June 18, 2024

The Israeli Meetings, Incentives, Conferences And Exhibitions Market Driven By Robust Tourism Industry

The meetings, incentives, conferences and exhibitions (MICE) industry plays a pivotal role in Israel’s economy. MICE activities help promote the country’s rich cultural diversity and heritage on a global scale. Major events and conferences covering diverse topics including science, business, technology and innovation are regularly held across different venues in Israel, attracting thousands of delegates annually. Moreover, Israel’s fast-growing tourism industry has led to significant rise in business events and exhibitions organized by various industry organizations to attract more visitors.

The global Israel Meetings, Incentives, Conferences And Exhibitions Market is estimated to be valued at US$ 2.22 Billion in 2024 and is expected to exhibit a CAGR Of 7.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Hybrid events model gaining traction- Digital technology innovations have enabled event organizers to embrace hybrid event format, allowing both virtual and in-person participation. This provides flexibility and aids in expanding participation numbers. Furthermore, hybrid events minimize the carbon footprint by reducing business travel which is aligned with sustainability goals of many enterprises. Post pandemic, hybrid model is expected to gain wider adoption in the Israel MICE industry as it addresses concerns around health, budget and accessibility. Additionally, advanced virtual & augmented reality solutions are being leveraged to create highly engaging and tailored virtual experiences for attendees.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the Israel MICE market is moderate. The growing demands and increasing expenditure are attracting new players. However, the presence of global and regional players dominating the market makes the entry barrier moderately high for new players.

Bargaining power of buyers: The bargaining power of buyers in the Israel MICE market is moderate. Buyers can opt for different suppliers and venues to organize MICE events. But switching costs involved and quality offered by top players reduces buyers’ negotiating power to an extent.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. The suppliers of venues, event organizers, wedding planners, and recreational activities are fragmented. However, the importance and availability of quality suppliers strengthen their position in negotiation.

Threat of new substitutes: The threat of substitutes is low. Virtual MICE events can be considered a substitute for traditional MICE events but cannot replace the experiential aspect fully. No direct substitutes exist for MICE events in terms of bringing people together physically.

Competitive rivalry: The competitive rivalry in the Israel MICE market is high due to the presence of global players, strong regional presence, and fragmented supplier market. Players compete based on variety, quality, experience, technology innovation, and customization.

Key Takeaways

The Global Israel Meetings, Incentives, Conferences And Exhibitions Market Demand is expected to witness high growth over the forecast period. The global Israel Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 2.22 billion in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024-2031.

Europe region currently dominates the market and is expected to maintain its leading position throughout the forecast period. Major factors driving the market in Europe include strong presence of MICE industry players, high spend on MICE activities by corporates and government, and availability of best-in-class infrastructure and venues.

The Middle East & Africa region is projected to witness the fastest growth during the forecast period attributed to growing tourism industry in the region. Countries like UAE, Egypt, and Israel are investing heavily in development of infrastructure and promotion to attract MICE events. This is positively impacting the growth of MICE market in Middle East & Africa region.

Key players operating in the Israel meetings, incentives, conferences and exhibitions market are ATPI Ltd., Entit Consulting and Management, InterTravel, and Israel Association Convention Bureaus – IACB. Players are focusing on digital and technological innovations, customized offerings, and strategic partnerships and collaborations to strengthen their market position.

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