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The meetings, incentives, conventions, and exhibitions (MICE) market size is estimated to grow at a CAGR of 9.2% between 2023 and 2027. The market size is forecast to increase by USD 167 billion. The growth of the market depends on several factors such as the digitalization of travel payments, the high impact of MICE on employees, and the growing importance of corporate social responsibility.
This meetings, incentives, conventions, and exhibitions (MICE) market report extensively covers market segmentation by Type (meeting, incentive, exhibition, and convention), Service (hospitality, transportation, retail, and entertainment), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 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 meeting, incentives, conventions, and exhibitions (MICE) 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 meeting, incentives, conventions, and exhibitions (MICE) 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 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 meeting, incentives, conventions, and exhibitions (MICE) 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 research 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 growth strategies.
Global Meetings, Incentives, Conventions, and Exhibitions (MICE) 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 15 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 91.49 billion in 2017. 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 34% 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 meetings, incentives, conventions, and exhibitions market in North America are 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 marekt growth in this region during the forecast period.
In 2020, the COVID-19 pandemic adversely affected the economies of various countries in North America. However, in 2021, the initiation of COVID-19 vaccination drives, followed by a reduction in the COVID-19 infection rate, led to the lifting of lockdowns and the restart of leisure travel activities. This has raised the demand for MICE events. Thus, such factors are expected to drive the growth of the regional meetings, incentives, conferences, and exhibitions market during the forecast period.
The meetings, incentives, conventions, and exhibitions (MICE) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Meetings, Incentives, Conventions, And Exhibitions (MICE) Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.2% |
Market growth 2023-2027 |
USD 167 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.88 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, Germany, and the UK |
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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and the Market condition analysis for the forecast period. |
Customization purview |
If our 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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