MICE Market Size, Share, Trends, Growth and Forecast 2032

MICE Industry Prospective:

The global MICE market size was evaluated at $784 billion in 2023 and is slated to hit $1,408 billion by the end of 2032 with a CAGR of nearly 7% between 2024 and 2032.

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MICE Market: Overview

MICE are an abbreviated form of meetings, incentives, conferences, and exhibitions. Reportedly, this tourism type features a large group for a slew of professional purposes. Moreover, MICE have garnered huge popularity in the current years. Apart from this, MICE tourism generates notably revenue and accounts lucratively towards the GDP of country.

Key Insights

• As per the analysis shared by our research analyst, the global MICE market is projected to expand annually at the annual growth rate of around 7% over the forecast timespan (2024-2032)
• In terms of revenue, the global MICE market size was evaluated at nearly $784 billion in 2023 and is expected to reach $1,408 billion by 2032.
• The global MICE market is anticipated to grow rapidly over the forecast timeline owing to technological breakthroughs enabling hybrid & virtual events along with the use of advanced event management apps streamlining planning, logistics, and attendee.
• In terms of event type, the meetings segment is slated to register the highest CAGR over the forecast period.
• Based on booking mode, the online segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on application, the corporate segment is predicted to contribute majorly towards global market surge over the forecast timeline.
• Region-wise, the European MICE industry is projected to register the fastest CAGR during the assessment timespan.

MICE Market: Growth Factors

Urbanization and globalization are anticipated to boost the global market trends

An increase in the business activities and globalization is expected to impel the global MICE market surge in the years ahead. Technological breakthroughs enabling hybrid & virtual events along with the use of advanced event management apps streamlining planning, logistics, and attendee will drive the global market trends.

Furthermore, government aid for promoting tourist activities & infrastructural growth is expected to boost the market space globally in the coming years. An increase in the employee engagement activities along with new product launches is expected to prop up the global market landscape in the ensuing years. In addition to this, a rise in the leisure activities will proliferate the size of the market globally.

MICE Market: Restraints

Economic disruptions and changing technologies can inhibit the growth of the global industry

Economic downturns and oscillations in the currency rates along with security concerns are likely to retard the expansion of the global MICE industry. Moreover, cut-throat competition from hybrid & virtual events and technological obstructions can impede the global industry surge. Poor air & ground connectivity and lack of infrastructure facility can obstruct the global industry expansion over assessment period.

MICE Market: Opportunities

Growing demand for health & wellness activities to open new growth avenues for the global market

A paradigm shifts in the technology domain with launching of AI and machine learning applications is anticipated to open new growth avenues for the global MICE market. Furthermore, thriving health & wellness tourist activities such as spa therapies, yoga, and mediation will propel the global market expansion.

MICE Market: Challenges

Strict legislations pertaining to carbon emissions in atmosphere can challenge the global industry surge by 2032

Surging issues related to carbon foot prints along with huge costs of executing sustainable practices are some of the factors that can decimate the global MICE industry expansion. Moreover, strict visa laws & complex tax regulations as well as bureaucratic hurdles are likely to put brakes on the global industry expansion in the years ahead.  

MICE Market: Report Scope

MICE Market: Segmentation

The global MICE market is divided into event type, booking mode, application, and region.                                             

In terms of event type, the MICE market across the globe is segmented into meetings, conferences, exhibitions, and incentives segments. Apparently, the meetings segment, which garnered nearly 61% of the global market revenue in 2023, is set to record fastest CAGR in the next couple of years owing to a rise in the number of corporate activities along with surging significance of face-to-face interactions that account majorly towards the market surge. 

Based on booking mode, the global MICE industry is divided into offline and online segments. Apparently, the online segment, which led the global industry in 2023, is predicted to account lucratively towards the segmental expansion in the analysis timeline and this can be due to a large number of benefits offered by online mode of booking to event planners and attendees. Moreover, online booking streams event management process and makes it more accessible & efficient. This, in turn, will propel the segmental surge in the ensuing years.

On the basis of application, the MICE market globally is sectored into healthcare, corporate, finance & banking, technology, and tourism & hospitability segments. Moreover, corporate segment, which led the market growth globally in 2023, is predicted to continue its market domination in the near future. The segmental expansion over the next few years can be due to a prominent rise in the significance of in-person meetings that will bolster business relations along with promoting discussions.

MICE Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over the assessment timeline

Asia-Pacific, which accounted for about 50% of the global MICE market size in 2023, is predicted to establish a leading position in the global market in the analysis timeframe. Furthermore, the regional market expansion in the coming few years can be due to surging tourist activities along with massive fund allocation for improving the MICE infrastructural growth.

Furthermore, swift economic development, government aid, and presence of large number of locations supporting modern infrastructure facility will steer the regional market trends.  

European MICE industry is anticipated to register the highest CAGR in the expected timeline. The geometric growth of the industry in Europe can be attributed to presence of strong infrastructure facility, favorable government initiatives, and rise in the business travel. Moreover, presence of key players in the European countries is expected to boost the industry expansion over the assessment period.  

MICE Market: Competitive Space

The global MICE market profiles key players such as:

• Questex LLC
• BCD Group
• BI Worldwide
• Maritz Holdings Inc.
• Freeman Company
• ITA Group
• The Hotel Week Indonesia
• CWT Meetings & Events
• Asian Exhibition Services Ltd.
• Debindo-ITE
• 360 Destination Group
• Creative Group Inc.
• PT Pamerindo Indonesia.

The global MICE market is segmented as follows:

By Event Type

• Meetings
• Conferences
• Exhibitions
• Incentives  

By Booking Mode

• Offline
• Online

By Application

• Healthcare
• Corporate
• Finance & Banking
• Technology
• Tourism & Hospitability

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa