March 1, 2024

U.S. Meetings, Incentives, Conferences and Exhibitions Market Propelled by increasing demand for digitalization

The U.S. meetings, incentives, conferences and exhibitions (MICE) industry includes group trips that incorporate leisure and business travel. MICE promotes events including business conferences, incentive trips, cultural events, trade shows, exhibitions and encompasses everything from arranging travels to developing exciting activities. The industry is facing increasing adoption of digital technologies like virtual and hybrid events solutions to engage participants, improve collaborations and enhance experiences.

The global U.S. Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 144.88 Mn in 2024 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 key trends:

Digitalization has been one of the major trends in the U.S. MICE industry with the adoption of virtual and hybrid events on the rise post-pandemic. The shift towards digital solutions allows event organizers to leverage technologies and enable participants to attend from anywhere. Virtual conference platforms provide features like online registration, networking, and presentations. Hybrid events combine in-person and virtual components, engaging both online and offline audiences. The focus on digitalization is expected to drive demand and help recover revenues in the industry over the coming years.

SWOT Analysis

Strength: The market has strong growth potential due to increasing demand for digital therapeutics and wearable devices for chronic disease management.

Weakness: High costs associated with digital therapeutics and lack of awareness.

Opportunity: Growing geriatric population suffering from chronic diseases offers lucrative growth opportunities. Advancements in technologies like AI and machine learning provide scope for innovation.

Threats: Data privacy and security concerns can hamper market growth. Intense competition from existing alternative treatments also poses a challenge.

Key Takeaways

The U.S. MICE Market is expected to witness high growth over the forecast period owing to rising chronic disease burden and focus on preventive healthcare.

The North America region currently dominates the market due to rapid technological advancements and growing adoption of digital therapeutics. Key players like Reflexion Health, Cerner Corporation, and Kareo, Inc are focused on developing innovative and effective digital solutions to enhance chronic disease management.

Key players operating in the market are focusing on expanding their product portfolio and strengthening distribution networks to consolidate their market shares. Reflexion Health, Cerner Corporation, and Kareo, Inc. have emerged as leading providers of digital therapeutic and chronic disease management solutions. In addition, companies are investing heavily in R&D to develop more customized and personalized offerings using technologies such as AI, cloud computing, and predictive analytics. Strategic collaborations with healthcare providers are also being pursued for commercialization of novel solutions.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it