by The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) Market comprises of organized and planned events arranged for conducting meetings, training sessions, seminars, conferences, product launches, and exhibitions to promote specific brands and services. MICE events help companies build brand awareness, launch new products or services, generate leads, educate customers and strengthen relationships with stakeholders. With increase in promotion and marketing budgets of companies, MICE events are gaining popularity as an effective promotional tool in the U.S.
The global U.S. MICE Market is estimated to be valued at US$318 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The key trends in the U.S. MICE market include adoption of hybrid events, emergence of MICE technology and virtual & augmented reality. With the Covid-19 pandemic limiting in-person events, hybrid events combining physical and virtual components have become popular. This allows for broader participation while maintaining social distancing. Technology is also playing a greater role through use of event management platforms, apps and AI. Virtual and augmented reality solutions are further enhancing virtual MICE experience and engagement. These trends are helping event organizers adopt innovative solutions, engage audiences remotely and continue business networking and relationship building despite restrictions on travel and gatherings.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires large capital investment to enter this market and establish brand reputation.
Bargaining power of buyers: The bargaining power of buyers is high as there are many MICE operators competing for business in the market. Buyers can negotiate for better packages and discounts.
Bargaining power of suppliers: The bargaining power of suppliers like event venues and service providers is moderate. Suppliers need to maintain good relations with MICE operators for continuous business.
Threat of new substitutes: The threat of substitutes is low as there are no perfect substitutes for physical MICE events in the digital era. Virtual and hybrid events only supplement traditional MICE activities.
Competitive rivalry: The competitive rivalry is high among existing MICE operators in the U.S. market given the presence of many global and regional players. Operators try to differentiate their offerings through value-added services.
Key Takeaways
The U.S. Meetings, Incentives, Conferences And Exhibitions (MICE) Market Share is expected to witness strong growth over the forecast period. The global U.S. MICE Market is estimated to be valued at US$318 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
Regional analysis: The south region of the U.S. dominates the MICE industry with states like Florida, Texas and California hosting the maximum number of MICE events each year. Cities like Orlando, Las Vegas and Chicago have emerged as top convention destinations in the country.
Key players: Key players operating in the U.S. MICE market are Reed Exhibitions, Informa PLC,RELX Group, Hyve Group, Deutsche Messe.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
