According to the report by Expert Market Research (EMR), the Global MICE Industry Market Size reached a value of USD 733.8 billion in 2022. Aided by the increased globalisation of businesses and the emergence of virtual platforms, the market is projected to further grow at a CAGR of 6.80% between 2023 and 2028 to reach a value of USD 1081.8 billion by 2028.
The MICE industry comprises a range of activities surrounding the organisation and management of business-related events, including corporate meetings, industry conferences, trade exhibitions, and incentive programs. These events play a vital role in business development, networking, knowledge exchange, and brand promotion. Beyond its direct applications, the MICE industry also significantly contributes to other sectors, such as hospitality, travel, and tourism, reinforcing its position as a key driver of economic growth.
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The surge in global business activities is one of the primary drivers of the MICE industry market growth. As companies expand their operations across borders, there is an escalating demand for platforms that facilitate interaction, negotiation, and partnership. This has led to a significant rise in international meetings, conferences, and exhibitions, thereby driving the growth of the MICE industry.
Moreover, the increased emphasis on employee engagement and retention strategies in the corporate world has boosted the demand for incentive programs, which are a significant component of the MICE industry. These programs, often characterised by group travel and experiential activities are increasingly being leveraged by businesses to reward and motivate their employees, further fuelling MICE industry market development.
The burgeoning adoption of digital technologies has also played a crucial role in propelling the MICE industry. Virtual and hybrid event platforms have emerged as a versatile solution for organising meetings and conferences, particularly in the face of travel restrictions and safety concerns brought about by situations like the COVID-19 pandemic. These digital platforms offer numerous advantages such as wider reach, cost-effectiveness, and convenience, making them a preferred choice for many businesses, aiding the MICE industry market growth.
Additionally, the rise of sustainable and eco-friendly practices in event management has led to an increased focus on ‘Green MICE’, a trend that is expected to gain traction in the coming years. With an increasing number of businesses prioritising sustainability, the demand for eco-friendly venues, practices, and services within the MICE industry is expected to rise, thereby contributing to the MICE industry market expansion.
MICE Industry Market Segmentation
The market can be divided based on event type and region.
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Market Breakup by Event Type
- Meetings
- Conferences
- Exhibitions
- Incentives
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Market Players
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global MICE industry companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- IMC International
- MICE International
- CSI DMC
- 360 Destination Group
- Capita plc
- Creative Group, Inc.
- Meetings & Incentives Worldwide
- ITA Group, Inc.
- Maritz Holdings Inc.
- The MICE Company
- Others
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