MICE Market To Reach $1,466.94 Billion By 2030 | CAGR: 9.1%

MICE Market Growth & Trends

The global MICE market size is expected to reach USD 1,466.94 billion by 2030, registering a CAGR of 9.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. Companies are utilizing meetings, incentives, conferences, and exhibitions (MICE) events and incentive travel to promote their business, thereby driving local tourism. A rise in the number of B2B/B2C events sponsored by enterprises and the use of advanced technology is driving the events industry. Several countries with diverse cultures are focused on boosting their tourism sector by organizing MICE events to generate revenue. Factors, such as the increasing number of business travelers for corporate events, exhibitions, and employee engagement are also driving the market growth.

An important factor that every employer considers is employee engagement. The demand for leisure travel has increased due to the emergence of flexible work environments, which, in turn, drives the growth of the market. The adoption of geo-cloning by exhibition organizers is also driving the growth. Organizers and exhibitors are exploring geo-cloning as a strategy to connect with audiences locally and internationally. The idea behind geo-cloning is to replicate well-known exhibition and event brands in different parts of the world. Reed Exhibitions, a division of RELX, successfully implements geo-cloning for brands, such as EuroBLECH, RAILTEX, and PSE Europe, contributing to the industry growth.

The adoption of sustainable practices across the meetings, incentives, conferences, and exhibitions market is offering players an opportunity to gain traction among consumers. Due to the influence of initiatives such as the United Nations Climate Change Conference (COP-26) and Net Zero Carbon Events, a number of venues, hotels, and airlines are working toward estimating the carbon footprint resulting from their own events and decreasing or offsetting their impact on the environment. Apart from this, event planners and clients are both aiming to develop and carry out carbon-neutral or zero-carbon events in line with their sustainability and ESG policies

Market players have been focusing on the concept of service differentiation owing to the varying client needs. The increasing preference for bleisure trips and incentive travel is expected to be one of the key factors attracting new players over the forecast period. Several companies have been providing incentive travel offers to their employees to boost their morale and motivate them. For example, the leisure division at Travel Edge, a Canadian luxury-focused travel agency, has close to 750 specialists specializing in air, cruise, vacation, and VIP travel and its corporate & events division offers 100 corporate travel and event planners specializing in tailored and full-service travel management solutions.

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MICE Market Report Highlights

• Based on event type, the meetings segment accounted for a majority revenue share of 41.27% in 2023. This can be attributed to the increase in corporate events worldwide. During the pandemic, this section underwent a change as a result of the cancellation of significant events and lockdown orders. Additionally, the rise in popularity of regional destinations coupled with less densely populated tier cities is also driving the demand for meetings in these regions.

• Asia Pacific is expected to witness a CAGR of 10.0% from 2024 to 2030. The market expansion in this region is significantly influenced by the development of the travel and tourism sector. For instance, according to World Tourism Organization, Asia Pacific saw more than triple (+230%) international arrivals in the first nine months of 2022.

• Meeting planners are implementing novel technologies and safety protocols. COVID-19 accelerated the adoption of newer technologies such as Microsoft Teams, Google Meet, and Skype for virtual meetings. According to the International Congress and Convention Association (ICCA), the U.S. remained at the top with 934 meetings held in the year 2019, followed by Germany and France.

MICE Market Segmentation

Grand View Research has segmented the global MICE market based on event type, and region: 

MICE Event Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Meetings

• Incentives

• Conferences

• Exhibitions

MICE Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Spain

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

  • Australia

  • ASEAN

• Central & South America

  • Brazil

• Middle East & Africa

  • South Africa

  • UAE

List of Key Players in the MICE Market

• Global Air-American Express Travel Services (Global Business Travel Group, Inc.)

• CWT Meetings & Events

• BCD Meetings & Events

• Maritz

• Conference Care

• ATPI Ltd.

• FCM Meetings & Events

• Global Cynergies, LLC

• Capita plc

• AVIAREPS AG

• ITL World Company (MICEMINDS)

• Questex

• Beyond Summits

• American Express Global Business Travel (GBT)

• Meetings and Incentives Worldwide, Inc.

• One10, LLC

• Creative Group, Inc.

• Cambria DMC

• Carlson Wagonlit Travel

• Ci Events