June 14, 2024
MICE
Ict

The U.S. Meetings, Incentives, Conferences And Exhibitions Market Is Driven By Growing Number Of Business Events

Meetings, incentives, conferences and exhibitions (MICE) play an important role in bringing people together for various business, organizational and recreational activities. MICE events involve organizing and hosting conferences, seminars, product launches, business summits, exhibitions, corporate retreats and rewards trips. This fast growing industry benefits various ancillary sectors like hospitality, entertainment, transportation and real estate. Hotels, resorts, convention centers, event organizers and travel agencies cater to the unique requirements of MICE activities. The development of world class infrastructure has boosted the U.S. as a preferred MICE destination. Advances in digital technology have enabled seamless experience for event planners as well as participants.

The U.S. Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 144.88 Mn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the U.S. MICE market is growing focus on sustainability. Event organizers are actively pursuing eco-friendly practices to reduce environmental impact. Some of the initiatives adopted include use of local and seasonal produce, recycling and composting of waste, promoting transport choices with lower emissions, offsetting carbon footprint through verified projects and hosting virtual sessions to limit travel. Another major trend is leveraging technology for hybrid and virtual experiences. Advanced tools allow participants to engage through digital channels while maintaining the feel of an in-person event. This is helping organizations reach wider audience whilst maintaining costs. Such trends are expected to shape the future of MICE industry.

Porter’s Analysis

Threat of new entrants: Low as it requires high capital and infrastructure to enter the market. Existing players hold major market share.

Bargaining power of buyers: Moderate as buyers have options of substitutes but existing supplier relationships and switching costs decrease bargaining power.

Bargaining power of suppliers: Moderate as suppliers have access to several buyers. However, industry consolidation has decreased supplier bargaining power.

Threat of new substitutes: Low as no cost-effective substitutes exists currently. However, digital technologies can emerge as substitutes in future.

Competitive rivalry: High due to presence of large regional and global players. Players compete based on pricing, service quality, and innovation.

Key Takeaways

The  U.S. MICE Market is expected to witness high growth. The market size was valued at US$ 144.88 Mn in 2024 and is forecast to reach US$ 249.1 Mn by 2030, expanding at a CAGR of 7.7% during the forecast period.

Regional analysis: The Southern region holds the dominant share currently owing to presence of major industry hubs and events. However, the Western region is expected to witness fastest growth on back of growing adoption in countries like US and Canada.

Key players: Key players operating in the U.S. Meetings, Incentives, Conferences and Exhibitions Market are Reflexion Health, AC INTERNATIONAL EAST, Cerner Corporation, Kareo, Inc, TherapySync, eviCore healthcare, Meditab, Isalus, Smith+Nephew, CoRehab srl, Hinge Health, Inc, SWORD Health, Inc, MIRA Rehab Limited, Motekforce Link, and GESTURETEK HEALTH. Players compete based on technological innovations, service quality, and partnerships.

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