Market Is Estimated To Witness High Growth Owing To Increasing...

Market Is Estimated To Witness High Growth Owing To Increasing Demand For Meetings & Gatherings And Growing Emphasis On Team Building Activities

Posted 2023-11-06 13:05:46

Market Overview:

The MICE market in the U.S. refers to services and platforms that help organize and host meetings, incentives trips, conferences, exhibitions, and other business gatherings. This includes full planning and logistics assistance for events of all sizes, from small board meetings to large trade shows and conventions. MICE activities play a vital role in linking businesses, promoting brands, and enabling networking and knowledge-sharing opportunities in the U.S.

Market Dynamics:

The steady growth of the U.S. MICE market is driven by the increasing demand among organizations to hold meetings, incentives trips, product launches, networking events and team building activities. With a growing emphasis on collaboration and idea-sharing in the corporate world, MICE events are widely used as an effective medium to strengthen internal communication as well as forge partnerships with other companies. Furthermore, rising disposable income has led to increased spending on professional gatherings and conferences in the country. The transition towards hybrid and virtual events since the COVID-19 pandemic has also expanded the addressable market and opportunities for MICE service providers.

SWOT Analysis

Strength: The U.S. MICE market benefits from a large and diverse economy. The country has a highly developed meetings infrastructure and venues. Professional event management companies provide high quality services.

Weakness: The COVID-19 pandemic severely impacted the MICE industry due to restrictions on large gatherings and travel bans. Virtual events cannot fully replace in-person interactions. Rescheduling canceled events has led to overbooking in the short term.

Opportunity: As the economy reopens, there is pent-up demand for face-to-face interactions and networking opportunities. Hybrid events combining in-person and virtual components are gaining popularity. Advances in technology enable new experiences and efficiencies.

Threats: Continued outbreaks of COVID-19 or new variants pose risks of further restrictions or cancellations. Economic uncertainty and recession could reduce corporate travel budgets. Rising costs of venues, accommodation, and transportation squeeze organizers’ budgets.

The U.S. Meetings, Incentives, Conferences And Exhibitions Market Share is estimated to be valued at US$ 125.76 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways

The U.S. MICE market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period 2023 to 2030, due to increasing demand for face-to-face interactions as the economy reopens after the pandemic.

Regional analysis: The Western region dominates the U.S. MICE industry, accounting for over 35% market share in 2023. Cities like Las Vegas, Los Angeles, and San Francisco are popular destinations for exhibitions, conferences and events due to world-class infrastructure and amenities. The South region is projected to expand at the fastest pace during the forecast period.

Key players: Key players operating in the U.S. MICE market are One10 LLC, 360 Destination Group, CWT Meetings & Events, ITA Group, ConferenceDirect, Experient, Inc., Eventbrite, Cvent Inc, Reed Exhibitions, Informa plc, Emerald Expositions, BCD Meetings and Events, ATPI Ltd., Interpublic Group, Ruckus Marketing, LLC, Hubb, Freeman, Maritz, BI Worldwide, Conference Care Ltd. These companies offer end-to-end services for planning, coordination, venue selection, accommodation, transportation and other requirements of events.