MICE Market: Trends, Opportunities and Competitive Analysis [2023-2028]

MICE Market Trends and Forecast

The future of the global MICE market looks promising with opportunities in meetings, incentives, conferences, and events. The global MICE market is expected to reach an estimated $1,423.0 billion by 2028 with a CAGR of 9.3% from 2023 to 2028. The major drivers for this market are rapid globalization, growing number of B2B/B2C events sponsored by enterprises, and rising number of business travellers for corporate events and exhibitions.

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MICE Market by Segment

The study includes trends and forecast for the global MICE market by event type and region, as follows:

MICE Market by Event Type [Shipment Analysis by Value from 2017 to 2028]:

• Meetings
• Incentives
• Conferences
• Events

MICE Market by Region [Shipment Analysis by Value from 2017 to 2028]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of MICE Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, MICE companies i cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the MICE companies profiled in this report includ:-

• BCD Group
• AVIAREPS AG
• Beyond Summits
• ITL World Company (MICEMINDS)
• IMC International
• Global Air-American Express Travel Services
• Questex
• Capita Plc

MICE Market Insights

• Lucintel forecasts that meetings is expected to remain the fastest growing event type segment over the forecast period because of the growing number of business events globally coupled with rising trend of organizing hybrid meetings that involve usage of social media and meeting apps.
• APAC will remain the fastest growing region over the forecast period due to economic growth, significant rise of SMEs, expansion of corporate industries, and globalization of businesses in the region.

Features of the MICE Market

• Market Size Estimates: MICE market size estimation in terms of value.
• Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
• Segmentation Analysis: MICE market size by various segments, such as event type and region
• Regional Analysis: MICE market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different event types and regions for the MICE market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the MICE market.
• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the MICE market size?

Answer: The global MICE market is expected to reach an estimated $1,423.0 billion by 2028.

Q2. What is the growth forecast for MICE market?

Answer: The global MICE market is expected to grow with a CAGR of 9.3% from 2023 to 2028.

Q3. What are the major drivers influencing the growth of the MICE market?

Answer: The major drivers for this market are rapid globalization, growing number of B2B/B2C events sponsored by enterprises, and rising number of business travellers for corporate events and exhibitions.

Q4. What are the major segments for MICE market?

Answer: The future of the MICE market looks promising with opportunities in meetings, incentives, conferences, and events.

Q5. Who are the key MICE companies?

Answer: Some of the key MICE companies are as follows:

• BCD Group
• AVIAREPS AG
• Beyond Summits
• ITL World Company (MICEMINDS)
• IMC International
• Global Air-American Express Travel Services
• Questex
• Capita Plc

Q6. Which MICE segment will be the largest in future?

Answer:Lucintel forecasts that meetings is expected to remain the fastest growing event type segment over the forecast period because of the growing number of business events globally coupled with rising trend of organizing hybrid meetings that involve the usage of social media and meeting apps.

Q7. In MICE market, which region is expected to be the largest in next 5 years?

Answer: APAC will remain the fastest growing region over the forecast period due to economic growth, significant rise of SMEs, expansion of corporate industries, and globalization of businesses in the region.

Q8. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the global MICE market by event type (meetings, incentives, conferences, and events) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the past five years and how has they impacted the industry?