The global MICE Market was valued at USD 693.21 billion in 2022. It is expected to grow significantly, reaching USD 904.30 billion in 2023 and expanding to USD 1,605.17 billion by 2030, reflecting a compound annual growth rate (CAGR) of 8.54% over the forecast period.
MICE refers to the travel segment centered around organizing, planning, and booking business events such as seminars, conferences, and corporate meetings. The market’s expansion is being fueled by the increasing effects of globalization, which create new opportunities for business growth.
This data is included in the research report from Fortune Business Insights™ titled "MICE Market, 2023-2030."
ITA Group (U.S.)
Flight Centre Travel Group Limited (Australia)
Freeman (U.S.)
Meetings and Incentives Worldwide, Inc. (U.S.)
Conference Care (U.K.)
One10, LLC (U.S.)
BCD Meetings & Events (U.S.)
Creative Group, Inc. (U.S.)
Access (U.S.)
CWT Meetings & Events (U.S.)
Meetings Segment Leads the Market
The MICE market is divided into four main event types: incentives, meetings, exhibitions, and conventions. Of these, the meetings segment holds the largest market share, driven by the growing number of corporate events. These events include management planning meetings, general business meetings, annual meetings, supplier meetings, and others.
Geographical Breakdown
The MICE market is also analyzed by region, including North America, Asia Pacific, Europe, South America, and the Middle East & Africa.
This report provides a comprehensive overview of the key trends in the global MICE market. It also explores the impact of the COVID-19 pandemic on industry growth, identifies the key drivers of market expansion, and highlights the strategies employed by major industry players to broaden their service offerings.
Growth Drivers
The MICE industry is being driven by an increase in business travel worldwide and a booming travel and tourism sector. Other contributing factors include improved ease of travel bookings, changing lifestyle preferences, and infrastructure development.
Challenges
However, political instability around the world poses a potential challenge to market growth, especially in countries where the tourism sector is a significant source of revenue.
Europe Leads the Market
Europe holds the largest share of the global MICE market. This is due to a surge in corporate activities across industries such as automotive, pharmaceuticals, and IT.
Asia Pacific Poised for High Growth
Asia Pacific is expected to experience the highest growth rate during the forecast period, thanks to increased government investments in regional infrastructure.
In recent years, both South America and the Middle East have seen a rise in tourism, with South America in particular benefiting from a growing number of professional business event organizers.
Focus on Innovation to Stay Competitive
Leading players in the MICE industry are increasingly focusing on innovation to strengthen their positions in the market. Strategies such as partnerships, business expansion, and marketing campaigns are being used to raise brand awareness and attract more clients.
September 2023: Freeman announced a collaboration with 42Chat to launch AI-powered chatbots designed to improve attendee engagement for conference and trade show organizers.