April 12, 2024
Meetings, Incentives, Conferences, and Exhibitions (MICE) Market

The Global Meetings, Incentives, Conferences, And Exhibitions (MICE) Market Is Driven By Growing Corporate Events

The Meetings, Incentives, Conferences, and Exhibitions (MICE) industry organizes corporate events such as business summits, exhibitions, conferences and incentive trips for businesses. MICE events help companies promote their brand, connect with potential clients and reward high-performing employees. They provide an effective platform for networking, learning and business growth. The global MICE market has witnessed steady growth over the past few years owing to rising demand from corporate organizations around the world to host and attend such interactive events. Growth in industries such as manufacturing, IT and finance has fueled the need for MICE activities to enhance business collaboration. In addition, establishment of new convention centers and development of better transport infrastructure in emerging nations has boosted their potential as MICE destinations.

The global Meetings, Incentives, Conferences, and Exhibitions (MICE) Market is estimated to be valued at US$ 192.39 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

One of the key trends in the global MICE industry is growing popularity of hybrid events. With the covid-19 pandemic accelerating digital transformation, businesses are increasingly hosting hybrid MICE conventions which allow both in-person and virtual participation. This provides greater flexibility and accessibility to attendees. Several industry players have also upgraded their facilities to conduct seamless hybrid events. Another trend is the rise of sustainable and responsibility-focused MICE activities. More corporate organizations and event planners are giving preference to eco-friendly venues and destinations to reduce carbon footprint. They are also incorporating elements of social responsibility into their events to make a positive impact.

Porter’s Analysis

Threat of new entrants: Low cost of entry into the event planning business poses some threat. However, existing players have well established brands and customer base.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and vendors trying to retain/attract clients. Deals and discounts can be negotiated.

Bargaining power of suppliers: Suppliers of various event related services have low bargaining power as there are many available. Besides venues, most suppliers are replaceable.

Threat of new substitutes: New online and virtual platforms pose some threat, however physical MICE events provide unique networking opportunities keeping the threat moderate.

Competitive rivalry: Intense as players compete on quality of events, deals, innovation and customer experience to attract/retain corporate clients and event organizers.

Key Takeaways

The global Meetings, Incentives, Conferences, And Exhibitions (MICE) Market is expected to witness high growth over the forecast period. The global Meetings, Incentives, Conferences, and Exhibitions (MICE) Market is estimated to be valued at US$ 192.39 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.

Asia Pacific region dominates the MICE market currently due to high number of business events and exhibitions held in major economies like China, India. Countries like Singapore and Malaysia are also growing as preferred MICE destinations.

Key players operating in the MICE market are Ancol Pet Products Limited, Blue Buffalo Co., Ltd., Champion Petfoods LP, Hill`s Pet Nutrition, Inc., and Mars, Incorporated. These players are focusing on expansion, partnerships and targeting corporate clients with tailored MICE offerings and experiences. Contracts with hotel chains also help drive volumes.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it