Market Overview:
Meetings, incentives, conferences and exhibitions (MICE) industry refer to planned business events designed to promote brand awareness, strengthen customer loyalty, and facilitate business networking opportunities. MICE events integrate events like conferences, tradeshows, incentive travel, meetings and exhibitions which provide an effective platform for businesses to connect and promote their products and services.
Market key trends:
The market is expected to witness high growth owing to increasing popularity of hybrid events. Hybrid events allow both in-person and online participation which helps in achieving higher engagement levels along with cost effectiveness. Growing trend of customizing MICE experiences as per customer needs and preferences is another key factor driving the market growth. Event organizers are focusing on providing immersive and memorable experiences through strategic venue selections, curated itineraries, and innovative event themes.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the U.S. Meetings, Incentives, Conferences And Exhibitions Market is moderate as it requires significant investment and expertise to organize events of scale. However, digital platforms enable smaller players to enter the market.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of alternatives and transparency in pricing online. Buyers can negotiate for better deals and opt for bundled packages.
Bargaining power of suppliers: Meeting venues and service providers have moderate to high bargaining power due to concentration of large players in select cities. However, digital solutions expand supplier options.
Threat of new substitutes: Virtual and hybrid options pose a threat to in-person events. Digital tools allow replication of exhibit/networking features of live events at lower costs.
Competitive rivalry: Intense due to presence of large players covering multiple locations and service segments.
The U.S. Meetings, Incentives, Conferences And Exhibitions Market Share is estimated to be valued at US$ 125.76 Bn or Mn 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.
SWOT Analysis
Strengths: Large scale of operations, wide range of services, strong brands and relationships in the industry.
Weaknesses: Heavy reliance on in-person formats, vulnerability to economic cycles, high fixed costs.
Opportunities: Untapped regional markets, cross-selling opportunities, hybrid and virtual extensions.
Threats: Economic uncertainty, competition from digital platforms, disruption from new technologies.
Key Takeaways
The U.S. Meetings, Incentives, Conferences And Exhibitions Market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing demand from corporates and associations for networking and business development. The West dominates the market currently due to presence of major industries and business hubs in California, Texas and New York. However, the South is expected to see robust growth led by expansion in Florida, North Carolina and Georgia.
Regional analysis: The Western region holds the major share in the U.S. Meetings, Incentives, Conferences And Exhibitions Market currently, owing to the presence of major cities like Los Angeles, San Francisco, Las Vegas and Phoenix that host large events throughout the year. The Southern region is anticipated to witness fastest growth during the forecast period attributed to high investments in the development of integrated venues in Florida, North Carolina and Georgia.
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.
