June 17, 2024
Israel MICE Market
Ict

Israel Meetings, Incentives, Conferences and Exhibitions Market is Estimated to Witness High Growth Owing to Rising Popularity of Meetings and Events

The Israel meetings, incentives, conferences and exhibitions (MICE) market refers to business events or meetings held at hotels, convention and exhibition centers, or other venues for business purposes. The MICE market involves meetings, incentive trips, conventions, and exhibitions aimed at allowing business organizations to bring clients, partners, and employees together for networking, training, and promotion at memorable destinations. The Israel MICE market has been gaining significant traction in recent years owing to the rising popularity of business events and conferences as an effective marketing and promotional strategy adopted by various corporations.

The Global Israel Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 2.22 Bn  in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Global Israel Meetings, Incentives, Conferences and Exhibitions Market Growth are Stryker Corporation, SATELEC (Actongroup), Surgiform Innovative Surgical Products, Allergan (Abbvie) Luminera, Implantech, Koken, ANTHONY PRODUCTS INC., NOUVAG, Sihuan Pharmaceutical Holdings Group Ltd., and Other prominent players. Jerusalem, Tel Aviv, and Eilat are some of the major destinations hosting MICE events in Israel every year. The country has witnessed increased M&A activities and partnerships between event management companies and venue providers in recent years. Technological advancements such as virtual and hybrid conferences are allowing organizers to engage with global audiences and minimize travel costs, providing opportunities for growth of the industry.

Market drivers
The key driver for the growth of Israel MICE market is the popularity of destinations such as Jerusalem and Tel Aviv for hosting major international conferences, meetings, and incentive trips. The increasing popularity can be attributed to factors such as well-developed infrastructure for events, availability of high-end venues and accommodation facilities, attractive destination marketing campaigns by the government and local authorities, and ease of travel owing to multiple worldwide flight connections. The country has also witnessed increased foreign direct investments in the hospitality industry, expanding the capacity of hotels, resorts, and convention centers. This has further enhanced Israel’s reputation as a global MICE destination.

Current Challenges in Israel Meetings, Incentives, Conferences and Exhibitions Market

The Israel MICE market is facing few challenges currently which includes impact of covid 19 pandemic, uncertainties around geo-political issues and security concerns in the region. The covid 19 pandemic severely impacted the events and gatherings industry globally with restrictions on travel and large congregations. This led to cancellation or postponement of numerous planned MICE events in Israel as well. The lifting of restrictions is gradual and recovery of this market might be prolonged. Another challenge is the security concerns and potential geo-political issues in the region which prevents some potential international delegates and attendees to plan their MICE trips to Israel. Addressing these security concerns through enhanced safety measures would be critical to attract more international participation.

SWOT Analysis
Strength: Israel offers a high quality MICE infrastructure including modern convention centers and world class exhibition facilities. The country is also a hub for innovation and startups which attracts technology and business congregations.
Weakness: language barrier and lack of multi-lingual support services can be a deterrent for non-English international clients. Security concerns and instability in the region discourages some attendees.
Opportunity: growth in niche and specialized MICE segment around areas like healthcare, agro-technology etc. Rising interest from Asia Pacific countries offers potential for attracting new international clients.
Threats: continuing impact of pandemic and potential future outbreaks poses a threat. Terrorism and conflicts in the wider region can negatively impact perception and attendance.

Geographical Regions
In terms of value, the Israel MICE market is highly concentrated in Tel Aviv region which accounts for over 45% share currently. Tel Aviv is the business and financial hub with excellent airport connectivity and world class infrastructure like convention centers. The city attracts a majority of domestic as well as international MICE events and gatherings happening in Israel.

The Central district region is emerging as the fastest growing geographical segment for Israel MICE market. Cities like Jerusalem and Haifa are witnessing rising interest due to their historical and cultural appeal. Investments are being made in upgrading local convention centers and hotels to tap into the niche religious and cultural MICE segments. The region is expected to see strongest growth over the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it