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The meetings, incentives, conventions, and exhibitions (MICE) market size is forecast to increase by USD 249.2 million at a CAGR of 11.94% between 2023 and 2028. The market's growth relies on several factors, including the digitalization of travel payments, the significant impact of Meetings, Incentives, Conferences, and Exhibitions (MICE) on employees, and the growing importance of corporate social responsibility (CSR). The digitalization of travel payments streamlines transactions, enhances security, and improves the overall travel experience for corporate travelers. MICE activities play a crucial role in employee motivation, networking, and professional development, driving demand for travel and accommodation services. Additionally, the increasing emphasis on CSR encourages companies to adopt sustainable travel practices and invest in responsible tourism, positively influencing the market.
It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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The market plays a vital role in group tourism, planning, and booking events such as corporate meetings, seminars, and business activities. Agents and personnel are essential in facilitating these events at conference centers, cruise ships, and other venues. Despite travel restrictions, lockdowns, and health concerns, the market is adapting with event technology like artificial intelligence, augmented reality, and data analytics to enhance interconnectedness, knowledge exchange, and cultural understanding. As disposable income rises, so does demand for travel rewards. Businesses and corporate enterprises are increasingly recognizing the importance of MICE for fostering economic growth and international collaboration. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The digitalization of travel payments is driving growth in the market. With the increasing digitization in most sectors around the globe, the MICE market has taken advantage of this trend. The expansion of businesses around the world is resulting in increasing business trips. There has been an increase in the number of travelers for domestic and international business trips. With the digitalization of payments, the booking and payment of travel plans have become easy for companies.
However, companies can carry out payments in a more secure manner due to the availability of options such as virtual payment options. Virtual payment cannot be misused as it is generated for individual use and specific purposes, such as paying for a hotel room. It also reduces the threat of theft. In addition, it helps to cut the number of documents an organization needs, since its expenditure data is automatically collected online. Hence, the rising digitization of travel payments will boost the development of the global market focus during the forecast period
The rapid increase in globalization is a key trend in the market. Globalization, resulting in rapid business expansion all over the world, has resulted in great growth of the MICE market. In nations like India, China, and Saudi Arabia, the liberalization of methods to enter the market encourages companies to expand their market presence through business expansion.
Hence, these organizations are actively involved in cross-cultural training of employees, opting for M&A of overseas companies, undertaking international marketing, and others. Thus, businesses will be encouraged to extend their geographic coverage around the globe in a rapidly globalization world. This is estimated to drive the demand for MICE events, including exhibition organizing, and in turn, drive the growth of the market in focus during the forecast period.
The threat of growing terrorism is a major challenge in the market. Terrorism represents a security risk, which may have an effect on the decision-making process of event organizers and attendees. The primary impact of terrorism on the global meetings, incentives, conferences, and exhibitions market is safety concerns. However, insurance costs for MICE vents may increase in regions with a higher risk of terrorism, making it more expensive for organizers to protect themselves against potential losses.
These terrorist attacks have a direct impact on industries such as hotels, airlines, and restaurants. Terrorism's impact also increases the number of border clearance issues, with delays and tighter inspection which is making it unpleasant to travel. It also increases the cost of insurance and reinsurance. Therefore, the increase in terrorist activities and terrorism is likely to hamper the growth of the global meetings, incentives, conferences, and exhibitions market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
360 Destination Group - The company offers meetings, incentives, conventions, and exhibitions such as off-site events, virtual and hybrid events, and conferences.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The meeting segments are estimated to witness significant growth during the forecast period. Meetings bring individuals together and enable them to contribute their thoughts, share information, and hold debates and problem-solving sessions. A few examples such as board meetings, seminars, product launch meetings, training seminars, meetings with suppliers, clients, and other corporate meetings.
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The meeting segment was the largest segment and was valued at USD 98.20 billion in 2018. Meetings promote teamwork among staff and clients. The sessions also provide participants with the chance for personal improvement by learning good communication skills and motivating the group to attain its goals. Strict training and strategy planning are also required by firms in the opportunities. calling for frequent meetings and corporate get-togethers, which are likely to positively influence the growth of the global Meetings, incentives, conventions, and exhibitions market in focus during the forecast period.
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North America is estimated to contribute 32% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in North America is likely to experience positive growth during the forecast period. The competitiveness of the North American business travel sector has increased sharply, resulting in excessive demand for air transport. This is leading to a MICE market share war between legacy carriers and low-cost carriers, especially on popular traveling routes, which is expected to lead to an anticipated decrease in prices. However, the low fares offered will lead to the offset of higher ancillary fees as they continue to look at it as a new source for generating revenues. Such factors will increase the market growth in this region during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
US - Online Recruitment Market: US - Online Recruitment Market by Application and End-user - Forecast and Analysis
Exhibition Organizing Market: Exhibition Organizing Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, China, Germany, UK, France - Size and Forecast
India - IT and BPO Services Market: India - IT and BPO Services Market by End-user, Type and Deployment - Forecast and Analysis
The market is crucial for event management, encompassing various event types such as corporate meetings, conference travel, and incentive travel. Despite challenges like political instability and geopolitical tensions, the market thrives through the efforts of logistics firms, incentive houses, tourism boards, and large corporations. Key components like convention centers, exhibition halls, and hospitality providers are integral to hosting recurring events. Event planners and venue operators leverage technological innovation to meet target audience needs and achieve meeting travel objectives. The economic impact is substantial, fostering exchanges of information and showcasing new products, ultimately benefiting economies and driving economic activity.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.94% |
Market growth 2024-2028 |
USD 249.2 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.64 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 32% |
Key countries |
US, China, Germany, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
360 Destination Group, ATPI Ltd., BCD Group, BI WORLDWIDE, Capita Plc, Carlson Inc., Conference Care Ltd., Coterie Spark, CSI DMC, Direct Travel Inc., Flight Centre Travel Group Ltd., GL events Group, ITA Group Inc., Maritz Holdings Inc., Meetings and Incentives Worldwide Inc., One10 LLC, Questex Media Group LLC, RELX Plc, REVEZ Corp. Ltd., and Sustain Europe |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Service
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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