Israel Meetings, Incentives, Conferences and Exhibitions Market Estimated to Witness Growth Due to Increasing Number of MICE Events
The Israel Meetings, Incentives, Conferences and Exhibitions (MICE) 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.
Market Overview:
The Israel MICE market comprises establishments involved in organizing and arranging meetings, conferences, seminars, conventions and incentive travels in Israel. Israel is considered as one of the most popular and emerging MICE destinations in the Middle East due to its cultural diversity, unique geography, accessibility and improving infrastructure for hosting major events. Increasing number of MICE events and surging popularity of Israel as a MICE destination are driving the growth of the market.
Market Dynamics:
The Israel MICE market is witnessing robust growth owing to increasing number of domestic and international MICE events organized in the country. According to Israeli Tourism Statistics, the number MICE events held in Israel has surged from over 1000 events in 2015 to nearly 1500 events in 2021. Rapidly improving infrastructure such as modern convention centers, luxury hotels and transportation facilities is also supporting the large scale organization of incentive trips, conferences and exhibitions in Israel. Additionally, surging popularity of Israel as a diverse cultural and religious destination among global MICE planners is further propelling the
Segment Analysis
The Israel Meetings, Incentives, Conferences and Exhibitions (MICE) market is dominated by the meetings segment. The meetings segment accounted for over 35% share of the overall market in 2023. This is because meetings are the most basic requirement for businesses to conduct. The meetings and events can vary in size and scale, from small gatherings to large conventions.
PEST Analysis
Political: The stable political environment in Israel is encouraging many foreign companies to set up their regional headquarters in the country, which is driving meetings and events.
Economic: Strong economic growth in Israel has increased corporate spending on MICE activities. The growing tourism industry is also boosting the MICE market.
Social: Changing lifestyle and exposure to global trends have increased social and corporate events in Israel.
Technological: Use of advanced technologies like virtual and augmented reality for hybrid events is helping organizers in Israel to engage participants effectively.
Key Takeaways
Israel Meetings, Incentives, Conferences And Exhibitions Market Demand is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period, due to increasing business events and exhibitions. The market size is projected to reach US$ 3.27 billion by 2030.
Regional analysis: Israel dominates the MICE market in the Middle East region with more than 60% share. Tel Aviv has emerged as the leading MICE destination due to world-class infrastructure and connectivity. The city is known for hosting various international exhibitions and conferences.
Key players analysis: 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 is the largest player specialized in organizing conferences and exhibitions. RMC is one of the leading players in online event registrations.