MICE Market Size, Share & Trends Analysis Report By Event Type (Meetings, Incentives, Conferences, Events), By Region (North America; Europe; Asia Pacific; Middle East & Africa), And Segment Forecasts, 2024 - 2030

MICE Market Size & Trends

The global MICE market size was estimated at USD 802.59 billion in 2023 and is expected to grow at a CAGR of 9.1% from 2024 to 2030. MICE travel is a division of the travel and tourism market in which people travel for business-oriented purposes that include meetings, incentives, conferences, and exhibitions (MICE). MICE seeks to unite top professionals from every industry in an enhanced, tailor-made hospitality setting a rise in the number of companies offering MICE services across the globe is favoring the market growth. The COVID-19 pandemic increased the demand for virtual and hybrid events.

The significant improvement in the use of technology for MICE events is bolstering industry growth. With hybrid and virtual events for meetings, incentives, conferences, and exhibitions being the only option during the COVID-19 period, a number of companies turned to this medium for all events. They preferred not to spend on offline events and earn profits instead. This online shift eliminated many traditional costs, such as transport, food, and venue rental, costing these businesses enormous amounts in lost opportunities. Since the early 20th century, MICE travel has evolved tremendously with the emergence of the internet and smartphones.

The availability of unlimited apps specifically designed to suit the needs of different kinds of travelers has increased awareness about the MICE of various nations and has made the entire process easier and more exciting. These travel apps and websites help explore new ways to travel in luxury. The advent of the internet, various technologies, and digital intermediaries in the travel distribution sector has resulted in the introduction of agents. These serve as online travel shopbots, which frequently make current industry intermediaries more exposed, particularly to information and infrastructure. The rising millennial workforce is driving the demand for bleisure, which likely to favor the market growth.

For instance, according to a State of Business Travel Survey conducted in June 2022, around 90% of millennials engaged in bleisure travel. To reduce vacation costs, almost 49% of millennials have turned business travel into a vacation or have planned a vacation around business travel. An increasing number of business travelers for corporate events, and exhibitions, coupled with factors, such as employee engagement, is driving the market growth. An important factor that employers consider is employee engagement as it enables them to motivate and promote the employees. 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 rising number of corporate events and business tourism is favoring industry growth. For instance, in 2022, Asia Paints organized a Sales Conference that was attended by over 10,000 employees from all over India. A rise in the number of national and international exhibitions, coupled with an increasing number of visitors from various parts of the world is also driving the market growth. For instance, Expo 2020 Dubai was held from October 2021 to March 2022 at the Dubai Exhibition Centre. The event was aimed to raise awareness of worldwide issues and celebrate culture, ideas, innovation, and cooperation. The event was attended by 702,000 people from across the world.

The market has significant challenges related to environmental sustainability. Events produce a considerable amount of waste, use up resources, and emit carbon. In addition to financial and logistical concerns as well as the requirement for industry-wide collaboration, achieving sustainability goals and implementing environmentally friendly practices into practice may seem challenging.

Market Concentration & Characteristics

The market growth stage is medium and the pace of growth is accelerating. The degree of innovation is high as the meetings and events industry has seen a transformation driven by technology, especially after the pandemic. Digital tools have enhanced efficiency, engagement, and attendee experiences. The shift to virtual events has led to more dynamic event programs, incorporating in-person, virtual, and hybrid formats.

The industry has witnessed growth in regional expansion. The increase in local government and private sector investments driven by the meetings, incentives, conferences, and exhibitions sector encourages reforms in the general hospitality environment of the destination country.As the hospitality environment improves, the destination becomes more attractive for hosting meetings and events, leading to an increase in the number of conventions and conferences held in the region.The improved infrastructure and facilities also attract more international delegates and event attendees, further boosting the local economy through increased delegate expenditure.

Event Type Insights

The meetings segment accounted for a revenue share of 41.27% in 2023. This can be attributed to the rising number of business events globally. Some of the types include shareholder meetings, management meetings, and general meetings. A rise in the popularity of regional destinations coupled with less densely populated tier cities is also driving the demand for meetings in such regions. For instance, several governments offer grants to encourage business events and travel. The Australian government announced USD 50 million for the MICE industry to apply for grants that cover up to 50% of their expenses.

The incentives segment is expected to witness a CAGR of 11.8% from 2024 to 2030. The rise in demand for offbeat travel experiences among millennials is driving the incentive travel segment’s growth. Incentives are termed travel rewards offered by organizations to their teams, staff, partners, and affiliates to show support and appreciation to boost their morale. The rise in demand for traveling among millennials has compelled companies to look for exciting destinations that are easily accessible. In addition, the growing trend of tailor-made programs by organizations is also supporting the growth of leisure travel.

Regional Insights

The MICE market in North America held a 16.31% share of the global revenue in 2023. The meetings market in North America is experiencing growth, driven by the increasing globalization of businesses that has led to a rise in international conferences and events, boosting demand for meeting spaces and services.

U.S. MICE Market Trends

The MICE market in the U.S. is expected to grow at a CAGR of 7.8% from 2024 to 2030. A rise in business travel coupled with high demand for business leisure trips is anticipated to drive this growth. For instance, as per an American Express Survey, 75% of travelers are interested in business travel. Factors such as work training, networking, and conferences are propelling consumers to opt for business travel. Also, the U.S. MICE market dominated North America with a revenue share of around 73% in 2023, attributed to conference and exhibition travel.

Europe MICE Market Trends

The MICE market in Europe held over 50% share of the global revenue in 2023. The regional market is also growing rapidly, with a beneficial impact on the growth of enterprises, communities, and destinations. As the penetration of MICE events increases in Europe, resorts in the region are adapting to specialized MICE hotel locations and services. This diversification of hotel operations provides a greater advantage for MICE reservations. Companies throughout Europe have been reconsidering corporate travel policies and introducing new expense technologies to respond to shifting economic and workforce situations. For instance, Europe Incoming- a provider of hotels, European tours, and ground services- offers specialized MICE tour bookings.

Asia Pacific MICE Market Trends

Asia Pacific accounted for a global revenue share 22.86% in 2023. The expansion of the MICE sector has the potential to significantly boost economic growth, interregional collaboration, and intellectual progress. The rapid rise of SMEs, the expansion of corporate industries, and the globalization of businesses have all led to a significant increase in the aforementioned activities. Along with an increase in business travel, business travelers’ changing travel habits toward leisure travel, rapid urbanization, and rising disposable incomes are important drivers that support the market expansion.

The India MICE market is expected to grow at the fastest CAGR of more than 13% from 2024 to 2030, as the central and state governments of the country significantly facilitate MICE destinations in India.

The MICE market in China was valued at USD 74.5 billion in 2023. This is mainly due to the growing number of conferences and events across China, for instance, the Central Economic Work Conference (CEWC) was held on 15th and 16th December 2022.

Key MICE Company Insights

The market is characterized by the presence of several established players and emerging ones. Many big players are increasing their focus on expansion along with mergers and acquisitions to compete with others. For instance:

• BCD Group signed an agreement with Sabre to deepen its technology development collaboration and increase its booking volume through this expansion

• BCD Travel acquired the business travels & meetings and events operations of Ventura Spa, its long-time partner based in Milan, Italy

MICE Market Report Scope

Global MICE Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global MICE market report based on event type, and region:

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

  • Meetings

  • Incentives

  • Conferences

  • Events

• 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