Global MICE Market Size Likely to Surpass at a CAGR of 9.2% By 2033

As per the current market research conducted by the CMI Research Team, the global MICE Market size is expected to record a CAGR of 9.2% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 886 Billion. By 2033, the valuation is anticipated to reach USD 1931 Billion.

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MICE Market: Growth Factors and Dynamics

Rising Number Of Corporate Events And Business Tourism

The increasing number of corporate events and business tourism is helping the industry develop. For instance, in 2022, Asia Paints had a Sales Conference attended by over 10,000 personnel from around India. A rise in the number of national and international exhibitions, combined with an increase in visitors worldwide, is also driving market expansion.

For instance, the Dubai Exhibitions Expo was initiated to promote the theme of global challenge. The objectives of the events are to promote awareness while celebrating culture, ideas, innovation, and cooperation. This event was attended by 702,000 individuals globally.

Increasing Sustainability Concerns

The environmental impact of foreign travel has been a growing concern. As per the World Travel and Tourism Council, absolute greenhouse gas emissions from the travel and tourism business increased by 2.5% annually, accounting for 4,131 billion kilos of CO2, representing 8.1% of the world's emissions.

In recent years, the global business world has emphasized sustainability and CSR more. The growing environmental awareness and sustainable practices such as waste reduction, energy efficiency, and sustainable procurement drive market expansion.

Increasing competition from virtual platforms

The increasing competition from virtual platforms is impeding the market growth. Virtual events reduce the costs that are incurred in traditional MICE events. The price includes venue rents, travel, lodging, and catering. These cost advantages are attracting firms who have limited funds. Furthermore, these platforms enable participants to attend events from anywhere globally.

Report Scope

MICE Market: New Launches and Acquisitions

• In November 2022, ITA Group partnered with PRM Marketing Services. The partnership would help the company in expanding its Asia Pacific operations.

List of the prominent players in the MICE Market:

• CWT Meetings & Events
• BCD Meetings & Events
• Maritz
• Conference Care
• ATPI Ltd.
• FCM Meetings & Events
• Global Cynergies, LLC
• Capita plc
• AVIAREPS AG
• ITL World Company (MICEMINDS)
• Questex
• Beyond Summits
• Others

The MICE Market is segmented as follows:

By Event Type

• Meetings
• Incentives
• Conferences
• Exhibitions

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America