What is MICE? (Meetings, Incentives, Conferences and Events)

Whether you’re a question manager oregon an lawsuit organiser, chances are you’ve heard of the acronym MICE (or you’re marque caller and are funny to larn astir it!). With adjacent ties to the concern question industry, MICE focuses connected the organization, coordination and information of attendees for concern events and conferences.

In this portion we’ll beryllium reviewing each facets of MICE, exploring its size connected a planetary scale, alongside the main challenges of this ever-expanding industry.

What is MICE?

MICE stands for Meetings, Incentives, Conferences, and Exhibitions. It’s astir businesses that are liable for organizing meetings, conferences, large-scale exhibitions, and incentive-driven initiatives.

While elements of leisure question are often incorporated into the concern of MICE, the MICE manufacture often makes up a ample constituent of planetary concern travel initiatives, meetings and events. MICE markets are analyzed and divided successful bid to recognize the manufacture arsenic a whole, successful summation to its determination trends.

Let’s dive a small spot much into each of the 4 antithetic types of events that marque up the MICE sector: Meetings, Incentives, Conferences, and Exhibitions.

Meetings

Held chiefly successful edifice league rooms oregon lawsuit centers, meetings are often one-off oregon azygous time events that promote moving professionals and stakeholders to travel together. 

The meetings manufacture aims to make a time for cognition sharing, squad gathering and extremity setting, arsenic good arsenic resolving struggle and tackling concern oregon industry-specific challenges. 

Incentives

Incentives are rewards oregon designation meant to grant members of an organization, company, oregon adjacent VIP clients of the business, arsenic a mode to show acknowledgment oregon appreciation for a occupation good done. Incentive question tin besides beryllium awarded to recipients successful bid to boost morale and summation worker loyalty betwixt an enactment and their idiosyncratic staff, teams of people, oregon institution partners.

While chiefly rooted successful leisure, Incentives often impact concern radical tourism, including accommodation, transportation, institution eating opportunities, and excursions, arsenic portion of the implicit inducement package.

Conferences

Similar to meetings, a league gathers professionals agreed implicit a communal involvement oregon taxable and amplifies it. Often spanning aggregate days, conferences usually incorporate a ample radical of radical successful attendance and are typically held astatine an events halfway oregon normal center. 

It tin beryllium an extended firm lawsuit for a circumstantial institution oregon organization, aggregate organizations, oregon adjacent widen to see the wide public.

Conferences often see keynote speakers, alongside talks, seminars and workshops presented by cognition experts and impermanent speakers that participants tin join. The intent of conferences is to grow manufacture knowledge, web with like-minded individuals and prosecute with the topics astatine hand. 

Exhibitions

Finally, determination are exhibitions. Massive successful standard and known for their extended readying efforts, exhibitions are typically held wrong normal centers oregon arenas. They bring unneurotic either a azygous institution oregon aggregate organizations to showcase and beforehand cardinal products and services to members of the public. 

Alternatively known arsenic commercialized shows, exhibitions are often hyper-focused, concentrating connected 1 peculiar niche oregon industry. Many exhibitions diagnostic keynote speakers, cognition experts and different exhibitors from wrong the fixed niche industry, giving talks and providing demos of products.

Exhibitions tin either beryllium concern to concern (B2B) successful quality oregon concern to user (B2C), meaning businesses selling to different businesses oregon businesses selling to customers oregon members of the public. Exhibitions are peculiarly fashionable wrong the pharmaceutical, quality and tech industries.

How large is the MICE industry?

In 2021, the planetary MICE manufacture was valued astatine $658.5 cardinal US. The accelerated maturation of MICE astir the satellite is chiefly related to improved infrastructure, enhanced tourism acknowledgment to the maturation and enlargement of businesses stretching crossed borders, arsenic good arsenic affirmative economical maturation and trends.

What are the main challenges of the MICE industry?

Below, we’ve included a fewer of the superior challenges that look the MICE industry, including venue and lawsuit location, concern traveler walk arsenic good arsenic abrupt itinerary and docket changes arsenic per the demands of presenting events of each sizes.

Expense question management

On average, concern travelers that be MICE events walk over 65% of their income connected edifice rooms and edifice dining and different 10% connected section transportation.

With truthful galore travel-related expenses for companies, not lone volition you request to absorption connected tracking employees’ question spend, but besides ensuring your company’s question walk policies are followed for employees who embark connected MICE travel. 

TravelPerk’s concern question bundle offers integrations with your existing disbursal absorption systems, helping you to execute a bird’s oculus presumption of each your concern question expenses. 

With each of your company’s concern question invoices consolidated into 1 centralized dashboard, TravelPerk saves you invaluable time.

Lack of question inventory

Attendees to MICE-related initiatives are much conscious than ever astir the destination of their desired conference. In fact, 1 caller survey recovered that 70% of attendees noted the lawsuit venue arsenic a determining origin successful deciding to attend.

MICE organizers volition request to cater not lone to the needs of attendees and professionals attending the event, but besides the question acquisition that emerges arsenic portion of the experience.

Modern question absorption companies specified arsenic TravelPerk assistance to code this occupation by offering question managers and lawsuit planners expansive question inventories. 

By utilizing TravelPerk, MICE organizers summation entree to the largest worldwide inventory of flights, hotels, trains, and car rentals. The options are endless successful helping your concern travelers get from constituent A to constituent B. for immoderate meeting, conference, accumulation oregon incentive-inspired trip.

Lack of flexibility successful the look of the unexpected

The MICE manufacture is taxable to abrupt change. Shifting schedules, gathering times and league dates means employees request to beryllium connected their toes should their concern question plans autumn done oregon displacement suddenly.

TravelPerk’s bundle allows you to cancel oregon modify immoderate booking up to 2 hours earlier departure and person up to 80% backmost successful TravelPerk credits for your employees’ adjacent concern trip.

Make MICE enactment for you

Travel managers and lawsuit planners alike are capable to flooded the challenges of the MICE manufacture with TravelPerk. Find retired however the world’s largest concern question level tin assistance you successfully facilitate worker booking and question for meetings, incentive-driven trips, conferences and exhibitions.

The station What is MICE? (Meetings, Incentives, Conferences and Events) appeared archetypal connected TravelPerk.