U.S. Meetings, Incentives, Conferences and Exhibitions Market Poised for Growth
The global U.S. MICE Market is estimated to be valued at US$ 125.76 Bn 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.
SWOT Analysis
Strength:The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) market is supported by a strong economy, growth in the tourism industry and rising disposable incomes in the country. The widespread availability of convention centers and event venues in major cities also strengthens the market. Online platforms enabling event registration and management have made planning and executing MICE events more efficient.
Weakness: A shortage of skilled labor and rising costs associated with conducting events pose challenges to the U.S. MICE market. International political and economic uncertainties can negatively impact travel and spending on MICE activities. Dependence on a few large industry players makes the market vulnerable to mergers and acquisitions.
Opportunity: Growth in emerging industries such as biotechnology, fintech and blockchain provide opportunities for specialized conferences and trade shows. Adoption of virtual and hybrid event models enables broader participation and cost savings. Partnerships between venues, event organizers and local tourism boards can boost regional MICE tourism.
Threats: Natural calamities such as hurricanes can disrupt planned MICE events in certain regions. Stringent visa and travel restrictions imposed by other countries impact international participation in U.S.-based events. Competition from low cost MICE destinations threatens the country’s share of the global industry.
Key Takeaways:
The Global U.S. Meetings, Incentives, Conferences and Exhibitions Market Growth is expected to witness high over the forecast period supported by strong economic growth, rising tourism and discretionary spending. The California region dominates in terms of MICE revenues generated owing to the presence of major cities like Los Angeles and San Francisco which host numerous trade shows, conferences and exhibitions annually. Events in the technology, healthcare and financial services industries form a key revenue segment for the California MICE market. The Northeast region is another major market led by New York City which is a top convention destination globally. Cities like Boston and Philadelphia supplement the region’s share through diverse industry conferences and cultural events.
Regional analysis: California dominates the U.S. MICE market generating over 30% of national revenues. Abundance of convention centers, hotels and event venues in cities like Los Angeles, San Francisco, San Diego has made the state a preferred MICE hub. Sectors like technology, biotech and entertainment regularly host exhibitions and conferences. The region is further supported by strong economic growth, vast office infrastructure and a pro-business regulatory environment.
Key players operating in the U.S. Meetings, Incentives, Conferences and Exhibitions (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.
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