MICE Tourism Market Size
The MICE tourism market was worth $42.8 billion in 2022 and is expected to grow at a rate of 7% per year from 2023 to 2032. The industry will grow thanks to more money from the government. Governments are realizing that holding business events may help the economy, so they are making smart investments in infrastructure, venue construction, and marketing.
For example, the State Government of Rajasthan, India wants to build MICE centers in March 2023 as part of a larger strategy to invest in the tourism industry. The Chief Minister of the state said when he announced the budget for 2023–24 that Jaipur, Udaipur, Jodhpur, and Ajmer are the best places for the centers. Each center will earn $12.7 million.
The globalization of company operations makes it necessary for people to contact directly with one other often, which drives the market. As businesses grow around the world, they need more international conferences, business meetings, and networking events. MICE tourism is an important way for professionals to meet, share ideas, and work together, making the world a more dynamic place for business growth and information transfer.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| MICE Tourism Market Size in 2022 | USD 42.8 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 7% |
| 2032 Value Projection | USD 83.9 Billion |
| Historical Data for | 2018 - 2022 |
| No. of Pages | 230 |
| Tables, Charts & Figures | 223 |
| Segments covered | Event type, Application |
| Growth Drivers |
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| Pitfalls & Challenges |
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Uncertain economic conditions make it hard for the industry to make improvements. When the economy is bad, companies may cut back on spending, which could mean less money spent on events and conferences. Not wanting to spend money on business trips and meetings can diminish the demand for MICE services.
COVID-19 Impact
The COVID-19 epidemic had a very bad effect on the market. Many events around the world were canceled or put off because of travel restrictions, lockdowns, and health concerns. Hygiene rules and social separation made it even less likely that huge groups would be able to meet. The drop in international travel and the move to virtual events made traditional MICE activities far less common.
MICE Tourism Market Trends
The growth of the MICE tourism business is speeding up because to the rise of MICE platforms. These specialized platforms make arranging events easier by quickly linking organizers with the right venues, services, and keynote speakers. For example, in July 2023, GAIN, a well-known global consulting firm that focuses on new ideas in travel and hospitality, launched GAINTalks. This speaker platform is a central center for event planners, business leaders, and those who work in the MICE industry. It makes it easier to find keynote speakers who will have a big impact.
Working together in the industry is a big part of what drives the market. When tourism boards, event planners, and businesses work together, they can develop synergies that lead to better marketing strategies, more appealing packages, and better promotional efforts. These partnerships make the most of resources and make MICE locations more appealing to a wider range of people. By working together, stakeholders help events be successful and create a space where people can network and share expertise.
MICE Tourism Market Analysis
People commonly group events by their type, such meetings, conferences, exhibitions, and incentives. In 2022, meetings brought in a whopping $16.9 billion. A large part of this expansion is business networking. At meetings, professionals might meet new people, create connections, and perhaps find new business prospects. Companies also hold meetings to introduce new products or services. It's a terrific method to get a lot of buzz going about your product and show it to potential clients. In the event industry, meetings are a smart method to make new connections and show off new items.
The MICE tourism market is split into four main groupsbusiness, education, government, and other types of travel. In 2022, the corporate sector made for about 40% of the market. Incentive travel programs are a big reason why the corporate segment is doing so well. Companies use incentive travel in smart ways to inspire and reward employees, clients, or partners, which builds loyalty and improves performance. At the same time, corporate meetings are very important for training and developing employees because they give them a chance to improve their skills and share knowledge.
The MICE tourism market is growing in North America. In 2022, the region had about 33% of the market. One of the main reasons for the growth of the North American tourist business is that corporations are strategically adding MICE verticals. These companies are taking advantage of the increased demand for business events in the area by adding services that are tailored for the MICE segment. The region is a great place for business meetings, conferences, and events because it has a lot of interesting and diverse places to visit and a robust hospitality industry.
MICE Tourism Market Share
Major players operating in the MICE Tourism industry are
- ATPI LTD
- AVIAREPS AG
- BCD Meetings & Events
- Beyond Summits
- CONFERENCE CARE LTD.
- CWT Meetings & Events
- FCM Travel
- Global Air-American Express Travel Services (Global Business Travel Group, Inc.)
- ITL World Company (MICEMINDS)
- Maritz
- One10
- QUESTEX LLC.
These companies manage and invest in cutting-edge convention centers, providing state-of-the-art venues for large-scale events. They leverage technology, offering event management solutions, virtual platforms, and immersive experiences. Leading hospitality firms ensure top-tier accommodations and services, enhancing the overall event experience.
MICE Tourism Industry News
- In December 2022, Tripjack, a B2B travel portal, launched a MICE vertical to carve a niche in the market by leveraging its existing network. The potential growth of MICE in India motivated Tripjack to establish a vertical in MICE tourism.
The MICE tourism market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
By Event Type, 2018 – 2032
- Meetings
- Incentives
- Conferences
- Others
By Application, 2018 – 2032
- Corporate
- Education
- Government
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Asia Pacific
- China
- India
- Australia
- Japan
- South Korea
- Singapore
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
- Saudi Arabia
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