by The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) market includes events and activities organized by associations or corporations to strengthen relationships and connections within and between industries. MICE events provide productive and engaging experience for attendees through educational sessions, networking events, entertainment activities and more.
The global U.S. Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 300 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:
Digital Transformation in Events Industry
The COVID-19 pandemic accelerated the digital transformation of events with virtual and hybrid events becoming mainstream. Event organizers are leveraging technologies such as virtual and augmented reality, live streaming, mobile apps, and analytics to engage attendees virtually and enhance the overall user experience. This has made events more accessible, engaging and cost-effective. As per a survey, about 75% of event organizers expect virtual and hybrid events to be a permanent fixture post-pandemic. This growing adoption of digital technologies is fueling growth in the U.S. MICE market.
SWOT Analysis
Strength: The U.S. MICE market benefits from strong economic conditions and growth in the corporate sector. High spending on business travel and events bolsters the market.
Weakness: Volatile global economic conditions and geopolitical uncertainties pose risks to the market. Dependence on a few large MICE destinations also makes the market vulnerable.
Opportunity: Emerging technologies are opening new opportunities in virtual and hybrid events. This is expanding the potential reach and audience for MICE events.
Threats: Risks from public health epidemics and natural calamities cannot be ruled out. Such unforeseen events can disrupt planned MICE activities. Substitution threat also exists from online collaboration tools for corporate meetings.
Key Takeaways
The U.S. Meetings, Incentives, Conferences And Exhibitions (MICE) Market Share is estimated to be valued at US$ 300 billion in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030.
The western United States, particularly California, Florida and Texas, dominate the U.S. MICE market due to availability of major convention centers, entertainment destinations and hotel infrastructures catering to business events. These states together account for over 50% of the national market for meetings, incentives and conferences. The northeast region, led by New York, Pennsylvania and Massachusetts, is another major hub hosting numerous national and international exhibitions and trade shows.
Key players related content comprises Key players operating in the U.S. MICE market are Freeman, Informa PLC, RELX Group, BCD Meetings & Events, Cvent Inc, ATPI Ltd, CWT Meetings & Events. These companies offer end-to-end services for meetings, conferences, exhibitions, awards shows and corporate events in the country. They leverage the scale of their facilities network, technology platforms and event planning experience to address the requirements of corporate, association and government clients.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
