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

The US Meetings, Incentives, Conferences and Exhibitions market size was valued at US$ 125.76 billion in 2023 and is expected to reach US$ 174.61 billion by 2030, grow at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2030. 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 growth drivers include rising business travel spending, growing corporate profits, and adoption of virtual meeting technologies.

The US Meetings, Incentives, Conferences and Exhibitions Market is segmented by 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. The corporate events segment accounted for the largest share in 2022 owing to the rising number of company meetings, retreats, seminars, and training programs.

US Meetings, Incentives, Conferences and Exhibitions Market Regional Insights

1. Northeast Region:

• The Northeast, including major cities like New York, Boston, and Washington, D.C., has been a traditional hub for corporate meetings and conferences.
• It benefits from a high concentration of businesses, academic institutions, and healthcare facilities, leading to numerous professional and medical conferences.
• The region has well-established convention centers and easy access to international airports.

• The Midwest, with cities like Chicago and Detroit, is known for its accessibility and affordability, making it a popular choice for larger conventions and trade shows.
• Chicago, in particular, has a strong convention infrastructure with McCormick Place being one of the largest convention centers in the United States.

• The Southern states, including Florida, Texas, and Georgia, are attractive for conferences and exhibitions due to their warm climate and diverse offerings.
• Florida is a hotspot for both corporate events and leisure tourism, with Orlando and Miami being popular destinations for conventions.
• Texas cities like Dallas, Houston, and Austin host a wide range of conferences and tech-related events.

• The Western region, comprising California, Nevada, and Colorado, has a strong presence in the technology and entertainment sectors, hosting numerous tech conferences and entertainment-related events.
• Cities like Las Vegas, Los Angeles, and San Francisco are major MICE destinations.
• The region's appeal is also bolstered by its scenic attractions and outdoor event opportunities.

US Meetings, Incentives, Conferences and Exhibitions Market Drivers:

• Rising Business Travel Spending: The global business travel spending has been increasing steadily over the past few years. This growth can be attributed 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.
• Adoption of Virtual Meeting Technologies: The integration of virtual and hybrid meeting technologies is significantly driving the growth of the MICE industry. Platforms like virtual conference solutions, augmented and virtual reality, and artificial intelligence provide enhanced participant experience and audience engagement. They also allow increased event customization and data insights. Many organizations adopted these technologies during the COVID-19 pandemic leading to their rising popularity. Their ability to expand audience reach at lower costs is attracting more event organizers.
• Expanding Domestic Tourism: The expanding domestic tourism industry in the US 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.
• Surging Demand for Hybrid Events: Hybrid events are witnessing surging demand driven by their ability to engage both virtual and in-person audiences. They 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.

US 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.  
• Emerging Markets: Developing economies in Asia Pacific, Middle East and Latin America offer lucrative opportunities for market expansion owing to rising disposable incomes and infrastructure investments. Countries like China, India, Brazil, UAE, Thailand and Singapore are promoting themselves as attractive MICE destinations with integrated venues, accommodation and transport facilities. Industry 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.
• 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 ROI. Platforms like Cvent and Bizzabo 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.
• 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.

US 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 and Bizzabo 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.
• 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, eco-friendly event supplies to reduce carbon footprint. Some corporations tie sustainability goals to meetings and events. For instance, in 2019, Salesforce announced a target of net-zero carbon emissions from events and business travel.
• 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. A study found over 63% of event profs surveyed indicated that experiential events provide better ROI. Companies like Microsoft, SAP, Cisco, and others are adopting experiential techniques for training programs and product launches.
• 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 etc. Hybrid events are also preferred for enabling social distancing. Planners prefer venues with strict safety standards. In 2022, EIC developed an All Secure health and safety standard for the global events industry focusing on cleanliness and customer protocols.

US Meetings, Incentives, Conferences and Exhibitions Market Restraints:

• Budget Constraints: A major factor restraining the growth of the meetings and events industry 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. According to a survey, 52% respondents indicated cutting MICE budgets in 2023.
• 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. For instance, the war in Ukraine led several airlines to suspend flights in the region impacting travel. 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 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.

Recent Developments

New product launches

• In March 2022, Cvent launched its Virtual Attendee Hub to provide engaging virtual event experiences for attendees. The hub offers networking features, gamification, and analytics.
• In January 2021, Bizzabo introduced its Hybrid Events Solution to facilitate organizers in hosting in-person and virtual events concurrently.
• In September 2020, Eventbrite launched Eventbrite Music Festivals which allows organizers to plan and manage virtual music festivals.

Acquisition and partnerships

• In December 2021, Cvent acquired Whova to expand its mobile event technology capabilities.
• In November 2020, Informa PLC partnered with Society for Incentive Travel Excellence to co-locate their trade shows and share content.
• In October 2019, Cvent acquired Kapow for innovative event marketing and management solutions.

Figure 1. US Meetings, Incentives, Conferences and Exhibitions Market Share (%), by Size, 2023

Top companies in US 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
• Emerald Expositions

Definition: The US Meetings, Incentives, Conferences and Exhibitions (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.

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