by The U.S. meetings, incentives, conferences and exhibitions (MICE) market comprises organized business events such as meetings, conferences, tradeshows, and events that help in driving business growth. MICE events play a vital role in promoting networking, negotiations, cultural interactions as well as face-to-face communication. Various industries leverage MICE to connect with new clients, enhance brand visibility, educate audiences about new products and services, recognize achievements, and motivate employees and sales teams.
The global U.S. MICE 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 Dynamics:
Growing demand for face-to-face interaction: The growing need for direct interaction through MICE events is a key driver augmenting market growth. Several businesses rely on MICE as an effective marketing tool to forge relationships and connections. Even in the digital era, face-to-face interactions are considered important for building trust and camaraderie between clients, partners, and employees. Additionally, MICE allows participants to network in a relaxed environment outside the purview of daily operations.
Increased spending on experiential marketing: Enterprises are allocating increased marketing budgets towards unique and immersive experiences as a way to strengthen consumer engagement. MICE events facilitate experiential marketing by offering differentiated offerings that appeal to multiple senses. The experiential nature of MICE helps in driving brand awareness, loyalty, and recall in a impactful manner. This rising expenditure on experiential marketing through MICE is fueling the market growth.
Segment Analysis:
The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) market is dominated by the conferences sub-segment. Conferences account for over 40% of the total market share as they provide opportunities for knowledge sharing and networking on a large scale. Meetings form the second largest sub-segment. Incentive travel is gaining popularity as a business strategy for motivation and rewards.
PEST Analysis:
- Political: The tourism and events industry receives good support from the U.S. government through various initiatives. However, fluctuations in trade policies can impact the corporate travel and exhibitions business.
- Economic: A stable economy positively influences the MICE industry in the country. Rise in disposable incomes drives leisure travel and meetings. However, economic slowdowns may dampen corporate spending.
- Social: Changing lifestyle preferences and growing networking needs drive the Meetings and Conferences segments. Demand for unique experiences boosts Incentive travel.
- Technological: Advanced digital solutions help improve venue management, delegate engagement and experience. Virtual and hybrid events are gaining traction. Live streaming has made remote participation easier.
Key Takeaways:
The Global U.S. Meetings, Incentives, Conferences and Exhibitions Market Growth is expected to witness high over the forecast period.
Regional analysis:
The Western region, led by California and Texas, dominates the U.S MICE market owing to the large presence of corporate headquarters, event venues and tourist attractions. The South Eastern region, led by Florida, is the second fastest growing region.
Key players:
Key players operating in the U.S. Meetings, Incentives, Conferences and Exhibitions 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, Conference Care Ltd. One10 LLC leverages technology to create unique experiences for event planners and attendees.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
