The future of MICE: Key trends shaping the industry

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Linde Woestenborghs

28 August 2024

Read Time: 8 Mins

Ever found yourself overwhelmed by the complexities of organizing a corporate event?

While these events can be exciting, challenges such as delays in payments, budget constraints, and the hassle of expense reconciliation can be daunting.

Welcome to the world of MICE: Meetings, Incentives, Conferences, and Exhibitions.
Events that are pivotal in driving corporate strategy, meaningful connections, and business growth.

Join us as we look at the latest trends that are transforming the industry, and how embracing better MICE management can streamline your processes.

The MICE market: Explained

Meetings

Single-day get-togethers where you tackle specific challenges, set goals, and plan for the future. Meetings are critical for keeping everyone on the same page and instilling clear communication within your team.

Incentives

Incentives are a great way to motivate and reward your team. It’s a time to recognize achievements, boost morale, and build a strong sense of loyalty and teamwork.

Conferences

Big, multi-day events packed with keynote speeches, workshops, and networking opportunities. Conferences are crucial for knowledge-sharing, professional growth, and industry collaboration.

Exhibitions

Exhibitions are specialized trade shows where you can network, promote your brand, and showcase new products or services. They’re key for increasing brand visibility and connecting with potential clients and partners.

The full MICE picture

The MICE market is taking off, with some big growth expected in the coming years. By 2035, the global events market size is set to hit an impressive €736 billion, coming from €394,76 billion in 2023.

When it comes to corporate budgets, small events are making a big impact. In fact, they account for 9% of the average company’s total budget, highlighting how even smaller MICE gatherings can play a big role in shaping your company’s financial strategy.

Europe is leading the way in the global MICE market, holding a solid 50% market share and is expected to keep this lead until 2030. But it's worth noting that the cost of holding meetings can vary greatly, depending on the region. For example, organizing an off-site meeting in Europe can be up to 30% more expensive than in Asia.

There are some exciting global trends shaping the future of the MICE industry. One major trend is the increasing integration of digital platforms and the rise of hybrid events. These hybrid events, which combine in-person and virtual elements, are becoming more popular because they offer greater flexibility and a wider reach. In fact, 73% of event planners now see hybrid events as a key part of their future plans.

Sustainability is also becoming a big focus in the MICE world. More and more, event organizers are prioritizing environmental responsibility, with one survey showing that 80% are considering sustainability in their planning processes. This shift shows a strong commitment to greener practices and initiatives.

On top of that, AI and data analytics are transforming the way events are experienced. By using these technologies, event organizers can create highly personalized experiences that boost engagement and satisfaction. According to a Bizzabo report, 80% of event managers find AI valuable, and 61% of event technology organizations offer at least one AI-powered feature.

And it has to be said: This move towards personalization through technology is really changing the game for event planning.

How the right payment solutions can transform your MICE management

AirPlus offers a range of solutions to tackle the unique challenges faced by the MICE industry.

Here’s a snapshot:

Streamlined payments and control

You can centralize and speed up payments for event venues, reducing the risk of canceled bookings due to delays.

AirPlus Company Account lets you book, pay, and reconcile all your MICE expenses from one central account. This means less paperwork and more efficiency with easy booking, quick admin tasks, and clear expense overviews.
Seamless integration with MICE platforms

You can smoothly integrate your payment solution with booking platforms, cutting down on the need for finance and treasury involvement.

AirPlus Corporate Card offers global acceptance and robust security, making it simple to handle all event-related expenses, from venue bookings to incidental costs.

You’ll get to enjoy real-time control over spending, flexible payment terms, and full transaction visibility to improve decision-making and compliance.
Effective cost control and budget management

Pre-authorization features help event organizers stick to budgets and control costs effectively.

With AirPlus Virtual Cards Classic and Virtual Cards Procurement, managing payments is both seamless and secure. You’ll be able to generate virtual cards instantly for hotels, transportation, and event services, ensuring each payment is tailored to specific amounts, periods, and currencies for maximum security and transparency.
Complete transaction transparency

AirPlus enhances billing data quality, providing clear visibility into every expense and improving financial management. You’ll benefit from full transaction transparency and improved spend overviews, making it easier to manage your finances.
Efficient, stress-free payment processes

AirPlus’ streamlined, centralized payment solutions reduce pressure on payment processes, leading to better cash flow management. Extra spend availability without cash flow consequences, improved payment terms, and seamless integration into existing corporate systems all contribute to a smoother payment experience.