The MICE Industry is one of the most amazing industries in the world. We create synergies with different sectors and industries in broad worldwide market space.
We are passionate and hard-working event professionals but let’s face it, most people still find it difficult to understand what we do for a living and the value of the MICE industry.
We work in an industry that requires knowledge, expertise and best practices. As the industry rapidly evolves, we need to stay constantly updated with the latest trends and news to offer better services and create memorable experiences, also continuing education is key to keep the needed level of competency.
An industry that requires versatility to adapt to challenges at all times. A career path that requires commitment, consistency and dedication. Our profession is one of the most thrilling careers, on the other hand it is one of the most stressful jobs according to a study by U.S recruitment site CareerCast.
What is MICE?
MICE Industry is one of the major segments of the Tourism Industry and one of the fastest growing emerging sectors. MICE is also known as meeting industry, event industry or business tourism; this acronym stands for Meetings, Incentives, Conferences and Exhibitions.
Meetings: Gathering of two or more people convened in one place with a common interest.
Incentives: Motivational tool to enhance productivity and reward performance.
Conferences: Events that bring together a group of people by profession or personal interest in a specific field and topic.
Exhibition: Events that provide the opportunity to display products and services.
MICE involves large groups and is purely related to business events, it focuses on raising the level of professionalism, standards and awareness of the value of the industry.
Business events are held for several reasons and the benefits are different for everyone. Perhaps, the most important is the professional development, followed by research presentation, certification purposes, engagement with industry peers, opportunity for networking, showcase the latest products or services, travel to a new place, and so on.
The value of the industry
The MICE Industry is a very important component of every country. First of all, it contributes to the economic growth of the global and local economy, creates employment, event participants spend far more per day than any other type of tourist; there is a demand for business events also during slow seasons, helps to build reputation for both country and venue, improves competitive destinations, nurturing a wide range of business opportunities and investments and many more reasons.
MICE activities normally happen in competitive destinations that provide safety and security, cities that have the adequate infrastructure and facilities, accessibility and connections, sustainable development, different selection of culture and leisure opportunities, unique attractions, modern venues equipped with the latest technology and suppliers who operate with high standards.
According to the latest study presented by the Events Industry Council in collaboration with Oxford Economics the direct impacts of global business events, business events generated $621.4 billion U.S. dollars of direct GDP and contributed a total economic impact of USD $1.5 trillion U.S. dollars (global gross domestic product), involved more than 1.5 billion participants across more than 180 countries and supported 10.3 million direct jobs.
It is a demanding and competitive industry nevertheless it is a big and profitable business. It requires a good skill set and involves a wide network. Above all, to make a successful and sustainable event you need to have great communication and work hand in hand with the destination and parties involved.
Would you like a slice of the MICE Industry cake?
The MICE industry is huge and there are thousands of opportunities, everyone should have a fair slice of the cake. Keep in mind that our responsibility as event professionals, whatever our role is in the industry, is to create the best meetings and events with professionalism and ethical behavior.
There is no better reward then when an event is successfully completed and we achieved the goals and objectives of the project.
The best part of our industry is that every event is different and there will always be something new, you would never repeat the same event and experience twice.
Lastly, we can guarantee that you will not get bored in this industry!