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[Latest] US MICE Market Size/Share Worth USD 416,683.8 Million by 2033 at a 6.8% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)

2024-07-29T04:30:00Z

[220+ Pages Latest Report] According to a market research study published by Custom Market Insights, the demand analysis of US MICE Market size & share revenue was valued at approximately USD 215,821.2 Million in 2023 and is expected to reach USD 230,497.1 Million in 2024 and is expected to reach around USD 416,683.8 Million by 2033, at a CAGR of 6.8% between 2024 and 2033. The key market players listed in the report with their sales, revenues and strategies are Marriott International Inc., Hilton Worldwide Holdings Inc., Hyatt Hotels Corporation, InterContinental Hotels Group PLC, AccorHotels, Wyndham Destinations Inc., MGM Resorts International, Caesars Entertainment Corporation, American Express Global Business Travel (GBT), Cvent Inc., Freeman, PSAV, Eventbrite, PCMA (Professional Convention Management Association), US Travel Association, and others.

Austin, TX, USA, July 29, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “US MICE Market Size, Trends and Insights By Event Type (Exhibitions, Meetings, Incentives, Conventions), and By Region - Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database.

“According to the latest research study, the demand of US MICE Market size & share was valued at approximately USD 215,821.2 Million in 2023 and is expected to reach USD 230,497.1 Million in 2024 and is expected to reach a value of around USD 416,683.8 Million by 2033, at a compound annual growth rate (CAGR) of about 6.8% during the forecast period 2024 to 2033.”

Click Here to Access a Free Sample Report of the US MICE Market @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=49946

US MICE Market: Growth Factors and Dynamics

Technological Advancements: The integration of innovative technologies, such as virtual and augmented reality, AI-driven event management platforms, and hybrid event solutions, is transforming the MICE landscape in the US These advancements enhance attendee engagement, streamline event logistics, and broaden accessibility, driving growth in the market.

Shift Towards Hybrid Events: The COVID-19 pandemic accelerated the adoption of hybrid event formats, combining in-person and virtual elements. This shift enables organizers to reach broader audiences, increase participation, and provide flexible attendance options. As hybrid events become the new norm, they contribute significantly to the growth of the US MICE market.

Focus on Sustainability: Increasing awareness of environmental issues has led to a growing emphasis on sustainability within the MICE industry. Event organizers in the US are incorporating eco-friendly practices, such as carbon offsetting, waste reduction, and sustainable sourcing, to meet the demands of environmentally conscious attendees and stakeholders, driving market growth.

Destination Diversity: The US offers a diverse range of destinations, each with its unique appeal and infrastructure for hosting MICE events. From major cities like New York and Las Vegas to scenic destinations like Hawaii and Colorado, the country provides options to suit various event requirements and preferences. This diversity attracts both domestic and international event planners, fueling market expansion.

Strategic Partnerships and Collaborations: Collaboration between MICE industry stakeholders, including event organizers, venues, hotels, and destination management organizations, plays a crucial role in driving growth. Strategic partnerships enable seamless event execution, enhanced attendee experiences, and increased marketing reach. By leveraging synergies and shared resources, stakeholders in the US MICE market can capitalize on emerging opportunities and drive sustained growth.

Government Support and Infrastructure Investment: Government initiatives and investments in infrastructure development, transportation networks, and promotional campaigns contribute to the growth of the US MICE market. Supportive policies, tax incentives, and funding for convention centers, exhibition halls, and hospitality infrastructure enhance the country’s attractiveness as a premier MICE destination. Moreover, collaborations between the public and private sectors further stimulate growth and competitiveness in the market.

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US MICE Market: Partnership and Acquisitions

In 2022, ITA Group, specializing in corporate engagement solutions, has partnered with PRM Marketing Services to expand its presence in the Asia Pacific region. This collaboration aims to leverage PRM’s local expertise and networks to enhance ITA Group’s operations and market reach.

In 2021, Meeting and Incentives Worldwide, Inc., a global event management and strategy firm, has partnered with Bizly, a meeting technology firm, to offer comprehensive 360-degree meeting solutions to clients. This collaboration aims to enhance efficiency and effectiveness in event planning and execution.

Report Scope

Feature of the Report	Details
Market Size in 2024	USD 230,497.1 Million
Projected Market Size in 2033	USD 416,683.8 Million
Market Size in 2023	USD 215,821.2 Million
CAGR Growth Rate	6.8% CAGR
Base Year	2023
Forecast Period	2024-2033
Key Segment	By Event Type and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Country Scope	US
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the US MICE report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2024 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2024
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the US MICE report has been modified to include the COVID-19 impact study prior to delivery.)

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US MICE Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the US MICE Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Disruption of In-person Events: The COVID-19 pandemic led to widespread cancellations and postponements of in-person meetings, conferences, and exhibitions across the United States. Travel restrictions, social distancing measures, and health concerns significantly reduced event attendance and revenue, causing a substantial downturn in the MICE industry.

Shift to Virtual and Hybrid Formats: In response to the pandemic-induced restrictions, many MICE events in the US transitioned to virtual or hybrid formats to ensure continuity. While these formats allowed for continued engagement and knowledge sharing, they often lacked the immersive experience and networking opportunities associated with traditional in-person events, impacting overall event effectiveness and profitability.

Adoption of Hybrid Event Models: As vaccination rates increase and restrictions ease, the US MICE market is embracing hybrid event models that combine in-person and virtual elements. Hybrid events offer flexibility for attendees who may prefer remote participation while also providing opportunities for face-to-face interactions and networking, thereby accommodating diverse preferences and maximizing event reach and impact.

Implementation of Enhanced Health and Safety Protocols: To instil confidence among attendees and mitigate health risks, event organizers in the US are implementing stringent health and safety protocols. This includes measures such as temperature screenings, mandatory mask-wearing, enhanced sanitation procedures, and improved ventilation systems at event venues. By prioritizing participant safety, organizers aim to rebuild trust and encourage attendance at in-person events.

Strategic Marketing and Promotion: Event organizers and destinations in the US are investing in targeted marketing and promotional campaigns to attract attendees and drive participation in MICE events. Leveraging digital marketing channels, social media platforms, and industry partnerships, stakeholders are effectively communicating the value proposition of in-person and hybrid events, highlighting unique experiences, educational opportunities, and networking advantages.

Collaboration with Industry Partners: Collaboration between MICE industry stakeholders, including event planners, venues, hotels, and technology providers, is essential for the recovery of the US MICE market. By working together to develop innovative solutions, share best practices, and address emerging challenges, stakeholders can enhance the overall event experience, streamline operations, and rebuild confidence in the sector.

In conclusion, the COVID-19 pandemic has had a mixed impact on the US MICE Market, with some challenges and opportunities arising from the pandemic.

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Key questions answered in this report:

What is the size of the US MICE market and what is its expected growth rate?
What are the primary driving factors that push the US MICE market forward?
What are the US MICE Industry's top companies?
What are the different categories that the US MICE Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the US MICE market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2024−2033
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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US MICE Market – Significant Threats

The US MICE Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

Public Health Emergencies: Ongoing or future outbreaks of infectious diseases, similar to the COVID-19 pandemic, pose a significant threat to the MICE industry. Public health concerns may lead to travel restrictions, event cancellations, and reduced attendance, impacting revenue and viability.

Economic Downturns: Economic recessions or financial crises can result in budget cuts, reduced corporate spending, and decreased demand for MICE events. Organizations may scale back on meetings, conferences, and incentive programs, affecting the overall revenue and profitability of the industry.

Political Instability and Security Concerns: Political unrest, terrorism threats, and security incidents can disrupt travel patterns, deter international attendees, and affect the perception of safety at MICE events. Destabilizing geopolitical situations may lead to event cancellations or relocation, impacting the reputation and attractiveness of the US as a MICE destination.

Natural Disasters and Climate Change: Natural disasters such as hurricanes, earthquakes, and wildfires can disrupt infrastructure, transportation networks, and event venues, causing logistical challenges and safety concerns for attendees. Climate change-related phenomena may also impact the frequency and severity of extreme weather events, posing risks to event planning and execution.

Competitive Pressures and Market Saturation: Increasing competition within the MICE industry, both domestically and internationally, presents a threat to market share and profitability. Destinations and venues vie for lucrative event contracts by offering competitive pricing, incentives, and value-added services, leading to downward pressure on margins and increased commoditization of offerings.

Technological Disruptions: Rapid advancements in technology, particularly in virtual and hybrid event platforms, pose a threat to traditional MICE models. Virtual alternatives may offer cost-effective and convenient solutions for attendees, reducing the demand for in-person events and challenging the revenue streams of event organizers, venues, and service providers.

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List of the prominent players in the US MICE Market:

Marriott International Inc.
Hilton Worldwide Holdings Inc.
Hyatt Hotels Corporation
InterContinental Hotels Group PLC
AccorHotels
Wyndham Destinations Inc.
MGM Resorts International
Caesars Entertainment Corporation
American Express Global Business Travel (GBT)
Cvent Inc.
Freeman
PSAV
Eventbrite
PCMA (Professional Convention Management Association)
US Travel Association
Others

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The US MICE Market is segmented as follows:

By Event Type

Exhibitions
Meetings
Incentives
Conventions

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This US MICE Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Key Players in This US MICE Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Market Status of the US MICE Market? What Was the Capacity, Production Value, Cost and PROFIT of the US MICE Market?
What Is the Current Market Status of the US MICE Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of US MICE Market by Considering Applications and Types?
What Are Projections of the US MICE Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is US MICE Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On US MICE Industry? What are Macroeconomic Environment Analysis Results? What Are Macroeconomic Environment Development Trends?
What Are Market Dynamics of US MICE Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for US MICE Industry?

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Reasons to Purchase US MICE Market Report

US MICE Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
US MICE Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
US MICE Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
US MICE Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the US MICE market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide US MICE market analysis.

The competitive environment of current and potential participants in the US MICE market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide US MICE market should find this report useful. The research will be useful to all market participants in the US MICE industry.
Managers in the US MICE sector are interested in publishing up-to-date and projected data about the worldwide US MICE market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in US MICE products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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