MICE Market Size, Share & Trends Analysis Report By Event Type (Meetings, Incentives, Conferences, Events), By Region (Asia Pacific, North America, Central & South America, Europe), And Segment Forecasts, 2023 - 2030

Report Overview

The global MICE market was valued at USD 876.42 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2023 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. In addition, 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 makes current industry intermediaries more exposed, particularly information- and infrastructure. The rising millennial workforce is driving the demand for bleisure, likely favoring the growth of the market.

For instance, according to a State of Business Travel Survey conducted in June 2022, around 90% of millennials are engaged in bleisure travel. Moreover, 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. An important factor that every employer consider is employee engagement as it enables employers to motivate and promote their 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 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. In addition, a rise in the number of national and international exhibitions worldwide, coupled with an increasing number of visitors from various regions, is driving the growth of the market. For instance, Expo 2020 Dubai was held from October 2021 to March 2022 at 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.

Event Type Insights

The meetings event type segment dominated the industry in 2022 and accounted for the maximum share of more than 41.85% of the overall revenue. The rising number of business events globally is driving the demand for meetings in the market. Some of the types include shareholder meetings, management meetings, general meetings, etc. In addition, the rise in 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 posed to register the fastest CAGR during the forecast period. The rise in demand for offbeat travel experiences among millennials is driving the incentive travel segment. 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 Asia Pacific region dominated the industry in 2022 accounting for the maximum revenue share of more than 44.30% and will expand further at the fastest CAGR over the forecast years as it is one of the world’s fastest-developing regions. 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.

Europe is estimated to register the second-fastest CAGR from 2023 to 2030. The regional market is large and growing rapidly, with a beneficial impact on the growth of enterprises, communities, and destinations. As the penetration of MICE events increased 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 the Europe region 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.

Key Companies & Market Share 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 Ventura Spa, its long-time Milan-based partner in Italy, acquired the business travel and meetings, and also events operations

Some of the key players operating in the global MICE market include:

• BCD Group

• AVIAREPS AG

• Beyond Summits Ltd.

• ITL World Company (MICEMINDS)

• IMC International

• Global Air-American Express Travel Services

• Questex

• Capita Plc

MICE Market Report Scope

Global MICE Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2017 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, 2017 - 2030)

  • Meetings

  • Incentives

  • Conferences

  • Events

• Regional Outlook (Revenue, USD Billion, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa