The Global Meetings, Incentives, Conferences, And Exhibitions (MICE) Market is estimated to be valued at US$ 876.42 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The MICE market involves various products and services for meetings, incentives, conferences, and exhibitions. It includes banquet and conference services which provide venues for conducting large events along with catering and other necessary arrangement. The demand for such integrated services is growing owing to the time saving and hassle-free experience offered to organizers.
Market key trends:
One of the key trends witnessed in the MICE market is the rise of banquet and conference services. Event organizers are increasingly outsourcing various services such as venue booking, catering, audiovisual equipment rental, and other decorative elements to specialized service providers. This allows organizers to focus on the core aspects of planning and coordination while benefiting from the expertise of banquet and conference companies. It is also a cost-effective option for organizers of small and medium scale events. This trend is expected to drive the growth of banquet and conference service providers in the MICE industry.
Segment Analysis
The global Meetings, Incentives, Conferences, and Exhibitions (MICE) market is segmented into event planning, logistics, and destination management. Among these, the destination management segment dominated the market, accounting for over 35% market share in 2022. This is because destination management services help in destination selection, booking accommodations, arranging on-site logistics and transportation. These services help event organizers focus on the core event planning without worrying about logistical details.
Key Takeaways
The Global MICE Market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing business events and exhibitions around the world.
The market size for 2023 was estimated at US$ 876.42 billion.
North America dominated the MICE market with over 30% share in 2022 due to presence of major event destinations and venues in countries like United States. Asia Pacific is expected to grow at fastest pace due to rising business opportunities in countries like China and India.
Key players operating in the Meetings, Incentives, Conferences, and Exhibitions (MICE) market are Maritz Holdings Inc., BI Worldwide, ITA Group, ONE 10, Meetings and Incentives Worldwide Inc., Creative Group, Access Destination Services, 360 Destination Group, CSI DMC, CWT, Reed Exhibitions Ltd, BCD Group, Corporate and Leisure Events, and ATPI ltd. These key players are focusing on mergers and acquisitions to expanded their service portfolio and global footprints.
The new report studies the Global MICE Market in detail and presents comprehensive forecasts regarding the market’s growth trajectory in the coming years.
The micro and macroeconomic factors influencing the growth of the market are covered in detail in this study.Get Sample Copy of MICE Market Report: https://www.orbisresearch.com/contacts/request-sample/4196588Furthermore, the prime strengths and weaknesses of the key vendors’ dominant in the MICE market have been analyzed on the basis of SWOT analysis.
In addition, the sources of raw materials used for manufacturing by the key manufacturers in 2019 have been detailed in this study.Major Companies Profiled in MICE Market are:PT Pamerindo IndonesiaSociety of Indonesia Professional Convention OrganizerPamerindoDebindo-ITEMELALI MICEGEM INDONESIAIndonesia Hotel and Restaurant AssociationIndonesian Congress and Convention AssociationAssociation of The Indonesia Tours & Travel AgenciesIndonesian Exhibition Companies AssociationThe cost analysis of the Global MICE market has been performed while keeping in view manufacturing expenses, labor cost, and raw materials and their market concentration rate, suppliers, and price trend.
Other factors such as industrial chain, downstream buyers, and sourcing strategy have been assessed to provide a complete and in-depth view of the market.
Buyers of the report will also be exposed to a study on market positioning with factors such as target client, brand strategy, and price strategy taken into consideration.Buy MICE Market Report at Discount: https://www.orbisresearch.com/contact/purchase-single-user/4196588All the way through this report, the core dynamic factors of the MICE market were acknowledged and the commercial partners, end users were also worked out.
Abundant interviews and talks were conducted with the protuberant leaders of the industry to gain dependable and reorganized information relevant to the market.Global MICE Market is segmented based by Type, Application and Region.Based on Type, the Market has been segmented into:MeetingsIncentivesConferencingExhibitionsBased on Application, the Market has been segmented into:Academic FeildBusiness FeildPolitical FieldExhibitionsOthersAsk Our Industry Expert: https://www.orbisresearch.com/contacts/enquiry-before-buying/4196588Table of Content (TOC):Market Overview: The report begins with this section where product overview and highlights of product and application segments of the global MICE Market are provided.
