The Israel meetings, incentives, conferences and exhibitions (MICE) market enables organizers to plan and facilitate business events and gatherings to achieve certain corporate, social, or training objectives. The growing tourism sector in Israel is encouraging many businesses to organize exhibitions, conferences and corporate events. This is expected to drive the demand for professional MICE solutions in the country.
The Israel MICE market is estimated to be valued at US$ 2.22 billion in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2030.
Key Takeaways
Key players: Key players operating in the Global Israel Meetings, Incentives, Conferences and Exhibitions Market Growth include Stryker Corporation, SATELEC (Actongroup), Surgiform Innovative Surgical Products, Allergan (Abbvie) Luminera, Implantech, Koken, ANTHONY PRODUCTS INC., NOUVAG, Sihuan Pharmaceutical Holdings Group Ltd., and Other prominent players.
Key opportunities: The growing medical tourism industry as well as expansion of international exhibitions in Israel are anticipated to offer significant opportunities for players in the MICE market. Also, government initiatives to promote tourism are expected to boost conference and event tourism.
Global expansion: Major MICE operators are expanding globally by partnering with international players. They are also focusing on enhancing their digital capabilities to offer hybrid event solutions. Furthermore, regional collaborations are helping Israeli companies tap new markets.
Market drivers: The booming tourism industry in Israel is one of the major drivers for the MICE market. In 2019, over 4.5 million tourists visited Israel contributing $7.2 billion to the economy. Also, the government is strongly promoting MICE tourism through initiatives like “MICE Israel” which is attracting many global events to the country.
PEST Analysis
Political: Israel MICE market is influenced by the country’s political stability and relations with other countries. Events related to geopolitical tensions could impact tourism and business travel.
Economic: The economic growth in Israel and rising incomes are driving the demand for leisure and business travel. However, volatility in currency exchange rates poses a challenge.
Social: Changing lifestyle and work patterns are increasing participation in conferences, exhibitions and other events. Growing health awareness is boosting medical tourism and related conferences.
Technological: Advanced technologies are enabling virtual and hybrid events. However, in-person interactions remain important for many industries. Innovation in event organisation tools and venues is enhancing experiences.
Geographical concentration
The metropolitan cities of Tel Aviv and Jerusalem account for over 60% of the MICE market value due to business hubs, tourist attractions and international events held here. Other major cities contributing are Haifa and Eilat due to their industries and beaches respectively attracting domestic and international travelers.
Fastest growing region
The southern coastal city of Eilat is emerging as the fastest growing region for the MICE market in Israel. Supported by its beaches and proximity to tourist destinations in Jordan and Egypt, the number of meetings, conferences and leisure travelers to Eilat is rising at over 15% annually. Upgradation of infrastructure and promotion efforts are enhancing its appeal.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
