by The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) industry plays a crucial role in facilitating face-to-face interactions, knowledge sharing, and business deal-making. The industry helps organize and promote a variety of events including corporate meetings, product launches, conferences, conventions, trade shows and exhibitions. These events allow for networking opportunities and accelerate the speed of doing business. They play a strategic role for companies and organizations to remain competitive by gathering industry experts, showcasing new products or services, and conducting vital training and educational seminars. The global MICE industry plays a significant part in the economy by generating millions of jobs and billions of dollars of economic impact each year across various related sectors such as travel, tourism and hospitality.
The global U.S. Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 125.76 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The meetings, incentives, conferences and exhibitions industry is expected to undergo strong recovery in the coming years due to pent up demand for in-person gatherings and events. As restrictions ease and vaccination rates increase, the number of face-to-face interactions are projected to rise substantially. Hybrid events that incorporate both physical and virtual elements will continue to gain prominence. This allows for better inclusion and engagement of global participants. Technological innovations centered around augmented and virtual reality are enhancing the immersive experience of attendees. They are being leveraged by event organizers to seamlessly engage audiences and execute productive digital-first experiences. Sustainability is emerging as an important trend with companies focusing on green initiatives to reduce the environmental footprint of events.
Porter’s Analysis:
Threat of new entrants: The U.S. MI&E market has high fixed costs and established players, acting as barriers for new entrants.
Bargaining power of buyers: Large corporate buyers have significant bargaining power due to their ability to negotiate prices, make bulk purchases and switch between venues.
Bargaining power of suppliers: Venues and experience providers have moderate bargaining power due to availability of multiple substitutes.
Threat of new substitutes: Virtual/digital events have emerged as substitutes, posing threat to physical events.
Competitive rivalry: The market exhibits high rivalry due to presence of numerous regional and global players competing on pricing and customer experience.
Key Takeaways:
The Global U.S. Meetings, Incentives, Conferences and Exhibitions Market Size is expected to witness high growth over the forecast period of 2023-2030. Regional analysis comprises: The Western region dominates the market currently due to presence of established event industries in countries like the U.S. and Canada. Key players operating in the market are One10 LLC, 360 Destination Group, CWT Meetings & Events, ITA Group, ConferenceDirect, Experient, Inc., Eventbrite, Cvent Inc, Reed Exhibitions, Informa plc, Emerald Expositions, BCD Meetings and Events, ATPI Ltd., Interpublic Group, Ruckus Marketing, LLC, Hubb, Freeman, Maritz, BI Worldwide, and Conference Care Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
