Market For Meetings, Incentives, Conferences, and Exhibitions (MICE) To Witness High Growth Owing To Increased Corporate Spending And Rising Number Of International Events

The Meetings, Incentives, Conferences, and Exhibitions (MICE) Market is estimated to be valued at US$ 876.42 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The MICE market involves the organization of meetings, incentive trips, conferences, exhibitions, and other events for businesses and organizations. Key products and services in this market include conference room facilities, event planning and management, transport services, and accommodation facilities. The MICE market caters to corporate meetings, seminars, trade shows, product launches, and incentive trips.

Market Dynamics:
The MICE market is driven by increased corporate spending on meetings, events, and travel. According to the Global Business Travel Association, business events and travel spending was projected to reach US$ 1.43 trillion in 2022. Rising number of international conferences, trade exhibitions, and other B2B events is also fueling market growth. According to data from the Union of International Associations, over 33,000 international professional associations held over 18,000 international conferences in 2019. Additionally, growing investments by governments worldwide to promote their countries as MICE destinations isexpected to boost the market during the forecast period. However, the recent COVID-19 pandemic significantly impacted the MICE market due to lockdowns and travel restrictions imposed worldwide.

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