April 20, 2024
Saudi Arabia (MICE) Market

The Booming Saudi Arabia Meetings, Incentives, Conferences And Exhibitions (Mice) Market Is In Trends By Increasing Adoption Of Digitalization

The Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) industry refers to convention centers, event planners and organizers who are involved in organizing and hosting various business events like corporate meetings, seminars, conferences, trade shows, and incentive travel programs. The MICE market helps companies and organizations conduct successful events and provides a platform to boost brand awareness and network with potential clients and partners. The event venues and hotels offer state-of-the-art conference facilities and technological infrastructure to seamlessly organize physical and virtual events. The growing demand for online and hybrid events amid the pandemic has propelled digital transformation in the MICE industry.

The Global Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 2.69 Mn in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Saudi Arabia Meetings, Incentives, Conferences and Exhibitions Market are VRB Energy, H2 Inc., ESS Tech Inc., Stryten Energy, Vanadis Power GmbH, CellCube Energy Storage Systems Inc., Primus Power Corporation, Dalian Rongke Power Co. Ltd., RedFlow Ltd., and Invinity Energy Systems PLC. The major players are focusing on developing advanced solutions and innovative event concepts to attract more domestic and international associations, corporate clients and tourists.

The growing demand from associations, corporate organizations and government bodies to host seminars, product launches, annual conferences and exhibitions is propelling the growth of the MICE industry in Saudi Arabia. The competitive pricing and high-class amenities offered by the venues are encouraging associations and corporate houses to choose Saudi Arabia as an MICE destination.

The government initiatives to diversify the economy and promote tourism are encouraging international players to expand in Saudi Arabia. Furthermore, infrastructure development projects like NEOM city and plans to organize mega global events will provide significant growth opportunities for the MICE industry players over the coming years.

Market key trends

One of the key trends gaining traction in the Saudi Arabia MICE market is the rising adoption of digital technologies and hybrid/virtual events. The need to effectively engage audiences amid travel restrictions during the pandemic has accelerated digital transformation. Event organizers are increasingly leveraging technologies like augmented and virtual reality, mobile applications and advanced visualization tools to replicate physical events online and provide immersive experiences to virtual attendees. This technological shift is helping market players enhance customer engagement and reach a global audience. Furthermore, the hybrid model combining physical and virtual components is expected to become the new normal even in the post-pandemic era.

Porter’s Analysis

Threat of new entrants: The MICE market in Saudi Arabia requires huge initial investments which acts as a barrier for new players to enter the market. Also, the existing players occupy a significant market share making it difficult for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many players providing MICE services in Saudi Arabia. Buyers can negotiate on price and compare offers from different players.

Bargaining power of suppliers: Suppliers have low bargaining power as there are many suppliers for different MICE services and products. Players can easily switch to alternative suppliers.

Threat of new substitutes: There is low threat of substitutes as players provide customized MICE experience which is difficult to replicate.

Competitive rivalry: The competitive rivalry is high due to presence of many domestic and international players operating in the Saudi Arabia MICE market.

Geographical Regions

In terms of value, the Saudi Arabia MICE market is currently concentrated in major cities like Riyadh, Jeddah and Mecca. These cities attract a large number of tourists and travelers for religious pilgrimages as well as business events.

The Central region including Riyadh is projected to be the fastest growing region for the Saudi Arabia MICE market during the forecast period due to government efforts to diversify the economy and boost tourism sector by organizing various international sporting and cultural events. Mega projects like Qiddiya Entertainment City are expected to significantly boost the MICE market in Central region.

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