The U.S. Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 125.76 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) Market involves organizing and hosting conferences, seminars, and other events intended for business networking, training and exchange of insights. The demand for MICE activities has grown in the U.S. as organizations recognize their value in boosting sales, building brands and enhancing client and employee relations through networking opportunities. MICE events not only help companies stay on top of industry trends but also evaluate potential partnerships and collaborations.
Market key trends:
One of the key trends in the U.S. MICE market is the growing demand for hybrid events. Due to the pandemic, online conferencing platforms emerged as viable alternatives to in-person events. While physical gatherings are making a comeback post pandemic restrictions, many organizers now offer hybrid events with a mix of in-person and virtual components. This blended model attracts wider audiences from various locations at reduced costs. Another trend is the rising preference for sustainable and responsible MICE activities. Event organizers and venues are placing strong emphasis on reducing environmental impact and supporting local communities through ethical sourcing and volunteering efforts.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate because of the high costs associated with entering this market such as requirements for large conference spaces, event planning services and establishing brands for meetings, incentives, conferences and exhibitions.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various service providers in this market. Buyers can negotiate for better deals and prices.
Bargaining power of suppliers: Suppliers such as venues, event planners have low bargaining power as there are many alternatives available.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for face-to-face interactions provided by meetings, incentives, conferences and exhibitions.
Competitive rivalry: The competition is intense owing to the presence of many domestic and international players.
Key Takeaways
U.S. Meetings, Incentives, Conferences And Exhibitions (MICE) Market Demand is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period of 2023 to 2030, due to increasing business travels in the country. The market size is projected to reach US$ 125.76 billion in 2023.
Regional analysis
North America is expected to dominate the market during the forecast period owing to the presence of major event organizers and venues in the US. The US accounts for majority of the business events in the region. California, Texas, Florida are some of the fastest growing states in terms of meetings and events.
Key players
Key players operating in the U.S. MICE market are One10 LLC, 360 Destination Group, CWT Meetings & Events, ITA Group, ConferenceDirect, Experient, Inc., Eventbrite, Cvent Inc, Reed Exhibitions, Informa plc, Emerald Expositions, BCD Meetings and Events, ATPI Ltd., Interpublic Group, Ruckus Marketing, LLC, Hubb, Freeman, Maritz, BI Worldwide, Conference Care Ltd. Cvent is one of the leading player providing event management software whereas Freeman offers decoration and furniture rental services.
