The global MICE market size was valued at USD 1,051.41 billion in 2024. The market is projected to grow from USD 1,148.35 billion in 2025 to USD 2,269.16 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 10.22% over the forecast period.
MICE (Meetings, Incentives, Conferences, and Exhibitions) focuses on organizing and managing events for academic, professional, business, and cultural purposes. It integrates travel and event services for groups of all sizes. Globalization has fueled this market by boosting business opportunities, international outreach, and business tourism.
The COVID-19 pandemic severely impacted the market due to global travel restrictions, border closures, and lockdowns. These measures led to a sharp decline in tourism and event management activities, with international tourist arrivals dropping by 74% in 2020, as per UNWTO. Economies heavily reliant on tourism faced significant financial losses.
Fortune Business Insights™ provides this information in its research report, titled “MICE Market, 2025-2032”.
Segmentation:
Meetings Segment Dominate, Driven by Rising Corporate Events Globally
In terms of event type, the market is fragmented into meetings, incentives, conventions, and exhibitions. The meetings segment captures the leading MICE market share, driven by rising corporate events worldwide. These one-day gatherings, held in hotel conference rooms, focusing on organizational planning, strategy, and goal setting. Common types include general, board, supplier, and annual business meetings.
Accommodation Segment Lead On Account of its Key Role In Ensuring the Smooth Conduct Of Events
As per service type, market is classified into accommodation, transportation, food & beverages, event management, and others. MICE-oriented amenities make the accommodation segment dominant in the market, with hotels targeting business travelers who spend more on stays. To ensure year-round demand, hotel chains provide discounted rates during off-seasons, boosting occupancy and revenue stability.
In terms of region, the market is categorized into Europe, North America, the Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The research report offers a comprehensive market analysis, covering the competitive landscape, company profiles, key drivers, restraints, and opportunities. It also provides insights into market trends and key industry developments contributing to recent growth. It also highlights key players, product launches, and the impact of COVID-19 on the growth of the market.
Drivers and Restraints:
Technological Advancements to Enhance Efficiency and Customer Satisfaction to Boost Market Growth
The MICE industry benefits from technological advancements that enhance efficiency and attendee satisfaction. Event management software simplifies operations, managing tasks like registration, ticketing, and logistics on a single platform. These innovations save time, minimize errors, and improve profitability. Security technologies also monitor crowds and detect threats, ensuring safe and seamless events.
Political instability, including wars, terrorism, and geopolitical tensions, reduces tourist footfall and disrupts corporate event organization, hindering MICE market growth.
Regional Insights:
Europe Dominate the Market Owing to Growing Number of Corporate Events