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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

  • On the basis of event type, the market is segmented into:
    • Meetings
    • Incentives
    • Conferences
    • Exhibitions
  • On the basis of industry, the market is segmented into:
    • Healthcare
    • Automotive
    • Manufacturing
    • IT
    • Others
  • On the basis of end user, the market is segmented into:
    • Corporate companies
    • Government bodies
    • Private Groups.
  • On the basis of region, the market is segmented into:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
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Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users