USD 0.94 trillion
Mice Market Size, Share, Growth Analysis, By Type of Event(Meetings, incentives, conferences, and exhibitions), By Application(Corporate, healthcare, technology, tourism & hospitality), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25P2011 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|Tables:
66
|Figures:
75
Mice Market Insights
Global MICE Market size was valued at USD 0.94 trillion in 2022 and is poised to grow from USD 1.01 trillion in 2023 to USD 1.85 trillion by 2031, at a CAGR of 7.8% during the forecast period (2024-2031).
The Global MICE Market, which stands for Meetings, Incentives, Conferences, and Exhibitions, is a dynamic and thriving industry that plays a pivotal role in the global business landscape. This market serves as a platform for bringing together individuals, organizations, and industries from across the world, fostering collaboration, knowledge sharing, and economic growth. It serves as a catalyst for business networking, enabling companies to showcase their products and services, forge partnerships, and explore new market opportunities. It also acts as a hub for professional development and education, hosting conferences and seminars where industry experts share insights and best practices. Additionally, the MICE market plays a vital role in promoting tourism and generating revenue for host cities through hotel bookings, transportation, dining, and entertainment. Globalization has led to an increase in cross-border business activities, creating a demand for international meetings and conferences. The growing importance of knowledge exchange and professional development drives organizations to participate in industry-specific events and exhibitions. Furthermore, the rise of emerging markets and the expansion of sectors such as healthcare, technology, and finance create abundant opportunities for business collaborations and industry-specific gatherings.
Despite its promising prospects, the MICE market also faces certain restraints. Economic fluctuations and geopolitical uncertainties can impact travel and corporate budgets, affecting participation and investment in events. Additionally, concerns over safety and security, especially in the wake of global pandemics or political instability, can pose challenges for event organizers and attendees. Key trends in the mice market revolve around technology integration and sustainability. Advancements in digital platforms, virtual and hybrid event formats, and mobile applications have transformed the way meetings and conferences are conducted, enhancing accessibility and engagement. Furthermore, there is a growing emphasis on sustainability and eco-friendly practices, with event organizers adopting measures to reduce waste, promote responsible tourism, and minimize the environmental impact of large-scale gatherings.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Conferences
Fastest Growth
Conferences
Growth Rate
7.8% CAGR
Global Mice Market 2021-2030 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
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Mice Market Segmental Analysis
Global MICE Market is segmented on the basis of type of event, application, and region. By type of event, the market is segmented into meetings, incentives, conferences, and exhibitions. By application, the market is segmented into corporate, healthcare, technology, tourism & hospitality, and finance & banking. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
MICE Market Analysis by Type of Event
Conferences represent the largest segment in the mice market, commanding a substantial portion of its revenue. Conferences are pivotal events that bring together industry professionals, thought leaders and experts from various fields to exchange knowledge, share insights, and discuss the latest trends and advancements. These events foster networking opportunities, facilitate collaboration, and serve as platforms for showcasing innovations and research findings. The demand for conferences continues to grow as businesses recognize the value of face-to-face interactions, knowledge-sharing, and relationship-building. Moreover, conferences serve as avenues for professional development, continuing education, and staying abreast of industry developments. With their ability to foster connections and facilitate learning, conferences hold a dominant position in the mice market and are poised for sustained growth.
While conferences hold the largest share, the incentives segment is experiencing the fastest growth in the mice market. Incentive programs are designed to motivate and reward employees, clients, or channel partners for their performance, loyalty, or achievements. These programs often include travel incentives, team-building activities, and special events to acknowledge and appreciate individuals' contributions. Incentive travel, in particular, has gained popularity as companies seek to enhance employee engagement, boost productivity, and reinforce a positive work culture. The appeal of incentives lies in their ability to provide unique and memorable experiences, offering participants an opportunity to explore new destinations, immerse themselves in different cultures, and create lasting memories. As organizations prioritize employee satisfaction, talent retention, and motivation, the incentives segment is witnessing rapid growth and emerging as a key driver in the mice market.
MICE Market Analysis by Application
The corporate segment dominated the mice market. As businesses increasingly recognize the value of face-to-face interactions, corporate events have become an integral part of organizational strategies. From annual conferences to product launches and team-building retreats, corporations rely on mice services to create engaging and impactful events. These events facilitate knowledge sharing, networking opportunities, and collaboration among employees, partners, and clients. With the corporate landscape becoming more globalized, the demand for mice services in the corporate sector continues to grow, driving the success and expansion of this market segment.
While the corporate segment holds the largest share, the technology segment is experiencing the fastest growth in the mice market. Technological advancements have revolutionized the way events are organized, executed, and experienced. From interactive event apps and virtual reality experiences to live streaming and remote participation, technology has opened up new avenues for engaging attendees and enhancing event outcomes. Moreover, the COVID-19 pandemic has accelerated the adoption of virtual and hybrid event formats, further fueling the growth of the technology segment. As businesses strive to reach wider audiences and provide immersive event experiences, the demand for technology-driven mice solutions continues to soar.
Global Mice Market Size By Type of Event 2021(%)
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Mice Market Regional Insights
Asia-Pacific dominated the global mice market. The region boasts a robust infrastructure, state-of-the-art convention centers, and a diverse range of destinations, making it an attractive choice for hosting international events. Moreover, countries like China, Singapore, and Japan have been investing significantly in their MICE facilities and have successfully hosted major global events, solidifying their position as top MICE destinations. The region's cultural richness, scenic beauty, and technological advancements further add to its appeal, attracting a large number of international attendees.
While Asia-Pacific dominates the MICE market, the Middle East and Africa region exhibit the fastest growth. The region has witnessed substantial investments in tourism infrastructure and facilities, including world-class convention centers and hotels. Countries like the United Arab Emirates, Saudi Arabia, and South Africa are increasingly positioning themselves as key MICE destinations. The rise in business travel, government initiatives to promote tourism, and the hosting of high-profile events like expos and conferences contribute to the region's rapid growth. Additionally, the region's unique cultural experiences and attractions, such as luxury resorts, desert safaris, and historical landmarks, offer an enticing blend of business and leisure opportunities for MICE participants.
Global Mice Market Size By Geography, 2021-2030
- Largest
- Fastest
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Mice Market Dynamics
Mice Market Drivers
Growing Corporate Sector
- The expansion of the corporate sector, particularly in emerging economies, is a significant driver for the mice market. With companies expanding their operations globally, there is an increased need for business meetings, conferences, and exhibitions. For example, emerging markets like China and India are experiencing a surge in corporate activities, attracting international events and exhibitions.
Technological Advancements
- Technological advancements have played a crucial role in the growth of the MICE market. Digital solutions, virtual conferences, and hybrid event formats have become increasingly popular, allowing participants to connect remotely. The COVID-19 pandemic has accelerated the adoption of virtual events, demonstrating the potential of technology to overcome geographical limitations and enhance accessibility.
Mice Market Restraints
Travel Restrictions
- Travel restrictions imposed due to political uncertainties, natural disasters, or public health crises can significantly impact the mice market. Events requiring international participants may face challenges when visa restrictions are imposed, or when travel advisories are issued. The COVID-19 pandemic, for instance, resulted in widespread event cancellations or postponements due to travel limitations and health concerns.
High Costs and Budget Constraints
- Organizing large-scale events involves substantial costs, including venue rentals, logistics, marketing, and participant accommodations. Budget constraints can pose a restraint for event organizers, especially in times of economic uncertainty. Companies may reduce their participation or opt for smaller events to manage costs, impacting the overall mice market.
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Mice Market Competitive Landscape
The Global MICE Market is highly competitive and characterized by the presence of numerous players operating on a global scale. Key players in the market offer comprehensive event management services, ranging from venue selection and logistics to registration and on-site support. In addition to established event management companies, there is also competition from hotel chains and destination management companies that provide integrated event solutions. To maintain a competitive edge, companies in the mice market focus on providing unique experiences, incorporating advanced technology, and offering personalized services tailored to the specific needs of clients. Strategic partnerships, mergers, and acquisitions are common strategies employed by players to expand their global footprint and strengthen their service offerings. With the increasing demand for corporate events and conferences worldwide, the competition in the global mice market is expected to intensify, prompting companies to continuously innovate and deliver exceptional event experiences to their clients.
Mice Market Top Player’s Company Profiles
- Maritz Global Events (US)
- Carlson Wagonlit Travel (France)
- EventsAIR (Australia)
- Conference Care Ltd (UK)
- Eventbrite (US)
- GES (Global Experience Specialists) (US)
- MCI Group (Switzerland)
- International Conference Services (Canada)
- Meetingselect (Netherlands)
- HelmsBriscoe (US)
- GSK Global Travel & Meetings (UK)
- Cvent (US)
- ATPI Group (UK)
- B-Com Event Technology (Belgium)
- Pacific World (Singapore)
- One World Rental (UK)
- Meeting Professionals International (MPI) (US)
Mice Market Recent Developments
-
In March 2024, Siam Piwat – a leading real estate and retail developer and the owner and operator of world-renowned destinations – is bolstering its leadership in developing world-class destinations by further expanding its entire global ecosystem, emphasizing quality tourists. To provide the ultimate experience, the company is currently negotiating with 16 leading airline partners.
-
In March 2024, Safarak Travel and Tourism, a leading destination management company headquartered in Ras Al Khaimah (RAK), became a member of the International Congress and Convention Association (ICCA). This eminent global community and knowledge hub focuses on the international association and government meetings industry.
-
In November 2023, leaders in the Meetings, Incentives, Conferences, and Exhibitions (MICE) industry will assemble to discuss strategies for developing India into a hub for hosting conferences.
Mice Key Market Trends
- Sustainability and Green Initiatives: There is a growing emphasis on sustainability within the mice industry. Event organizers are adopting eco-friendly practices, such as using renewable energy sources, reducing waste, and implementing carbon offset initiatives. For instance, conferences and exhibitions are incorporating sustainable materials, promote recycling, and encourage responsible resource consumption.
- Personalized Experiences and Technology Integration: Event attendees now seek personalized experiences that cater to their specific needs. Technology plays a vital role in delivering such experiences, with features like mobile event apps, interactive displays, and personalized agendas. For example, event organizers are leveraging mobile apps to provide real-time updates, networking opportunities, and personalized schedules to enhance attendee engagement and satisfaction.
Mice Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global mice market analysis, the market growth is the increasing globalization of businesses, the rising importance of networking and knowledge-sharing, and the growing emphasis on business tourism. With companies seeking opportunities to expand their networks, exchange ideas, and showcase their products and services on a global platform, the demand for MICE events has surged. Moreover, the rising trend of corporate travel, along with the proliferation of international business collaborations, has fueled the need for well-organized and professionally managed MICE activities. The market research also indicates that emerging economies, such as those in Asia-Pacific and the Middle East and Africa, are witnessing significant growth in the MICE sector due to infrastructure development, favorable government initiatives, and the attractiveness of these regions as business destinations. As businesses continue to recognize the value of face-to-face interactions and experiential marketing, the global market is expected to witness robust growth and evolve as a crucial driver of economic growth and knowledge exchange.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 0.94 trillion |
| Market size value in 2031 | USD 1.85 trillion |
| Growth Rate | 7.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Trillion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Mice Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Mice Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Mice Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Mice Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Mice Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Mice Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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