The U.S. meetings, incentives, conferences, and exhibitions (MICE) industry facilitates corporate events, trade shows, incentive trips, and other experiences to promote brands and engage customers. The industry offers planning and coordination of transport, accommodation, catering, entertainment, and branding for professional events. Increasing demand for experience-based and interactive marketing events from corporates is driving the market.
The global U.S. Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 130 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for increasing digitalization in the industry presents a lucrative growth prospect. The COVID-19 pandemic has accelerated the adoption of virtual and hybrid conference formats. Major industry players are increasingly investing in advanced virtual platforms and technologies to offer immersive digital experiences. This is allowing event organizers to reach a global audience, reduce costs, and ensure business continuity even during crises. The integration of digital technologies such as augmented and virtual reality, artificial intelligence, and blockchain can further engage attendees in interactive and gamified virtual spaces. The growing demand for digitally-enabled events from corporates and associations is expected to drive significant interest and revenues in virtual MICE solutions over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as high initial investments is required to setup facilities for meetings, conferences and exhibitions. However, barriers are low for small players offering niche services.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of varied options and services. Buyers can negotiate for better deals and switch between various planners.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to presence of several event suppliers and vendors providing similar services.
Threat of new substitutes: The threat of new substitutes is low as there are limited options that can substitute in-person meetings, conferences and exhibitions. Online platforms act as complementary rather than substitutes.
Competitive rivalry: The competition in the industry is high among established MICE planners and event management companies.
SWOT Analysis
Strength: Well established infrastructure for hosting large scale events, strong brand image and reputation among major corporate clients, wide service offerings.
Weakness: Seasonal demand, vulnerability to economic cycles and downturns, heavy reliance on discretionary spending.
Opportunity: Growing demand for specialized niche events, scope for international expansions, integration of latest technologies.
Threats: Trade restrictions affecting global participation, natural calamities and pandemics disrupting schedules.
Key Takeaways
The U.S. Meetings, Incentives, Conferences And Exhibitions (MICE) Market Share is expected to witness high growth on account of resurgence in business travel and events post pandemic. The conventions and exhibitions segment dominates currently due to large scale exhibitions and trade shows convention centers host throughout the year. The global U.S. Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 130 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
Regional analysis: The Western region dominates the market currently owing to presence of major convention cities like Las Vegas, Los Angeles, San Francisco etc. The South region is forecasted to be the fastest growing market led by expanding facilities in cities like Atlanta, Dallas etc.
Key players: Key players operating in the U.S. Meetings, Incentives, Conferences and Exhibitions market are Freeman, Informa PLC, RELX Group, BCD Meetings & Events, Cvent Inc, ATPI Ltd, CWT Meetings & Events, Capital Travel and Events, CiEvents, Conference Care Ltd. Freeman is the largest player and enjoys leading positions across verticals.
For more insights, Read- https://www.ukwebwire.com/u-s-meetings-incentives-conferences-and-exhibitions-market/
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