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

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

The U.S. Meetings, Incentives, Conferences and Exhibitions (MICE) industry refer to businesses that specialize in organizing and coordinating events such as business conferences, conventions, seminars, trade shows, corporate events and exhibitions for boosting business prospects. MICE events help companies network and strengthen relationships with potential and existing clients. The industry has gained traction over the years owing to growing need of businesses to establish professional connections. However, the onset of COVID-19 pandemic severely impacted the in-person event industry. The global U.S. MICE 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 Opportunity:

The opportunity for digital revolution in the MICE industry is promising new growth prospects. The pandemic accelerated the shift towards virtual and hybrid events as in-person gatherings were restricted. While in-person events will bounce back, digital elements adopted during pandemic are likely to stay. This opens up opportunities for MICE organizers to offer personalized and engaging immersive digital experiences along with physical events. Technologies such as augmented and virtual reality can further enhance user experience. Companies specializing in digital MICE solutions and services are expected to witness higher demand. Integrating digital elements with physical events can help MICE industry reach wider audience and regain lost business opportunities caused during pandemic times.

Porter's Analysis

Threat of new entrants: The US Meetings, Incentives, Conferences and Exhibitions Market faces moderate threat of new entrants given the established industry participants and rising entry barriers such as need for experience and large investments.


Bargaining power of buyers: The bargaining power of buyers is high in this market as buyers have several product and service options to choose from.


Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers in this market and switching costs are low.


Threat of new substitutes: The threat of new substitutes is low as there are limited substitute options for meetings, incentives, conferences and exhibitions services.


Competitive rivalry: The competitive rivalry in the market is high due to the large number of regional and international players competing for market share.

SWOT Analysis

Strength: The US offers a large domestic market size, high spending power and strong industry networking opportunities. Meetings and events in the US are known for their scale, quality and focus on customer experience.


Weakness: The industry faces challenges such as seasonal demand, rising costs of operations and threats from online meeting platforms. Dependence on economic and political stability also impacts demand cycles.


Opportunity: Growth of hybrid meetings combining physical and virtual elements as well as focus on sustainability practices present new opportunities. Demand from industries such as pharmaceuticals and technology is expected to support growth.


Threats: Economic slowdowns, restrictions due to health emergencies and increased preference for virtual interactions are major threats. Security concerns regarding data privacy can negatively impact customer confidence in the industry.

Key Takeaways

The Global U.S. MICE Market is estimated to reach US$ 244.77 Mn by 2030 from US$ 144.88 Mn in 2024, expanding at a CAGR of 7.7% during the forecast period.

Growth is supported by rising spending on business travel and events including meetings, conferences and exhibitions by corporates. Regional analysis indicates that the Western US dominates the market with the states of California, Texas and Nevada hosting the maximum number of events due to availability of infrastructure and attractive locations.

Key players operating in the US Meetings, Incentives, Conferences and Exhibitions 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.

Get More Insights Here

https://www.pressreleasebulletin.com/u-s-meetings-incentives-conferences-and-exhibitions-market-2/

 

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