The global Israel Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 1.92 billion in 2022 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The Israel Meetings, Incentives, Conferences and Exhibitions (MICE) market refers to the business events industry in Israel. It involves organizing and hosting different types of events including meetings, incentives, conferences, exhibitions, and other business functions. The Israel MICE market offers several advantages such as providing networking opportunities, branding and marketing campaigns, teambuilding activities, and deal-making prospects for businesses. With Israel emerging as a global innovation hub, the need for collaborative business events to foster partnerships and ideation has been rising steadily.
Market key trends:
One of the key trends witnessed in the Israel MICE market is the rise of hybrid and virtual events. During the COVID-19 pandemic, in-person events were canceled or postponed, prompting event organizers to shift towards virtual/online platforms. Although physical events are resuming, the demand for hybrid models combining offline and online components has increased. This is because hybrid events allow greater accessibility, flexibility, and cost savings. It also helps organizers to leverage the engagement features of virtual conferencing along with the networking benefits of face-to-face interactions. This blending of offline and online business events is expected to remain a major trend, driving the growth of Israel's MICE industry over the coming years.
Threat of new entrants: The threat of new entrants is moderate as the market is growing rapidly. However, new companies will need significant capital investments and industry knowledge to compete with the established players.
Bargaining power of buyers: The bargaining power of buyers is high as there are many suppliers providing similar MICE services in the market. Buyers can negotiate on price and switch between different suppliers easily.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many players in the market providing similar resources and services required by MICE organizers.
Threat of new substitutes: The threat of substitutes is low as there are limited substitute options for face-to-face MICE events in the virtual world.
Competitive rivalry: The competitive rivalry is high due to presence of many domestic and international players competing for market share.
The Israel Meetings, Incentives, Conferences And Exhibitions Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing business events and meetings in the country. The market size is projected to reach US$ 1.92 billion by 2023.
Regional analysis: Geographically, the Israel MICE market is dominated by Central and Tel Aviv region. The region accounts for over 40% share of the country's total MICE business. This is due to presence of major venues, hotels and corporate offices in the region. Jerusalem is also emerging as a fast growing market, favored by religious and heritage tourism.
Key players: Key players operating in the Israel MICE market are Kenes Group, RMC, Kuoni DMC, ISSTA, Diesenhaus Unitours, Talent, SMG, BCD Travel, CWT, Access Israel. Kenes Group and RMC dominate over 60% of the market share due to their international exposure and experience in handling large-scale conferences.