MICE stands for meetings, incentives, conferences, and exhibitions. Corporate companies hold meetings, conferences, exhibitions every year. There are various personnel and groups that are involved in MICE market such as event planners, meetings and conferences planners, managers and convention department of hotels, function or conference venues, hospitality businesses, and logistic firms. When an employee shows extra ordinary performance or achieves the required target then he or she is awarded in the form of an incentive such as overseas trips or domestic trips.
Increase in business activities and customized services to clients are driving growth of the Meetings, Incentives, Conferences, and Exhibition (MICE) market
Rising number of corporate industries across the globe has led to high frequency of business activities such as client meetings and brand promotions worldwide. Therefore, increase in number of meetings and conferences of multinational companies across the globe is a major factor expected to aid in growth of the MICE market size. For instance, according to The Tourism of Government of India, the number of business events in India in MICE industry were 3,310 in 2017 and it is increasing rapidly. Corporate companies spend on meetings, conference, incentive trips, and exhibitions every year. MICE companies are providing customized services at lower rates to corporate clients. MICE companies are single point-of-contact for all business activities of corporate clients. Therefore, this is driving growth of the MICE market. As MICE market is still emerging, companies operating in this market could focus on the number of untapped corporate clients, government bodies, and private groups.
Virtual meetings apps are restraining growth of the Meetings, Incentives, Conferences and Exhibition (MICE) market
Corporates use apps such as Skype for virtual meetings. Virtual meetings enable employees to attend meetings at anyplace, anywhere, and at any given time. Virtual meetings are cost effective than destination meetings. Therefore, increasing use of virtual meeting apps could negatively affect growth of the MICE market.
Regional analysis of MICE market
On the basis of region, the global MICE market is segmented into North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. In 2018, Europe was the dominant region in the MICE market with 38% market share and is expected to hold the dominant position over the forecast period. According to International Congress and Convention Association, countries that hosted most number of meetings in Europe region include Germany, U.K., Spain, Italy, France, the Netherlands and have significant CAGR as 3% to 5% for the average number of meetings for the period 2015 to 2018.These mentioned countries dominated the meeting space market holding more than 250 meetings per annum. The presence of multi-billion dollar companies such as Royal Dutch cell and Volkswagen Group in Europe region have large number of employees and generally they choose venue location nearby to their headquarters. The presence of multi-billion dollar companies increases the number of business activities held in these regions, which is fuelling the growth of the MICE market in Europe region.
Asia Pacific is expected to be the fastest growing region during the forecast period (2019-2027). Increase in the number of business activities and demand for customized services for MICE events, in emerging economies such as India and China is driving the market growth in Asia Pacific region. For instance, in countries such as India, according to International Congress and Convention Association, MICE events in 2018 were 3,310 and has increased at a CAGR of 5% to 10% during the period of 2015 to 2018.
Key players operating in the market
Key players operating in the MICE market are Maritz Holdings Inc., BI Worldwide, ITA Group, ONE 10, Meetings and Incentives Worldwide Inc., Creative Group, Access Destination Services, 360 Destination Group, CSI DMC, CWT, Reed Exhibitions Ltd, BCD Group, Corporate and Leisure Events, and ATPI ltd.
MICE INDUSTRY TAXONOMY