U.S. MEETINGS, INCENTIVES, CONFERENCES AND EXHIBITIONS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The U.S. meetings, incentives, conferences and exhibitions market size was estimated to be valued at US$ 125.76 Billion in 2023 and is expected to reach US$ 174.61 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030.

Analyst Viewpoint:

The U.S. meetings, incentives, conferences and exhibitions (MICE) market continues to experience strong growth potential driven by increasing demand for face-to-face interactions and expansion of the convention center infrastructure. However, profit margins may remain under pressure due to rising costs of operation and stiff competition among destinations. California, Texas, Florida and Nevada will likely to remain the dominant states due to presence of major convention centers, tourism attractions and business-friendly environment.

Alternate channels like virtual and hybrid events pose a challenge by providing flexible options to clients. Nevertheless, in-person interactions remain irreplaceable for networking opportunities and to experience destinations first-hand. Successful adoption of technology solutions can help organize and scale events smarter. On the supply side, developing niche event venues and offerings are centered on culinary experiences, wellness, and outdoors could open new revenue streams.

U.S. Meetings, Incentives, Conferences and Exhibitions Market Drivers:

• Rising business travel Expenditure: The global business travel expenditure has been increasing steadily in 2020-2022. This growth is due to positive economic conditions and rising corporate profits. As businesses expand their operations globally, the number of corporate trips and business events also increase. This results in a parallel growth in the meetings, incentives, conferences and exhibitions (MICE) industry. The market is further driven by businesses organizing more training programs, seminars, product launches, and team building activities. According to the U.S. Travel Association, domestic business travel expenditure reached over US$270 Billion in 2021, thus marking an increase of 15% from the 2020.
• Adoption of virtual meeting technologies: Integration of virtual and hybrid meeting technologies is significantly driving the growth of the meetings, incentives, conferences and exhibitions (MICE) market. Platforms like virtual conference solutions, augmented (AR) and virtual reality, (VR) and artificial intelligence (AI) provide enhanced participant experience and audience engagement. These  also allow increased event customization and data insights. Many organizations adopted these technologies during the COVID-19 pandemic, thus leading to their rising popularity. Their ability to expand audience reach at lower costs is attracting more event organizers. According to the data provided by  the U.S. Bureau of Labor Statistics, the number of virtual meetings and webinars hosted in the U.S. increased by over 250% between March 2020 to December 2020.
• Expanding domestic tourism: The expanding domestic tourism industry in the U.S. has led to the mushrooming of hotels, convention centers, and other event venues. This has facilitated the growth of the meetings and events industry. Destinations are upgrading their infrastructure and providing tax incentives to attract more MICE events. The rise of destination marketing organizations has further boosted domestic tourism. According to projections by the United Nations World Tourism Organization, domestic travel is estimated to recover faster than international travel between 2020-2023.
• Increasing demand for hybrid events: Hybrid events are witnessing increasing  demand driven by their ability to engage both virtual and in-person audiences. These allow increased participant access, lead generation, and event monetization. Several platforms have launched hybrid event solutions to capitalize on this demand. The format provides flexibility to connect different audience demographics for enriched participant experience. The International Congress and Convention Association forecasts global hybrid MICE revenues will reach US$2.6 Billion by 2023, up from just US$50 million in 2019.

U.S. Meetings, Incentives, Conferences and Exhibitions Market Opportunities:

• Virtual and hybrid events: Virtual and hybrid events present immense opportunities for market growth. They allow organizers to reach global audiences in an immersive digital environment through virtual conference platforms. Their lower costs and wider reach are attracting event planners. Virtual events also enable generation of data for attendee profiling and targeted advertising. According to data provided by  the U.S. Bureau of Labor Statistics, the use of video conferencing for business meetings and team collaboration increased by over 65% from 2019 to 2021.
• Emerging markets: Developing economies in Asia Pacific, Middle East and Latin America offer lucrative opportunities for market expansion due to rising disposable incomes and infrastructure investments. Countries like China, India, Brazil, U.A.E, Thailand and Singapore are promoting themselves as attractive meetings, incentives, conferences and exhibitions (MICE) destinations with integrated venues, accommodation and transport facilities. Market  players can tap into these high potential markets through partnerships with local players. Several countries provide incentives like subsidies and tax breaks to attract international events. According to the United Nations World Tourism Organization, international tourist arrivals from emerging markets grew from 50 million in 2000 to over 200 million in 2019, with Asia and Latin America leading the growth.
• Data analytics integration: Incorporating data analytics into events provides organizers detailed insights into attendee behavior. This data can be leveraged to profile target audiences, customize event agendas, and improve experiences. Analytics allow measurement of participant engagement levels and marketing Return of Investment (ROI). Platforms like Cvent (a software-as-a-service (SaaS) company that specializes in meetings, events, and hospitality management technology by offering web-based software for in-person, virtual, and hybrid events, including online event registration, venue selection, event marketing and management, virtual and onsite, and attendee engagement) and Bizzabo (a management, marketing and interaction platform for event professionals looking for an all-in-one solution to host their website, event mobile app and live interaction activities.) already offer built-in analytics to demonstrate the value of events. Wider adoption of data intelligence opens opportunities for market players to develop smart event technologies. According to the U.S. Bureau of Economic Analysis, business expenditure on events and travel is projected to increase by 16.3% in 2022 as COVID restrictions ease.
• Industry consolidation: The meetings and events industry is highly fragmented with many small suppliers and third-party planners. Industry consolidation presents opportunities for larger players to increase their market shares through mergers and acquisitions. Technological advancements are also enabling end-to-end platforms to provide integrated solutions. Consolidation helps companies optimize operations and lower costs through economies of scale. According to data provided by  the U.S. Bureau of Economic Analysis, business investment in intellectual property has steadily increased year-over-year since the onset of the pandemic, growing over 13% in 2021 alone.                              

U.S. Meetings, Incentives, Conferences and Exhibitions Market Trends:

• Shorter booking cycles: Shorter booking cycles is an emerging trend with organizers preferring venues and vendors with real-time availability. This allows quicker turnaround times and flexible planning. Instant booking solutions provided by online platforms like Cvent (a software-as-a-service (SaaS) company that specializes in meetings, events, and hospitality management technology by offering web-based software for in-person, virtual, and hybrid events, including online event registration, venue selection, event marketing and management, virtual and onsite, and attendee engagement) and Bizzabo (a management, marketing and interaction platform for event professionals looking for an all-in-one solution to host their website, event mobile app and live interaction activities.) facilitate this trend. It also enables planners to take advantage of lower pricing by booking nearer to the event dates when there are venue cancellations. Shorter cycles also aid in postponement of events if required. According to data provided by the  Cvent's 2021 Event Planner Sentiment Survey, over 850 U.S. event professionals, 92% believes expanded digital options helped them move their 2021 events to a virtual, hybrid or in-person status despite ongoing pandemic uncertainties.
• Sustainable event practices: Sustainability is becoming a priority for the events industry with rising eco-consciousness among planners and attendees. Venues are implementing green practices like energy conservation, waste management, and local sourcing. Organizers are also opting for recycled and eco-friendly event supplies to reduce carbon footprint. Some corporations tie sustainability goals to meetings and events. In 2021, according to a study conducted by the Events Industry Council, 66% of meeting professionals indicated sustainability which was an important factor in their selection of event venues.
• Experiential events: Experiential events that provide immersive experiences through audience interaction are gaining prominence. Gamification, workshops, branded event technologies and local cultural experiences are being integrated. The annual (Environmental Systems Research Institute) ESRI User Conference for (geographic information systems) GIS technology witnessed  over 60,000 attendees in 2022, a significant increase from prior in-person events, thus demonstrating strong interest in high-quality experiences for professional development.
• Health and safety: COVID-19 protocols have led to increased emphasis on health, safety, and hygiene at event venues. Use of contactless technologies is rising along with procedures for crowd management, temperature checks, deep cleaning, air quality monitoring, and others. Hybrid events are also preferred for enabling social distancing. Planners prefer venues with strict safety standards. In 2022, (Export Inspection Council) EIC developed an all secure health and safety standard for the global events industry focusing on cleanliness and customer protocols.

U.S. Meetings, Incentives, Conferences and Exhibitions Market Restraints:

• Budget constraints: A major factor restraining the growth of the U.S. Meetings, Incentives, Conferences and Exhibitions Market are budget constraints faced by corporates and event planners. Virtual and hybrid events requiring significant technology investment may be avoided by small businesses with limited budgets. Rising inflation, recession risks, and geopolitical turmoil also negatively impact corporate budgets for events and business travel. The key market players need to allocate proper budget for the meetings, incentives, conferences and exhibitions (MICE), in order to avoid the budget constraints by the corporates and event planners.
• Geopolitical uncertainty: Geopolitical tensions and economic uncertainty limit participation in global events. Visa and travel restrictions can prevent international attendees while conflicts dampen corporate travel sentiment. Currency fluctuations and inflation in certain countries also restrain growth. Trade wars and protectionist policies adopted by governments worldwide further discourage foreign corporate events participation.
• COVID-19 Implications: While meetings, incentives, conferences and exhibitions (MICE) activities have picked up pace after COVID-19 lockdowns, there are still certain implications that are restraining optimal growth. Continued health risks and future pandemic uncertainty make companies hesitant about large in-person events requiring travel. Smaller regional events are often preferred for limiting risks. Vaccine inequality also prevents seamless global participation. Furthermore, some organizations have permanently transitioned to virtual meetings for saving costs. According to data provided by United Nations World Tourism Organization (UNWTO), international tourist arrivals declined by 74% in 2021 from pre-pandemic levels, thus indicating the sluggish recovery of travel and tourism sector globally.

Recent Developments

New product launches

• In 2021, Bizzabo (a management, marketing and interaction platform for event professionals looking for an all-in-one solution to host their website, event mobile app and live interaction activities.) introduced its hybrid events solution to facilitate organizers in hosting in-person and virtual events concurrently
• In 2020, Cvent (a software-as-a-service (SaaS) company that specializes in meetings, events, and hospitality management technology by offering web-based software for in-person, virtual, and hybrid events, including online event registration, venue selection, event marketing and management, virtual and onsite, and attendee engagement) launched its virtual attendee hub to provide engaging virtual event experiences for attendees. The hub offers networking features, gamification, and analytics.
• In 2020, Eventbrite (an American event management and ticketing website. The service allows users to browse, create, and promote local events.) launched eventbrite music festivals which allows organizers to plan and manage virtual music festivals

Acquisition and partnerships

• In October 2023, Informa PLC (a British publishing, business intelligence, and exhibitions group) partnered with the American Marketing Association to offer marketers a brand new content marketing certification opportunity
• In 2020, Informa PLC (a British publishing, business intelligence, and exhibitions group) partnered with Society for Incentive Travel Excellence to co-locate their trade shows and share content

Figure 1. U.S. Meetings, Incentives, Conferences and Exhibitions Market Share (%), By Size, 2023

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Top Companies in U.S. Meetings, Incentives, Conferences and Exhibitions Market

• Freeman
• Maritz
• BI Worldwide
• Conference Care Ltd
• One10 LLC
• 360 Destination Group
• CWT Meetings & Events
• ITA Group
• ConferenceDirect
• Experient, Inc.
• BCD Meetings and Events
• ATPI Ltd.
• Interpublic Group
• Ruckus Marketing, LLC
• Hubb
• Eventbrite
• Cvent Inc.
• Reed Exhibitions
• Informa plc.

Definition: The U.S. meetings, incentives, conferences and exhibitions market (MICE) market comprises of events like business meetings, conferences, conventions, trade shows, and exhibitions held for professional, leisure or educational purposes. These events bring together groups for sharing information, promoting business, introducing products and conducting sales. The market caters to corporate organizations, associations, exhibitors and attendees. It generates revenue from registration fees, sponsorships, accommodations, transportation and other event services.

The market comprises of events like corporate meetings, conferences, conventions, trade shows, and exhibitions. These events allow businesses to network, exchange ideas, unveil products, and conduct sales. Key market growth drivers include rising business travel expenditure, growing corporate profits, and adoption of virtual meeting technologies.

The U.S. meetings, incentives, conferences and exhibitions market is segmented into event type, revenue source, size, and region. By event type, the market is segmented into corporate events, association events, trade shows, conferences, exhibitions, and others (product launches, galas, award ceremonies). The corporate events segment accounted for the largest share in 2022 due to the rising number of company meetings, retreats, seminars, and training programs.