The U.S. Meetings, Incentives, Conferences and Exhibitions Market 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.
The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) market can be segmented based on event type into meetings, incentives, conferences, and exhibitions. Among these, conferences currently dominates the market and is expected to retain its position over the forecast period. Conferences are large events that bring together professionals from various industries to network and share knowledge on a particular subject. The exchange of new ideas and learning opportunities attract a large number of attendees to conferences each year in the U.S.
PEST Analysis
Political: The market is positively impacted by government initiatives to promote business events and tourism. Various states offer subsidies and tax incentives to host large events.
Economic: The strong economic growth in the U.S. and rising corporate spending on branding and networking is promoting industry expansion. However, economic downturns can impact client budgets for MICE events.
Social: Changing workplace trends and growing emphasis on networking and learning are driving professionals to attend more industry events and conferences. Social media is also helping market MICE planners connect with potential customers.
Technological: Advanced technologies like virtual and hybrid event platforms are enabling planners to engage wider audiences both in-person and online, benefiting the market. Data analytics tools also help organizers understand customer preferences.
Key Takeaways
U.S. Meetings, Incentives, Conferences And Exhibitions (MICE) Market Demand is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period to reach US$ 125.76 billion by 2030. The rising investments by businesses to promote their brands and culture along with building better connect with customers through experiential marketing are promoting industry expansion.
The conferences segment accounts for the largest share in the market currently due to the huge learning and networking opportunities they provide. The west region leads in terms of hosting major events followed by the south region in the country.
Key players operating in the U.S. MICE 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. These companies are focusing on strategic collaborations and offering end-to-end customized solutions to cater to the growing demand for immersive engagement at MICE events.
