MICE Industry to Grow at 6.1% CAGR by 2030

Increasing globalization with expanding business all around the globe with increasing trade practices and an increase in the tourism industry is expected to drive the growth of the MICE industry during the forecast period of 2024-2030.

According to a new research report by Next Move Strategy Consulting, the MICE Industry is expected to grow at a CAGR of 6.1% from 2024-2030. The MICE industry represents meetings, incentives, conferences, and exhibitions along with arrangements related to the same on a global level. All the activities differ from each other and require different arrangements and itineraries. For meetings, everything is arranged by the company and incentives are given to employees as a token of appreciation. Conferences and exhibition arrangements are done by the organizing committee or agents. Such events include individuals from the same profession or background to share their experiences & knowledge.

According to the report, Constant growth in globalization led to the development in trade practices with exchanges of goods, culture, and others. On the other hand, the surge in business activities with growth in the global expansion of MNCs also anticipated market growth. Moreover, the development of the tourism industry is also expected to support the growth of the MICE industry. Furthermore, an increase in international events and government initiatives to further promote small business ideas are expected to influence the market trend with friendly policies.

However, the high cost of the MICE events along with different geopolitical conditions may restrain the market growth. On the contrary, Technological advancements as well as growing investments in such events can bring major shifts in the business to provide numerous opportunities to the market in the coming few years.

Based on event type, the MICE industry share is segmented into meetings, incentives, conventions, and exhibitions. The meetings segment dominates the global anti-foaming agent market in terms of market share and will be the dominant during the forecasted period. Based on application, the MICE industry is categorized into Academic Field, Business Field, Political Field, Exhibitions, and Others. The business field is the fastest growing segment followed by exhibitions to dominate the application segment over the forecast period with a significant growth rate.

Europe is likely to account for the highest size share of the MICE industry in the forecast period, owing to the presence of advanced technology with a high internet penetration rate owing to the high adoption rate of smart devices. North America accounts for the second leading position in the MICE industry size. Asia Pacific is expected to be the fastest developing region owing to rapid industrialization with rapidly growing business activities and tourism. Moreover, high internet penetration with supporting government policies has anticipated market growth.

According to the report, some the key players in the MICE industry are BI Worldwide, Ltd., BCD Group, One10, LLC, ITA Group, Inc, Conference Care Ltd, Meetings and Incentives Worldwide (M&IW), Maritz, Cievents, ACCESS Destination Service, 360 Destination Group, CSI DMC, The Freeman Company, Carlson Wagonlit Travel, IBTM, Creative Group, Inc., ATPI Ltd, and The Interpublic Group of Companies, Inc.

Key Insights from the MICE Industry Report:

• Asia Pacific is the fastest growing MICE industry owing to the increase in industrialization with an increase in business activities and global expansion of MNCs. Moreover, supporting government policies and an increase in tourism industries are further anticipated market growth.
• The Business Field application dominates the segment and is expected to grow at a significant CAGR to maintain the lead in 2030.
• Some of the major players in the market are BI Worldwide, Ltd., BCD Group, One10, LLC, ITA Group, Inc., Conference Care Ltd, Meetings and Incentives Worldwide (M&IW), Maritz, Cievents, ACCESS Destination Service, 360 Destination Group, CSI DMC, The Freeman Company, Carlson Wagonlit Travel, IBTM, Creative Group, Inc., ATPI Ltd, and The Interpublic Group of Companies, Inc.

The MICE industry report is segmented by event type, application, and geography.

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