Dublin, July 11, 2024 (GLOBE NEWSWIRE) -- The "Meetings, Incentives, Conferences and Exhibitions (MICE) Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
Where is the largest and fastest-growing market for meetings, incentives, conferences and exhibitions (MICE)? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider meetings, incentives, conferences and exhibitions (MICE) market; and compares it with other markets.
Market Insights
The global meetings, incentives, conferences and exhibitions (MICE) market reached a value of nearly $898.45 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.1% since 2018. The market is expected to grow from $898.45 billion in 2023 to $1.35 trillion in 2033.
Growth in the historic period resulted from the increase in business activities, increased internet penetration and rise in disposable income. Factors that negatively affected growth in the historic period include rising terrorist attacks and political instability. Going forward, increasing government support, growth of the global population, strong economic growth in emerging markets and global surge in business trips will drive the market. Factors that could hinder the growth of the meetings, incentives, conferences and exhibitions (MICE) market in the future include increasing use of virtual meetings apps.
The market is segmented by event type into meetings, incentives, conferences and events. The meetings market was the largest segment of the market segmented by event type, accounting for 52.1% or $467.83 billion of the total in 2023. Going forward, the incentives segment is expected to be the fastest growing segment in the market segmented by event type, at a CAGR of 9.8% during 2023-2028.
The market is segmented by service type into event planning and organization, venue management, accommodation services and food and beverage services. The event planning and organization market was the largest segment of the market segmented by service type, accounting for 32.3% or $290.26 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the market segmented by service type, at a CAGR of 9.3% during 2023-2028.
The market is segmented by application into e- academic field, business field, political field, exhibitions and other applications. The business field market was the largest segment of the market segmented by application, accounting for 65.5% or $588.33 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the market segmented by application, at a CAGR of 9.1% during 2023-2028.
The market is segmented by organization type into large enterprises and SME enterprises. The large enterprises market was the largest segment of the market segmented by organization type, accounting for 72.2% or $653.17 billion of the total in 2023. Going forward, the SME enterprises segment is expected to be the fastest growing segment in the market segmented by organization type, at a CAGR of 8.3% during 2023-2028.
The market is segmented by end-user into associations, government, oil and gas, entertainment, sports, consulting and professional services, technology and telecommunications, construction, finance and insurance, healthcare and pharmaceuticals, education and academia, retail, manufacturing and mining and other end users. The government market was the largest segment of the market segmented by end-user, accounting for 21.9% or $196.54 billion of the total in 2023. Going forward, the technology and telecommunications segment is expected to be the fastest growing segment in the market segmented by end-user, at a CAGR of 11.7% during 2023-2028.
Western Europe was the largest region in the market, accounting for 33% or $296.26 billion of the total in 2023. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 9.4% and 8.8% respectively. These will be followed by North America and Eastern Europe, where the markets are expected to grow at CAGRs of 8.4% and 8.1% respectively.
The global market is highly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 1.01% of the total market in 2022. Expedia Group Inc. was the largest competitor with a 0.14% share of the market, followed by ATPI Ltd. with 0.14%, Maritz Holdings Inc. with 0.13%, Flight Centre Travel Group with 0.12%, Italia Trasporto Aereo S.p.A. with 0.11%, American Express Company with 0.11%, The Freeman Company with 0.09%, GL events Group with 0.09%, Radisson Hospitality Inc. with 0.07% and Aviareps AG with 0.02%.
The top opportunities in the market segmented by event type will arise in the meetings segment, which will gain $241.96 billion of global annual sales by 2028. The top opportunities in the market segmented by service type will arise in the event planning and organization segment, which will gain $161.51 billion of global annual sales by 2028. The top opportunities in the market segmented by application will arise in the business field segment, which will gain $322.73 billion of global annual sales by 2028. The top opportunities in the market segmented by end-user will arise in the government segment, which will gain $78.33 billion of global annual sales by 2028. The top opportunities in the market segmented by organization type will arise in the large enterprises segment, which will gain $319.19 billion of global annual sales by 2028. The market size will gain the most in the USA at $107.73 billion.
Market-trend-based strategies for the market include launch of cutting-edge technology centers to deliver innovative services, new platforms to meet the evolving needs of event organizers, strategic partnerships and collaborations among major players and introduction of virtual and augmented reality experience technologies with new chat features.
Player-adopted strategies in the market include expanding business through new product developments, strengthening business capabilities through new service launches, enhancing business capabilities through strategic partnerships and strengthening business capabilities through new solutions.
Markets Covered:
1) by Event Type: Meetings; Incentives; Conferences; Events
2) by Service Type: Event Planning and Organization; Venue Management; Accommodation Services; Food and Beverage Services
3) by Organization Type: Large Enterprises; SME Enterprises
4) by Application: E-Academic Field; Business Field; Political Field; Exhibitions; Other Applications
5) by End-User: Associations; Government; Oil and Gas; Entertainment; Sports; Consulting and Professional Services; Technology and Telecommunications; Construction; Finance and Insurance; Healthcare and Pharmaceuticals; Education and Academia; Retail; Manufacturing and Mining; Other End Users
Key Companies Mentioned: Expedia Group Inc.; ATPI Ltd.; Maritz Holdings Inc.; Flight Centre Travel Group; Italia Trasporto Aereo S.p.A.
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; meetings, incentives, conferences and exhibitions (MICE) indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 429 |
| Forecast Period | 2021-2031 |
| Estimated Market Value (USD) in 2021 | $898.45 Billion |
| Forecasted Market Value (USD) by 2031 | $1935.75 Billion |
| Compound Annual Growth Rate | 8.0% |
| Regions Covered | Global |
A selection of the other companies mentioned in this report includes, but is not limited to:
- American Express Company
- The Freeman Company
- GL events Group
- Radisson Hospitality Inc.
- Aviareps AG
- The China International Travel Service (CITS)
- Sinoexpo Informa Markets
- Shanghai UBM Sinoexpo International Exhibition Co. Ltd.
- Messe Frankfurt (Shanghai) Co. Ltd.
- Reed Exhibitions China
- Beijing CIEC International Exhibition Co. Ltd.
- Shanghai Convention & Exhibition Industries Association (SCEIA)
- Shanghai New International Expo Centre (SNIEC)
- Shanghai World Expo Exhibition & Convention Center
- Thailand Convention & Exhibition Bureau
- PICO India
- Japan Convention Services, Inc. (JCS)
- Congress Corporation
- Coex Convention & Exhibition Center
- Korea International Exhibition Center (KINTEX)
- ICC Sydney
- Melbourne Convention and Exhibition Centre (MCEC)
- Jakarta Convention Center and Indonesia Convention Exhibition (ICE)
- Comexposium
- Deutsche Messe
- Messe Frankfurt
- Fira Barcelona
- IFEMA
- Stockholmsmassan
- Svenska Massan
- MCH Group
- Palexpo
- Fiera Milano
- Fiera Roma
- Reed Exhibitions
- Informa Markets
- Expocentre
- Crocus Expo
- Romexpo
- Miedzynarodowe Targi Poznanskie
- Ptak Warsaw Expo
- Prague Congress Centre
- PVA EXPO PRAHA
- Freeman
- Cvent Inc.
- GES
- BI Worldwide
- JPdL Destination Management
- Tourism Toronto
- Eventscape
- Fiesta Americana Grand Meetings Mexico
- Grupo Posadas
- Carlson Wagonlit Travel Meetings & Events (CWT Meetings & Events)
- Grupo Actidea
- Alugue Brasil
- Eventus
- Grupo Soluciones
- Kenes Group
- Messe Frankfurt Group
- Informa plc
- GL events
- MCI Group
- Hilton Worldwide Holdings Inc.
- Hyatt Hotels Corporation
- Marriott International, Inc.
- DMG Events
- The Ticketpro Dome
- Sandton Convention Centre
- Landmark Centre
- Eko Hotels & Suites
- Kenyatta International Convention Centre (KICC)
- Safari Park Hotel & Casino
- Speke Resort and Conference Centre
- Kampala Serena Hotel
- Cairo International Convention Centre (CICC)
- Egypt International Exhibition Center
For more information about this report visit https://www.researchandmarkets.com/r/5qfquw
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
