The Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) market consists of business events such as corporate meetings, incentive travels, conferences, and exhibitions. These events provide an ideal platform for businesses to network, gain insights on new products and services, and promote brands. The growing commercial sector in Saudi Arabia has increased the need for such platform. The global Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 1.2 billion in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing number of business events and exhibitions is one of the key trends driving the growth of the Saudi Arabia MICE market. Various international exhibitions are being organized in the country to boost the non-oil sectors. For instance, the Red Sea International Film Festival and Future Investment Initiative (FII) conference have increased the influx of business visitors in Saudi Arabia. This has encouraged event organizers to invest more in upgrading infrastructure and facilities to effectively host such large scale events. Moreover, supportive government initiatives such as the Saudi Vision 2030 are aimed at diversifying the oil-dependent economy by promoting industries like tourism, leisure, and entertainment. This will subsequently increase opportunities in the MICE market over the coming years.
Segment Analysis
The Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) market is segmented into meetings, incentives, conferences, and exhibitions. Among these, the conferences segment dominated the market in 2020 due to rise in number of conferences organized in the country by various industry verticals including IT, healthcare, education etc. for promoting their products and services.
Key Takeaways
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Regional analysis related content comprises The MICE industry in Saudi Arabia is witnessing strong growth with the country emerging as a hub for global events and exhibitions. With various government initiatives supporting mega events and developments of international convention centers, the KSA MICE market is projected to grow at a higher pace over the coming years.
Key players operating in the Saudi Arabia Meetings, Incentives, Conferences and Exhibitions (MICE) market are Saudi Arabian Airlines, Riyadh Exhibitions Company, Integrated Exhibitions Solutions Company, International Convention and Exhibition Association, Kingdom Holding Company. The market leaders are focusing on partnerships, collaborations to leverage opportunities in the industry.
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