia to capitalize on the high-growth opportunities.
Market Drivers
One major market driver for the MICE industry is the increasing demand for business gatherings and networking events. Face-to-face interactions and networking play a crucial role in business development and maintaining professional relationships. MICE events provide an ideal platform for professionals from all industries to come together, exchange ideas, gain new perspectives, explore partnership opportunities, and do business. Moreover, they help in promoting organizational branding, products, and services on a global level. As globalization intensifies competition, demand for MICE is expected to rise significantly over the coming years.
PEST Analysis
Political: The Meetings, Incentives, Conferences, and Exhibitions (MICE) Market is regulated by travel and tourism authorities in various countries and regions. Government policies and regulations like visa procedures influence the inflow of domestic and international delegates.
Economic: Macroeconomic factors such as GDP growth, disposable incomes, and corporate spending on travel directly impact the performance of the MICE industry. An economic slowdown can negatively affect the number of domestic and international events.
Social: Changes in lifestyle and travel patterns of people influence the types of MICE events organized. For example, a rise in social media and digital networking has led to more tech-focused events. Social responsibility is also an important consideration in destination selection and event operations.
Technological: Advancements in technologies for event management systems, virtual/hybrid meeting platforms, and digital/mobile services enhance the delegate experience. Technologies help organizers host and promote large international events more efficiently.
Geographical regions with high market share
Asia Pacific dominates the global MICE market in terms of value share due to large number of businesses and international events held in countries like China, India, Singapore, and Thailand. North America is another major region supported by a large corporate sector and presence of iconic global cities. Europe holds significant market share on account of international associations based in the region.
Fastest growing regional market
The MICE market in Middle East and Africa is expected to record strongest growth during the forecast period driven by rising tourism infrastructure such as luxurious convention centers, efforts to diversify economies through business activities, and mega-events like Dubai Expo 2020 and FIFA World Cup 2022 that will boost regional markets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
