U.S. Meetings, Incentives, Conferences and Exhibitions Market Growth Accelerated by Virtualization and Hybrid Events

 

U.S. Meetings, Incentives, Conferences and Exhibitions Market

The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) Market involves the organization and implementation of corporate events such as business meetings, incentive travel, product launches, seminars, and conferences. The MICE industry provides a platform for business networking, learning, celebrations, and negotiations. It stimulates business growth and promotes tourism across destinations. The global U.S. MICE Market is estimated to be valued at US$ 144.88 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The growth of the U.S. MICE Market is primarily driven by increased business travel and tourism activities in the U.S. Various economic sectors including corporate, healthcare, education, and manufacturing depend on conferences, trade shows, and exhibitions for research, training, and partnerships. The COVID-19 pandemic led to the cancellation or postponement of numerous in-person MICE events, thereby impacting the market negatively for a short term. However, as lockdown restrictions are lifted across states with increased vaccination drives, the MICE Market is recovering steadily. Virtual and hybrid event platforms are also complementing the growth of the market by facilitating online participation along with limited physical interactions amid the ongoing precautions. The market is expected to witness lucrative opportunities with the resurgence of business activities in the coming years.

SWOT Analysis

Strength: The U.S. MICE market has a large pool of highly skilled planners and event management personnel with extensive experience. There is a strong presence of convention centers, event venues, and world-class infrastructure to host MICE events. The business events industry contributes significantly to the U.S. economy and supports employment.

Weakness: The highly fragmented nature of the industry with many small players makes it difficult to achieve economies of scale. Hosting in-person events requires large upfront investments and risks associated with uncertain attendance numbers. Environmental concerns over air travel and face-to-face meetings pose sustainability challenges.

Opportunity: Growth in niche and specialized events centered around new technologies, healthcare, fintech present new opportunities. Hybrid virtual/in-person models post-COVID enable greater participation and outreach. Collaboration with DMCs and CVBs overseas to attract international delegations to the US expands business prospects.

Threats: Continued global economic uncertainty and risk of recession impacts corporate travel budgets and postponed decision-making. Competition from other destinations that offer cheaper or unique venues for hosting events. Public health crises and safety concerns from events undermine confidence in attending large gatherings.

Key Takeaways

The Global U.S. MICE Market is expected to witness high growth over the forecast period driven by continued economic recovery post the pandemic. The market size is projected to reach US$ 201.24 Mn by 2030 from US$ 144.88 Mn in 2024, expanding at a CAGR of 7.7%.

Regional analysis: The West and South are the dominant and fastest growing regions in the U.S. MICE market. Over 40% of meetings are hosted in the West led by states like California, Nevada and Arizona which have large convention centers in cities like Las Vegas, Los Angeles, and Phoenix. The South is emerging as a fast-growing market backed by destinations such as Florida, Georgia and Texas offering beachfront and amusement venues alongside major convention facilities.

Key players operating in the U.S. MICE 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. The market is highly fragmented with many local players co-existing alongside global leaders. Players are investing in advanced technologies, hybrid event platforms, and collaborating with venues and DMCs to strengthen service offerings and drive growth.

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