Global MICE market is anticipated to grow at a CAGR of 8.9% during the forecast period (2024-2031). A major factor supporting the growth of the market is the increasing infrastructural, which is well-equipped to accommodate the attendees, conduct the event, has a seamless commute, and is aesthetically pleasing and comfortable without any pressing safety concerns. Governments recognize these factors and have invested heavily in developing MICE centers with conference halls, meeting rooms, well-equipped virtual rooms for meetings over screens, and other requirements. They are also developing stadiums to host sports events with state-of-the-art facilities for athletes. The air connectivity and road infrastructure are being improved for seamless and hassle-free travel. All these factors will support the MICE industry’s growth during the forecast period.
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Establishing a MICE (Meeting Incentive Conference and Exhibition) center in Jodhpur, which is becoming popular for hosting national and international events, received early approval from the Rajasthan government for about Rs 25.0 crore ($3.0 million). According to a tourism department official, the MICE complex will be constructed on 5,650 squares meters on the Women Polytechnic College property, with a 65,000 square meter allocation from the Jodhpur Development Authority. The official stated that the first phase will see the construction of amenities such as an administration building, VIP lounge, exhibition hall, registration, and information center, meeting space for trade and business, and a parking area. In Rajasthan, MICE tourism is growing quickly and has a lot of chances for those in the travel sector.
Furthermore, Governments are increasingly focusing on developing the MICE industry previously, high-level and most anticipated events of a consequential nature were restricted to Europe and North America, given the dominance of stakeholders from these regions and the availability of the right infrastructure to organize these meetings and events. However, with changing times, countries like India, Brazil, Indonesia, UAE, Saudi Arabia, and other developing nations outside of the previously mentioned regions have gained significance on a global stage given the contribution they make to the global GDP, workforce, consumer market, supply chain, and the overall economy. Therefore, governments of these countries are increasingly focusing on developing their MICE industry with the right attitude and funding to attract opportunities to elevate their citizens' lives. Therefore, the government's increasing focus on developing the MICE industry to attract opportunities to boost the economy will drive the growth of the global MICE market.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Event Type
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- ATPI Ltd., Conference Care., Meetings and Incentives Worldwide, Inc., and One10, LLC, among others.
Key questions addressed by the report.
Global MICE Market Report Segment
By Event Type
Global MICE Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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