by The Israel Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 1.92 billion in 2022 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Israel MICE market focuses on corporate events like conferences, exhibitions, incentive trips and meetings. These events are crucial for businesses in Israel to network, learn about new products and technologies. Israel’s compact size allows organizers to easily plan multi-city tours and events. The country also offers diverse landscapes ranging from beaches to mountains and holy religious sites. This makes Israel an attractive destination for incentive trips and conferences centered around themes like technology, agriculture or religion.
Market key trends:
The growing tourism industry in Israel acts as a key growth driver for the MICE market. International tourist arrivals to Israel have increased significantly over the past few years reaching over 4.5 million in 2019 before witnessing a decline during the COVID-19 pandemic. As travel restrictions ease, the number of international tourists is projected to rebound strongly driving demand for MICE activities and events. Additionally, Israel is becoming a favored destination for religion-themed conferences and tours. Its religious sites hold significance for people of Jewish, Christian and Muslim faiths. This niche area within the faith tourism segment also contributes to the growth of the MICE industry in Israel.
Porter’s Analysis
Threat of new entrants: The Israel Meetings, Incentives, Conferences and Exhibitions market requires high initial capital investment to set up conference and event venues, which poses a medium threat of new entrants.
Bargaining power of buyers: Buyers in the form of corporate organizations and event organizers have moderate bargaining power due to availability of substitutes.
Bargaining power of suppliers: Suppliers of services like venue providers, caterers and event managers have low bargaining power due to presence of several players.
Threat of new substitutes: alternative virtual meeting platforms pose a low threat as physical events provide better networking opportunities.
Competitive rivalry: High due to presence of numerous local and international event management companies.
SWOT Analysis
Strengths: Well established venues and infrastructure in major cities. High domestic demand for business events and exhibitions.
Weaknesses: Seasonal fluctuations in demand. Overdependence on international travelers for certain events.
Opportunities: Growing business investments and emergence of niche event categories. Development of second tier cities as meeting destinations.
Threats: Economic slowdowns impacting corporate budgets. Competition from other regional markets like Dubai.
Key Takeaways
Israel Meetings, Incentives, Conferences And Exhibitions Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing investments in tourism infrastructure and business facilities. The market size is projected to reach US$ 3.26 billion by 2030.
Regional analysis: The Israel MICE market is dominated by Tel Aviv and Jerusalem regions, which together account for over 65% of the total revenues. Emerging cities like Eilat and Haifa are witnessing fastest growth aided by developments of international convention centers and accommodation facilities.
Key players: Key players operating in the Israel MICE market are Kenes Group, RMC, Kuoni DMC, ISSTA, Diesenhaus Unitours, Talent, SMG, BCD Travel, CWT, Access Israel. Kenes Group is currently the market leader followed by RMC, while Kuoni DMC has a strong international client portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
