GVR Report cover MICE Market Size, Share & Trends Report

MICE Market Size, Share & Trends Analysis Report, By Event Type (Meetings, Incentives, Conferences, Exhibitions), By Region (North America, APAC, Europe, Central & South America, MEA), And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-999-4
  • Number of Pages: 80
  • Format: Electronic (PDF)

Report Overview

The global MICE market size was estimated at USD 658.5 billion in 2021 and is anticipated to expand at a CAGR of 6.6% from 2022 to 2030. The market’s growth is attributed to the rising demand for b-leisure trips and incentive travel. Additionally, the trend for hybrid events is also supporting the growth of meetings, incentives, conferences, and exhibitions (MICE) events. The COVID-19 pandemic affected the growth of the MICE market in 2020 owing to the closing down of businesses and borders by several countries to reduce the risk of infection. The dip in airline travel and international travel negatively impacted the industry. In addition, during the pandemic, several companies adopted the use of live-streaming events and webinars to save costs. The industry is witnessing a rise in hybrid events and incentive travel. Singe-Sphere Holdings, an event development and venue management company based in Singapore stated that the company has been receiving a constant stream of inquiries for events of more than 250 people.

U.S. mice market size, by event type, 2020 - 2030 (USD Billion)

Companies are utilizing MICE events and incentive travel to promote their business, thereby driving local tourism. The 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 varied diversity and cultures are boosting their tourism sector by organizing MICE events as it acts as a source of revenue. MICE events also help in creating employment opportunities for several other industries such as hotels, food and beverage, and other hospitality sectors.

Factors such as employee engagement and a rise in the number of business travelers are driving the demand for the MICE market. Employee engagement is an important aspect in several organizations as it enables employers to motivate and promote their employees. The advent of a flexible work environment has driven the demand for b-leisure travel. B-leisure helps in incentivizing employees to travel for work. In 2022, as per a survey conducted by Hilton Hotel & Resorts, 48% of millennials desire to extend their work trip for vacation.

The increase in the number of extended business travel bookings has increased the demand for corporate travel bookings, thereby compelling companies to focus on increasing investments and spending on leisure travel. According to Expedia Group, in 2018, 60% of corporate guests prolonged their stay for leisure activities. Further, several hotels have been catering to the b-leisure industry by offering their services. B-leisure guests are high-income consumers and typically spend on a corporate card for work-related expenses.

Rapid advancements in technology are proliferating the MICE market. Several event organizers are utilizing advanced technologies such as facial recognition systems, AR, and VR to attract business travelers. The use of augmented reality in MICE tourism helps in improving the experience of MICE events. According to the International Association of Exhibitions and Events, 90% of event shows have an application. Convention applications are used for registering for events or checking event schedules during live events.

Factors such as longer working hours, rising internet penetration, and rising disposable income are driving the popularity of MICE events among millennials and the Gen Z populace. The digitalization of the MICE industry owing to the pandemic and the advancement of technology is also attracting the younger populace to explore MICE events. An increase in the number of internet portals that provide direct booking is also boosting the MICE industry. Booking Applications such as Starcite, Hotelplaner, and Micefinder allow consumers to book hotels and exhibitions.

Event Type Insights

The meetings segment accounted for 41.2% of the global revenue share in 2021. The rise in the number of business events globally is driving the demand for meetings in the MICE market. The meeting segment depicted a change through the pandemic owing to the cancellation of major events and lockdown orders. Several meeting planners implemented newer technologies and safety protocols. As per International Congress and Convention Association (ICCA), the U.S. remains at the top with 934 meetings held in the year 2019, followed by Germany and France.

Additionally, the rise in popularity of less densely populated tier cities is driving the demand for meetings in such regions. For instance, several governments are offering grants to encourage business events and travel. The Australian government announced USD 50 million in programs for the MICE industry to apply for grants that cover up to 50% of their expenses. Also, as per The Economic Significance of Meetings, in the U.S., 57% of the spending went to meeting commodities such as meeting planning and production and venue rental.

The incentive segment is expected to expand at a CAGR of 9.0% in the forecast period. The rise in demand for unconventional travel experiences among millennials is driving the demand for incentive travel in the market. Incentive travel is leisure-related segment of the MICE industry. Incentives are termed as travel rewards offered by organizations to their teams, staff, partner, and affiliates to show support and appreciation to boost their morale. Incentives include group travel with dinners, hotel accommodations, and other recreational activities.

Global MICE Market Share, by event type, 2021 (%)

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. Companies use incentive travel as an effective management technique. For instance, as per the Incentive Revenue Foundation (IRF), several organizations depicted an increased sales output by 18% owing to incentive travel. Also, the Society of Incentive Travel Executive (SITE) provides a certified incentive specialist program, a two-day program for incentive travel newcomers thereby promoting the demand for incentive travel.

The incentive travel segment was negatively impacted during the COVID-19 pandemic due to the reduction in business activities. Factors such as reduced budgets, company hours, salaries, and associated benefits impacted the demand for incentive travel. On the positive front, the fallout of the incentive travel industry during the pandemic brought out positive benefits to the segment. Companies operating in several regions were able to enable to draw down government support to explore alternative revenue streams and development of better work-life balance.

Regional Insights

Asia Pacific dominated the market and accounted for a share of 43.2% in 2021. The region is also expected to witness the fastest CAGR of 7.8% over the forecast period. The rise in spending income coupled with the adoption of technology in the travel management industry is contributing to the MICE industry. Also, digitalization in the business tourism sector and the rising trend of B-leisure travel are boosting the MICE industry in the region. Travel companies operating in the region are exploring digital channels to engage consumers by leveraging live streams, and influencers to raise consumer interest.

Governments are partnering and collaborating with stakeholders to boost business tourism and travel in the region. For instance, Thailand Convention & Exhibition Bureau (TCEB) collaborated with stakeholders to ensure the country welcomes a steady flow of MICE travelers. Initiatives such as ‘Re-energizing Exhibition’ and ‘Convene Plus’, and ‘Thailand Power-up’ for exhibitions, conventions, and events.

MICE Market Trends by Region

Also, Seoul’s MICE is making strides for business events. The country has introduced a wide range of digital and creative assets for promoting events online. For instance, Virtual Seoul is a platform that allows to host of online meetings and also allows in-person attendees to join during hybrid events.

On the other hand, the pandemic impacted the tourism industry in the region. As per Global Business Travel Association, the Republic of Korea lost USD 120 billion in business travel spending. Several countries in the region are excessively utilizing promotional activities to boost tourism in the region. Thailand’s tourism board has been motivating its local tourism partners to enforce governmental guidelines.

Key Companies & Market Share Insights

The global MICE market is characterized by the presence of numerous players. In July 2022, BCD Travel entered into a partnership with Airbus to serve in major European markets. Through the partnership, the company will provide Airbus with flexible service and a digital approach to enhance the travel experience for its employees. The service is available in Germany, France, Spain, and the UK. Some prominent players 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 

Report Attribute

Details

Market size value in 2022

USD 876.4 billion

Revenue forecast in 2030

USD 1,563.3 billion

Growth rate

CAGR of 6.6% from 2022 to 2030 in terms of revenue

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD billion and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Event type, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country Scope

U.S.; Canada; U.K; Germany; France; China; India, Japan, Brazil; South Africa

Key companies profiled

BCD Group; AVIAREPS AG; Beyond Summits Ltd., ITL World Company (MICEMINDS); IMC International; Global Air-American Express Travel Services; Questex; and Capita plc.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global MICE Market Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis of the industry 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:

Global MICE Market Segmentation

  • Event Type Outlook (Revenue, USD Billion, 2017 - 2030)

    • Meetings

    • Incentives

    • Conferences

    • Exhibitions

  • 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

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