Meetings, Incentives, Conferences, And Exhibitions (Mice) Market Definition And Segments
Meetings, Incentives, Conferences, and Exhibitions (MICE) is a part of the tourism and events industry in which large groups, typically linked by a common interest or purpose, gather for meetings, conferences, exhibitions, or incentive travel programs. It plays a significant role in the global economy, as it encompasses a wide range of events that contribute to business development, knowledge sharing, networking, and tourism.
The main types of events in meetings, incentives, conferences, and exhibitions (MICE) are meetings, incentives, conferences, and events. Meetings refer to gatherings of people for business-related discussions, held in hotel conference rooms or event centers. The services such as event planning and organization, venue management, accommodation services, and food and beverage services are used for academic field, business field, political field, exhibitions, and other applications by corporate, government, and associations.
The meetings, incentives, conferences, and exhibitions (mice) market covered in this report is segmented –
1) By Event Type: Meetings, Incentives, Conferences, Events
2) By Service Type: Event Planning And Organization, Venue Management, Accommodation Services, Food And Beverage Services
3) By Application: Academic Field, Business Field, Political Field, Exhibitions, Other Applications
4) By End-User: Corporate, Government, Association
The meetings, incentives, conferences, and exhibitions (MICE) market size has grown strongly in recent years. It will grow from $876.94 billion in 2023 to $962 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to growing business networking and knowledge sharing, demand for industry-specific conferences and exhibitions, increasing incentive programs and corporate events, rising meeting and events industry, growing change in consumer preferences.
The meetings, incentives, conferences, and exhibitions (MICE) market size is expected to see strong growth in the next few years. It will grow to $1,336.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing interconnectedness of businesses globally, increasing expansion and developments of various businesses, growing popularity of virtual meetings among businesses, economic development and tourism promotion, the increase in business trips worldwide. Major trends in the forecast period include integration of cutting-edge technology, advancements in medical and scientific fields, the rise in social media advertisements related to organizing corporate, organizer focus on adoption of latest technology, growing business opportunities.
Global Surge in Business Trips Fuels Expansion of the MICE Market
The increase in business trips worldwide is expected to propel the growth of the meetings, incentives, conferences, and exhibitions (MICE) market going forward. Business trips refer to the practice of employees or professionals traveling to other locations or cities on behalf of their company to conduct work-related activities, such as meetings, conferences, client visits, and other business purposes. MICE events provide excellent networking opportunities for business trips by offering a platform for individuals to connect with industry peers, potential clients, suppliers, and partners from around the world. For instance, in August 2023, according to the Global Business Travel Association, a US-based business travel and meetings organization, global spending on business travel increased by 47% to $1.03 trillion in 2022, and considerable growth is predicted in 2023, with a 32% growth rate. Therefore, the increase in business trips worldwide is driving the growth of the MICE market.
Major companies operating in the meetings, incentives, conferences, and exhibitions (mice) market are Capita plc, The Freeman Company, American Express Company, Maritz Global Events, ATPI Ltd., FCM Meetings & Events, Aviareps AG, MCI Group, ITA Group , Creative Group Inc., One10 LLC, BCD Meetings & Events, Meetings and Incentives Worldwide Inc., Itl World Company (Miceminds), Questex, Conference Care Ltd., CWT Meetings & Events, Ci Events, Grass Roots Meetings & Events, International Marketing Corporation Pvt Ltd, Beyond Summits Ltd., Cambria DMC, Carlson Wagonlit Travel, BESynergy, Flight Centre Travel Group Limited , Global Cynergies LLC
Innovation In The MICE Market Cutting-Edge Technology Centers Transforming Customer Service
Major companies operating in the MICE market are developing innovative technology, such as cutting-edge technology centers, to better serve their customers. A cutting-edge technology center refers to a facility that focuses on developing and delivering innovative solutions using the latest and most advanced technologies. For instance, in October 2022, BI Worldwide Ltd., a US-based global engagement agency that provides market-leading employee engagement, event management and sales, and channel incentive travel, launched cutting-edge technology centers to provide better services and solutions to clients. The center is designed to deliver innovative solutions for loyalty and engagement, enhancing the company's technological capabilities. It is designed to suit a multi-generational, diverse workforce, driving collaboration, enabling design thinking, and delivering measurable technology solutions.
ITA Group Enhances Global Engagement Solutions Through Acquisition Of HTK Limited
In January 2023, ITA Group, a US-based company that delivers custom-crafted global engagement solutions that motivate and inspire event attendees, acquired HTK Limited for an undisclosed amount. This acquisition aims to strengthen ITA Group's ability to deliver data-driven loyalty and engagement solutions, as well as to provide innovative data insights, machine learning, and loyalty marketing solutions to its clients. HTK Limited is a UK-based software company that provides MICE Support Program.
Asia-Pacific was the largest region in the meetings, incentives, conferences, and exhibitions (MICE) market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the meetings, incentives, conferences, and exhibitions (mice) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the meetings, incentives, conferences, and exhibitions (mice) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The meetings, incentives, conferences, and exhibitions (MICE) market includes revenues earned by entities by providing services such as transportation services, audio-visual and technology support, registration services, incentive travel programs, and team-building activities. The market value includes the value of related goods sold by the service provider or included within the service offering.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The meetings, incentives, conferences, and exhibitions (MICE) market research report is one of a series of new reports from The Business Research Company that provides meetings, incentives, conferences, and exhibitions (MICE) market statistics, including meetings, incentives, conferences, and exhibitions (MICE) industry global market size, regional shares, competitors with a meetings, incentives, conferences, and exhibitions (MICE) market share, detailed meetings, incentives, conferences, and exhibitions (MICE) market segments, market trends and opportunities, and any further data you may need to thrive in the meetings, incentives, conferences, and exhibitions (MICE) industry. These meetings, incentives, conferences, and exhibition (MICE) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.