Summary
Table of Content
MICE Tourism Market
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MICE Tourism Market Size
MICE Tourism Market size was valued at USD 42.8 Billion in 2022 and is anticipated to register a CAGR of 7% between 2023 and 2032. The increasing government investments will propel the industry. Governments are recognizing the economic benefits of hosting business events, leading to strategic investments in infrastructure, venue development, and promotional activities.
To get key market trends
For instance, in March 2023, the State Government of Rajasthan, India is planning to establish MICE centers as part of broader investments in the tourism sector. The Chief Minister of the state, while unveiling the budget for 2023-24, highlighted that Jaipur, Udaipur, Jodhpur, and Ajmer have been identified as preferred locations, with an allocated budget of USD 12.7 million for each center.
The globalization of business operations necessitates frequent direct interactions, driving the propulsion of the market. As companies expand their global footprint, the need for international conferences, business meetings, and networking events becomes paramount. MICE tourism serves as a vital platform for professionals to convene, exchange ideas, and foster collaborations, creating a dynamic global environment for knowledge transfer and business development.
MICE Tourism Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2022 |
| Market Size in 2022 | USD 42.8 Billion |
| Forecast Period 2023 to 2032 CAGR | 7% |
| Market Size in 2032 | USD 83.9 Billion |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Economic uncertainties pose significant challenges to the industry gains. During economic downturns, organizations may tighten budgets, leading to reduced expenditures on conferences and events. The reluctance to allocate resources for business-related travel and gatherings can lower the demand for MICE services.
COVID-19 Impact
The COVID-19 pandemic had a profoundly negative impact on the market. Travel restrictions, lockdowns, and health concerns led to the cancelation or postponement of numerous events worldwide. Social distancing measures and hygiene protocols further reduced the feasibility of large gatherings. The decline in international travel and the shift to virtual events significantly curtailed traditional MICE activities.
MICE Tourism Market Trends
The introduction of MICE platforms is proliferating the MICE tourism industry progression. These dedicated platforms streamline event planning, connecting organizers with suitable venues, services, and keynote speakers efficiently. For instance, in July 2023, GAIN, a prominent global advisory firm specializing in travel and hospitality innovation, introduced GAINTalks. This speaker platform functions as a central hub for event organizers, corporate executives, and professionals in the MICE industry, streamlining the process of discovering exceptionally impactful keynote speakers.
Collaborations within the industry are a significant force propelling the market. Partnerships between tourism boards, event organizers, and businesses create synergies, leading to attractive packages, effective marketing strategies, and enhanced promotional efforts. These collaborations optimize resources and broaden the appeal of MICE destinations. By working together, stakeholders contribute to the overall success of events, fostering a conducive environment for networking, knowledge exchange.
MICE Tourism Market Analysis
Learn more about the key segments shaping this market
Based on the event type, the market is divided into meetings, incentives, conferences, and events. In 2022, the meetings segment generated a market revenue of around USD 16.9 billion. Business networking is a significant factor for increased meetings within the industry, providing professionals with invaluable opportunities to connect, build relationships, and explore collaborations. Meetings serve as ideal platforms for product launches, offering companies a captive audience and media presence. These events allow businesses to showcase new products or services, garner attention, and generate initial market buzz, making meetings a strategic choice for relationship building and product introduction within the MICE sector.
Learn more about the key segments shaping this market
Based on application, the MICE tourism market is divided into corporate, education, government, and others. The corporate segment accounted for around 40% of the market share in 2022. Incentive travel programs stand out as a key factor boosting the corporate segment. Corporations strategically leverage incentive travel to motivate & reward employees, clients, or partners, fostering loyalty and enhanced performance. Simultaneously, corporate meetings play a pivotal role in employee training and development, providing a platform for skill enhancement, knowledge sharing.
Looking for region specific data?
North America is experiencing growth in the MICE tourism market. The region accounted for a market share of around 33% in 2022. The strategic introduction of MICE verticals by tourism companies is a prominent factor behind the North America industry gains. By expanding their service offerings to cater specifically to the MICE segment, these companies leverage the growing demand for business events in the region. Diverse and attractive destinations, coupled with a strong hospitality sector, contribute to the region's appeal for corporate meetings, conferences, and events.
MICE Tourism Market Share
Major players operating in the MICE Tourism industry are:
- ATPI LTD
- AVIAREPS AG
- BCD Meetings & Events
- Beyond Summits
- CONFERENCE CARE LTD.
- CWT Meetings & Events
- FCM Travel
- Global Air-American Express Travel Services (Global Business Travel Group, Inc.)
- ITL World Company (MICEMINDS)
- Maritz
- One10
- QUESTEX LLC.
These companies manage and invest in cutting-edge convention centers, providing state-of-the-art venues for large-scale events. They leverage technology, offering event management solutions, virtual platforms, and immersive experiences. Leading hospitality firms ensure top-tier accommodations and services, enhancing the overall event experience.
MICE Tourism Industry News:
- In December 2022, Tripjack, a B2B travel portal, launched a MICE vertical to carve a niche in the market by leveraging its existing network. The potential growth of MICE in India motivated Tripjack to establish a vertical in MICE tourism.
The MICE tourism market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
By Event Type, 2018 – 2032
- Meetings
- Incentives
- Conferences
- Others
By Application, 2018 – 2032
- Corporate
- Education
- Government
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Australia
- Japan
- South Korea
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
- Saudi Arabia
Frequently Asked Question(FAQ) :
Which companies define the competitive landscape of MICE tourism market?
ATPI LTD, AVIAREPS AG, BCD Meetings & Events, Beyond Summits, CONFERENCE CARE LTD., CWT Meetings & Events, and FCM Travel among others.
What is the size of North America MICE tourism industry?
North America market held a revenue share of around 33% in 2022 and is slated to register significant growth through 2032, backed by the strategic introduction of MICE verticals by tourism companies.
How big is MICE tourism market?
Global market for MICE tourism was valued at USD 42.8 Billion in 2022 and is anticipated to register a CAGR of 7.0% between 2023 and 2032, favored by the increasing government investments toward hosting business events, leading to strategic investments in infrastructure, venue development, and promotional activities.
How will meetings segment push the growth of MICE tourism industry?
In 2022, the meetings segment generated a market revenue of around USD 16.9 billion and will continue to grow owing to the business networking that allows professionals with invaluable opportunities to connect, build relationships, and explore collaborations.
