Growing Demand For Hybrid And Virtual Events To Boost Prospects Of The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) Market
The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 125.76 billion 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.
Market Overview:
The MICE market involves planning and organizing corporate events such as conferences, trade shows, incentive travel programs, and meetings. It offers business development opportunities and networking platforms for stakeholders in various industries.
Market Dynamics:
The market is driven by the growing preference for hybrid and virtual events among corporations and associations. The COVID-19 pandemic has accelerated the transition towards digitalization of events. While in-person interactions are regaining traction, hybrid format allows for greater accessibility and cost savings. Furthermore, technological advancements such as virtual reality and artificial intelligence are enhancing the user experience of virtual gatherings. Event organizers are leveraging these technologies to engage audiences and replicate in-person feelings in digital settings.
Market key trends:
The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) market is witnessing increased adoption of digital technology. Event organizers are increasingly leveraging digital platforms and tools to enhance visitor experience at events. Technologies such as virtual and augmented reality are being integrated to provide immersive experience to audience. Furthermore, event organizers are using mobile apps to share event schedules, maps and provide other important information to attendees. Digital tools allow events to scale up easily and also help reduce environmental footprint by reducing printing needs.
SWOT Analysis
Strength: Large potential market size in U.S.; Digital tools allow events to reach wider audience and reduce costs.
Weakness: Risk of event cancellations or postponements due to unforeseen circumstances like COVID pandemic; Heavy reliance on virtual events can reduce attendee experience.
Opportunity: Growing demand for hybrid events model combining physical and virtual components; Integration of newer technologies like AR/VR provides opportunities for improved experience.
Threats: Intense competition from other regional markets; Shift of spending to virtual/digital alternatives can reduce revenues of physical events industry.
Key Takeaways
U.S. Meetings, Incentives, Conferences And Exhibitions (MICE) Market Demand was valued at US$ 125.76 billion in 2023. The market is expected to grow at a strong CAGR of 4.8% during 2023 to 2030 driven by increasing adoption of hybrid events models.
Regional analysis: The Western region dominated the U.S. MICE market in 2023 with more than 30% share, followed by Southern region. The Western region is expected to continue its leading position, expanding at highest CAGR during forecast period supported by presence of major conference destinations like California and Nevada.
Key players analysis: Key players operating in the U.S. MICE market include 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. Major players are focusing on acquisitions and partnerships to enhance service offerings and expand geographic footprint.
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