The meetings, incentives, conferences, and exhibitions (MICE) industry refers to promoting events such as corporate meetings, seminars, exhibitions, conferences, and incentive trips. MICE events are generally used by companies and organizations to reward employees, launch new products, train personnel, build brand awareness, promote business networking and gain leads.
The global MICE Market is estimated to be valued at US$ 192.39 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for creative business meetings from corporates aiming to promote team bonding and collaborative work culture is a key trend driving the growth of the MICE market. Various MICE event service providers are focusing on unique experiences and venues to attract corporates in order to gain a competitive advantage. They are organizing recreational activities, adventure events and theme-based meetings. This encourages employees to think out-of-the-box and fosters innovation within organizations. The integration of latest technologies also offers an engaging experience to the participants. Such factors are positively impacting the MICE market growth.
Segment Analysis
The global meetings, incentives, conferences, and exhibitions (MICE) industry is segmented on the basis of event type, source, and industry vertical. The events type segment includes corporate events, expositions/trade shows, conventions, and conferences. Among these, the corporate events segment dominates the market owing to rising demand from corporates for team building activities and employee engagement programs.
Key Takeaways
The global Meetings, Incentives, Conferences, And Exhibitions (MICE) Market is expected to witness high growth over the forecast period of 2024 to 2031. The global MICE Market is estimated to be valued at US$ 192.39 Mn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Regional analysis shows that North America currently holds the largest share due to strong presence of event management companies and availability of various venues in the US and Canada. The Asia Pacific region is expected to witness the fastest growth attributed to rising tourism and business activities in major countries like India and China.
Key players operating in the meetings, incentives, conferences, and exhibitions (MICE) market are Ancol Pet Products Limited, Blue Buffalo Co., Ltd., Champion Petfoods LP, Hill`s Pet Nutrition, Inc., and Mars, Incorporated. These players are focusing on promoting MICE events to attract more customers and enhance their regional presence. Improving technology infrastructure is also helping event organizers in countries like India and China to host larger events.
For more insights, read- https://www.newsstatix.com/meetings-incentives-conferences-and-exhibitions-mice-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html
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