The Meetings, Incentives, Conferences and Exhibitions (MICE) industry refers to a broad industry sector involved in the planning and executing of business-related events such as conferences, trade shows, corporate events and incentive travel. Israel has become an important destination for MICE events, leveraging the country's unique culture, history and vibrant economy. Major cities like Jerusalem and Tel Aviv host numerous conferences, exhibitions and corporate events throughout the year that have significantly contributed to the country's economic growth.
The global Israel Meetings, Incentives, Conferences And Exhibitions Market is estimated to be valued at Us$ 2.22 Bn in 2024 and is expected to exhibit a CAGR Of 7.9% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing tourism remains a key driver of growth for Israel's MICE industry. The country has seen a significant rise in tourist arrivals over the past decade, boosted by efforts to promote itself as a diverse and exciting destination. Tourist numbers grew by over 13% year-on-year in 2021 despite the pandemic, underscoring Israel's appeal. Approximately 60% of tourists visit for leisure purposes while the remaining 40% come for business or conferences. This steady influx of visitors has created strong demand for conventions, exhibitions and incentive travels. Another driver is the government's initiatives to develop city infrastructure and create a more robust events ecosystem. Major conventions centers have been established in key economic hubs to support large scale congresses, trade fairs and corporate meets. Tax incentives are also provided for MICE businesses to set up operations. Together, these factors are fueling expansion of the Israel MICE market during the forecast period.
SWOT Analysis
Strength: The Israel Meetings, Incentives, Conferences and Exhibitions Market benefits from strong government support for the tourism industry. The government offers various subsidies and incentives to conference organizers and event planners to attract more domestic and international events. Furthermore, Israel has world-class infrastructure and facilities to host all types of meetings, conferences and exhibitions. The diverse landscape and cultural heritage of Israel also makes it an attractive MICE destination.
Weakness: The political instability and security concerns in the region pose challenges for the growth of the Israel MICE Market. Geopolitical tensions and terrorism threats sometimes deter organizers from hosting large-scale international events in the country. High operational costs compared to other Mediterranean destinations is another weakness.
Opportunity: The growing number of international associations considering Israel as a conference destination presents significant opportunities. Moreover, the increasing collaboration between Israel and other nations in science and technology can boost partnerships in the MICE sector. The “Start-Up Nation” image of Israel also supports regional tech events and entrepreneurship conferences.
Threats: Regional conflicts and political instability continue to be a threat for the Israel MICE Market. Acts of terrorism can disrupt events and damage the country's image as a safe MICE destination. Economic downturns and weak global/regional economic growth can negatively impact the number of corporate meetings and events. High currency fluctuations also pose risks.
Key Takeaways
The Global Israel Meetings, Incentives, Conferences And Exhibitions Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. With a forecast CAGR of 7.9%, the market size is projected to increase from US$ 2.22 billion in 2024 to US$ 3.71 billion by 2031.
Regional analysis:
Israel dominates the regional MICE market with the highest number of domestic and international events hosted each year. Tel Aviv and Jerusalem are the major MICE hubs in the country. The government is investing significantly in infrastructure development to promote smaller cities like Eilat and Haifa as conference destinations as well. Europe and North America currently contribute over 60% of international MICE visitors to Israel.
Key players:
Key players operating in the Israel Meetings, Incentives, Conferences and Exhibitions Market include Hamat Gader-Yam Gazit Ltd, Kenes Group, Pearl Cohen Group, IBTM Events, International Convention Centre (ICC), and Israel Hotel Association. Hamat Gader-Yam Gazt and Kenes Group lead the domestic exhibition and conference industry, while ICC and Pearl Cohen specialize in attracting large-scale international associations.
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