Israel Meetings, Incentives, Conferences And Exhibitions (MICE) Market Set For Robust Growth Over Next Decade On Back Of Reviving Tourism Sector
The Israel Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 1.92 billion in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Israel MICE market caters to a diverse range of customers through meetings, incentives, conferences, and exhibitions. Key products and services offered include event planning, destination management, booking of venues and accommodations, and registration management. The market facilitates both domestic and international business events and experiences.
Market Dynamics:
The Israel MICE market is driven by the revival of the tourism sector post pandemic restrictions. The number of international tourist arrivals to Israel grew significantly in 2022, boosting the demand for business events. Additionally, Israel has emerged as a favored MICE destination in the region owing to its vibrant culture, modern infrastructure, and strategic location. The country regularly hosts large scale global events in sectors such as AI, cybersecurity and climate which is supporting the growth of the local MICE industry. The government is also undertaking initiatives to promote Israel as a center for conferences.
Market key trends:
The Israel Meetings, Incentives, Conferences and Exhibitions (MICE) market has been witnessing strong growth over the past few years. One key trend in the market has been the rising demand for international conferences and events in Israel. With increased tourism promotion by the Israeli government, many global organizations have started holding conferences and exhibitions in Israel, taking advantage of its strategic location between Europe, Asia and Africa. This has helped boost the MICE industry and attract more business events and trade shows to the country.
SWOT Analysis
Strengths: Presence of world-class infrastructure for large events and exhibitions. Government support through various initiatives to promote MICE tourism.
Weaknesses: High costs associated with organizing events. Political tensions and security concerns deter some international travelers.
Opportunities: Growing focus on attracting niche events in areas like technology, medicine can aid growth. Scope to further enhance regional connectivity.
Threats: Outbreak of conflicts and violence can negatively impact travel. Intense competition from other regional destinations.
Key Takeaways
Market size: Israel Meetings, Incentives, Conferences And Exhibitions Market Demand was valued at US$ 1.92 billion in 2023. The market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period to reach a value of US$ 3.08 billion by 2030, due to increasing business events and tourism promotion activities in the country.
Regional analysis: The domestic MICE market accounts for the major share in Israel currently. However, the international MICE segment is growing at a faster rate, aided by the government's initiatives to position Israel as a global hub for business events. Tel Aviv is the largest MICE destination in the country, hosting over 80% of the total events. Other important regions include Jerusalem and Eilat.
Key players: Key players operating in the Israel MICE market are Kenes Group, RMC, Kuoni DMC, ISSTA, Diesenhaus Unitours, Talent, SMG, BCD Travel, CWT, Access Israel. Major players are focusing on enrichment of event experiences through innovation and new service offerings.
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