The MICE vertical is a key revenue generator for the tourism sector, especially in modern times. The World Tourism Organization states that every year, of the total 10 billion travels, around 14% account for business travel. The MICE vertical, which includes meetings, incentives, conferences, and exhibitions, has become an important pillar in terms of business growth and a direct result of globalization and economic reforms.
Globalization is currently is the most talked about topic in all areas. It is the integration of economies around the world, the movement of people and technology worldwide. Businesses have mostly become global, catering to clients across continents. Small and medium businesses have also expanded and set up shops all over. Globalization, thus, is pivotal to the MICE market’s growth as it creates an opportunity for such activities to thrive.
People from various businesses that are related in some way or the other require a platform for sharing ideas, information, and technology that can propel their businesses further. Exhibitions, conferences, and conventions serve an ideal opportunity for small and medium enterprises to demonstrate their skillsets to the world.
Many economies, especially emerging ones, are focussing on strengthening their tourism sectors. Brazil, Russia, and India have ramped up their investments in tourism to create a favorable environment for MICE events. Among the developed economies, the U.S., Singapore, Germany, China, the U.K., France, Italy, and Spain have been consistently performing well. The robust tourism sectors in these countries allow the MICE industry to flourish as well, as hospitality, catering, and other services provided to MICE visitors make these countries prime locations for MICE activities.
Another region expected to register positive gains in Africa. Increasing flight access and connectivity, favorable exchange rates, and an opportunity for carrying out sustainability and CSR events, which further create a brand image around sustainability drive market growth in the region.
Companies are finding it difficult to manage the additional financial burden for MICE events, which is why many companies are pursuing live-streaming and webinars to save time and funds. An important point to look into is that the MICE industry can only sustain when the economy is strong. Otherwise, companies will seek other alternatives, such as conducting live-streaming of meetings and conferences.
One of the major factors that companies look at it is sustainability. In today’s world, any event that is unsustainable or disregards the people involved in it is a big no. Ethical practices and sustainable outlook have gained prime importance as to how companies are looked at. Another is authenticity, where consumers want real and honest experiences for leisure and business purposes. The MICE industry has also incorporated the concept of well-being due to the growing concerns with mental health. These factors have become integral to the MICE sector, where companies receive a platform to showcase their commitment towards their employees and future customers.
| Study Period | 2020-2032 | CAGR | 5.7% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD XX Billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD XX Billion |
| Largest Market | North America | Fastest Growing Market | Europe |
Important factors in deciding the location for MICE events are the location’s core value and relative expensiveness. The location should have connectivity, adequate resources, excellent infrastructure in terms of meeting and accommodation, and an established service sector for support. Moreover, the government should be supportive with regards to the policies and regulations in relation to MICE events and activities.
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Key End-Users: E-Sports, Automotive, Pharma, & Banking
The MICE market is primarily dependent on the below industries.
The automotive industry is already on the cusp of entering into a new world of electric vehicles, driverless cars, and digitization. Even if the industry is looking at a slack, electric vehicles are expected to drive the automotive industry. New technologies and products are always showcased in auto-expos, which is a part of MICE.
The pharma industry has also greatly benefited by technology with the rise in wearables and health gadgets, such as smart bands and smartwatches, capable of tasks comparable to advance medical equipment. The pharma industry has always played a part in the growth of the MICE industry as conferences and exhibitions are a key part of the pharma industry.
Increasing regulations, the launch of new products and equipment, and the growing convergence of pharma and technology, all create a positive outlook for the MICE Industry market to grow. Other industries, such as banking, retail, engineering, and construction, have also been contributing to the MICE industry.
E-sports has been looked at as an industry that can immensely contribute to the MICE Industry market. Global sporting events with respect to online gaming have observed phenomenal growth in the past few years. Many B2B events, brand activations, product launches, and global tournaments are a big part of E-sports. E-sports has the potential to contribute more than the pharma and banking industries to the MICE market.
The COVID-19 pandemic has resulted in delays in regulatory approvals for life sciences products due to delay in regulatory communication and meetings. The work from home imposed by the governments has compelled the players to perform teleconferences, which are expected to delay timelines shared with the clients. The client protocol prohibits the transfer of work to the employees due to data security concerns, further hampering the market growth.
