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The global MICE industry market was valued at USD 760 billion in 2022 and grew at a CAGR of 5% from 2023 to 2032. The market is expected to reach USD 1237.96 billion by 2032. The growing government support and incentives for the MICE industry will drive the growth of the global MICE industry market.
MICE stand for Meetings, Incentives, Conferences, and Exhibitions. It is a niche segment in the tourism industry. There are four main pillars that support the MICE sector. Every event, including conferences, meetings, incentives, and exhibitions, brings together individuals from various industries. The aim is to foster partnerships, build relationships, support innovation, and stimulate expansion. Meetings, incentives, conferences, exhibits, and other business-related events are organized and carried out per the needs of the relevant parties. MICE is the pinnacle of business travel, bringing together elite industry insiders in a customized, elevated environment. MICE events benefit people, companies, and the host cities in addition to themselves, and they contribute to the economy's growth. MICE promote partnerships, learning, networking, and knowledge exchange. Productivity productivity by allowing organizers and stakeholders to be harmonious and play. Additionally, the growth of the MICE sector boosts sustainable regional development, generates jobs, and promotes these places as a sought-after tourism destination. It produces foreign exchange and expands commerce and investment.
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Governments are increasingly focusing on developing the MICE industry – previously, high-level and most anticipated events of consequential nature were restricted to Europe and North America, given the dominance of stakeholders from these regions and the availability of the right infrastructure to organize these meetings and events. However, with changing times, countries like India, Brazil, Indonesia, UAE, Saudi Arabia and other developing nations outside of the previously mentioned regions have gained significance on a global stage given the contribution they make to the global GDP, workforce, consumer market, supply chain and overall economy. Therefore, governments of these countries are increasingly focusing on developing their MICE industry with the right attitude and funding to attract opportunities to elevate their citizens' lives. Therefore, the government's increasing focus on developing the MICE industry to attract opportunities to boost the economy will drive the growth of the global MICE industry market.
MICE is a capital-intensive industry – organizing mass events that attract international attention and media is capital-intensive and time-consuming. Recently, many countries have retracted their names from hosting high and international-level sports events or political gatherings, given the economic burden they were causing to their already struggling economies. Citizens also protest against these events as they overshadow the domestic problems of poverty and hunger in many countries. Therefore, the capital-intensive nature of the MICE industry will limit the market's growth.
The increasing infrastructural investments – a thriving MICE industry is supported by several factors, including the right infrastructure, which is well-equipped to accommodate the attendees, conduct the event, has a seamless commute, and is aesthetically pleasing and comfortable without any pressing safety concerns. Governments recognize these factors and have invested heavily in developing MICE centres with conference halls, meeting rooms, well-equipped virtual rooms for meetings over screens, and other requirements. They are also developing stadiums to host sports events with state-of-the-art facilities for athletes. The air connectivity and road infrastructure are being improved for seamless and hassle-free travel. All these factors will support the MICE industry’s growth during the forecast period.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the most significant global MICE industry market, with a 38% market revenue share in 2022.
The region has the necessary infrastructure offering the right connectivity, organizational space and other amenities to hold events at any scale. Given the architecture, cleanliness, and overall quality of cities and life, European countries' tourism potential makes them attractive spaces for MICE industry players. Furthermore, the political and business meetings and events have started gaining prominence with the geopolitical volatilities and would drive the demand for the MICE industry.
Europe Region MICE Industry Market Share in 2022 - 38%
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The event-type segment is divided into meetings, incentives, conferences, and events. The meetings segment dominated the market, with a market share of around 45% in 2022. A meeting is a broad phrase for when several people join together in one location to discuss or do a certain task. Meetings offer a useful platform for many purposes. For instance, meetings facilitate idea-sharing, decision-making, and team-building and even help reduce feelings of isolation at work. They lead to quicker problem-solving through a free and open exchange of information, ideas and insights. Meetings help establish trust, enhance communication, and improve productivity and efficiency of tasks. Meetings can take place at every level of the organization. Meetings are a means to gather and share knowledge. MICE is synonymous with meetings and is often referred to as the "meetings industry", indicating the dominance and importance of the segment in the global market.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 760 Billion |
| Market size value in 2032 | USD 1237.96 Billion |
| CAGR (2023 to 2032) | 5% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Event Type |
As per The Brainy Insights, the size of the global MICE industry market was valued at USD 760 billion in 2022 to USD 1237.96 billion by 2032.
Global MICE industry market is growing at a CAGR of 5% during the forecast period 2023-2032.
The market's growth will be influenced by the governments increasing focus on developing MICE industry.
MICE is a capital-intensive industry and that could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global MICE industry market based on below mentioned segments:
Global MICE Industry Market by Event Type:
Global MICE Industry Market by Region:
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