Saudi Arabia MICE Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.59 Billion |
| Market Size (2029) | USD 5.37 Billion |
| CAGR (2024 - 2029) | 11.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Saudi Arabia MICE Market Analysis
The Saudi Arabia MICE Market size is estimated at USD 2.59 billion in 2024, and is expected to reach USD 5.37 billion by 2029, growing at a CAGR of 11% during the forecast period (2024-2029).
The COVID-19 pandemic had a huge impact on the MICE industry in Saudi Arabia. Events that were scheduled to be held were postponed, and those that would have followed were conducted virtually and online. The country's growth in digital media and entertainment accelerated as a result of COVID-19's disruption of live entertainment and sporting events.
Saudi Arabia is a special location for business events with its characteristics, needs, and dynamics. In this community, as in the Middle East as a whole, interpersonal interactions are very significant. The importance of the country's MICE industry has developed significantly, as well as the volume of conferences and exhibitions it hosts. To help fill such rooms, the Saudi Exhibition and Convention Bureau (SECB) has introduced the Envoy Program.
The ambitious goal of Saudi Vision 2030, a significant social and economic initiative, is to advance the country's economy in a variety of sectors, including technology, healthcare, tourism, education, and finance. Infrastructure, the economy, and society are all rapidly changing thanks to Saudi Vision 2030. The major objective of the project is to draw business events by placing envoys in government organizations, associations, chambers, and federations to help these groups interact with international organizations and discuss potential cooperative relationships.
Saudi Arabia MICE Market Trends
Rise in Sports Events is Supporting the Events
Saudi Arabia has yet to win its fair share of major international athletic and sports events. Currently, the Kingdom is attempting to host a wider variety of athletic events, including large international competitions, elite contests, regular national competitions, as well as several smaller and mass participation events. The WWE Super Showdown, the Saudi Pro-Golf Championship, Battle of the Champions, Formula E, E-Prix, the International Handball Federation Super Globe, and the Saudi International Meeting for Disabilities Sport are just a few of the events that have already taken place. The COVID-19 pandemic in 2020 caused major sporting events scheduled for the year to be postponed.
Growing Hospitality Sector is Booming the Industry
Saudi Arabia's tourism sector will employ one million people and welcome 100 million visitors by the year 2030. The development of the Saudi tourism industry was a topic of discussion at the Future Hospitality Summit in Riyadh. Last year, Saudi Arabia had record levels of domestic tourism, which may be attributed to both the broader government ecosystem and enablers as well as the tourism ecosystem. The tourist sector is predicted to contribute 10% of the Kingdom's GDP by the end of this decade. The "Reimagined Horizons" - a themed two-day conference will concentrate on the future of hotel development, destination effect, aviation, sustainability, restaurant investment, and human capital.
Saudi Arabia MICE Industry Overview
The report covers major players operating in the Saudi Arabia MICE Industry market. In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.
Saudi Arabia MICE Market Leaders
Sela
Benchmark Events
360LIVE
Maasahaat
Enso
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia MICE Market News
- August 2023: Saudi Arabia is geared up to bolster its meetings, incentives, conferences, and exhibitions sector with the launch of the Expo! Expo! MENA. The event took place in Riyadh on September 10th. The event, being held outside of the US for the first time, has propelled Saudi Arabia into the global spotlight as a hub for diverse business gatherings.
- January 2023: Saudi MICE Forum explored a sustainable future for the exhibitions and conferences industry. More than 40 local and international specialists participated in MICE. The Saudi Exhibitions and Conferences Association organizes the two-day MICE Forum in partnership with the Saudi Conventions and Exhibitions General Authority.
Saudi Arabia MICEMarket Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Buyers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Key Trends and Recent Developments in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Project
5.1.1 Culture
5.1.2 Sports
5.1.3 Exhibitions
5.1.4 Activation
5.1.5 Other Projects
5.2 By Source of Revenue
5.2.1 Tickets
5.2.2 Sponsorships
5.2.3 Advertising
5.2.4 Broadcasting
5.2.5 Other Sources of Revenue
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Sela
6.2.2 Benchmark Events
6.2.3 360LIVE
6.2.4 Maasahaat
6.2.5 enso
6.2.6 Heights Company Event Management
6.2.7 Dice Marketing and Advertising Agency
6.2.8 The Gathering KSA
6.2.9 Squares
6.2.10 LuxuryKSA*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. DISCLAIMER AND ABOUT US
Saudi Arabia MICE Industry Segmentation
Meetings, Incentives, Conferences, and Exhibitions are referred to by the abbreviation MICE. It relates to a tourism organization that arranges, schedules and coordinates meetings, seminars, and other activities.
The Saudi Arabian MICE industry market is segmented by type (meetings, incentives, conferences, and exhibitions) and by source of revenue (tickets, sponsorships, advertising, broadcasting, and other sources of revenue).
The report offers market size and forecasts in value (USD) for all the above segments.
| By Project | |
| Culture | |
| Sports | |
| Exhibitions | |
| Activation | |
| Other Projects |
| By Source of Revenue | |
| Tickets | |
| Sponsorships | |
| Advertising | |
| Broadcasting | |
| Other Sources of Revenue |
Saudi Arabia MICEMarket Research FAQs
How big is the Saudi Arabia MICE Market?
The Saudi Arabia MICE Market size is expected to reach USD 2.59 billion in 2024 and grow at a CAGR of 11% to reach USD 5.37 billion by 2029.
What is the current Saudi Arabia MICE Market size?
In 2024, the Saudi Arabia MICE Market size is expected to reach USD 2.59 billion.
Who are the key players in Saudi Arabia MICE Market?
Sela, Benchmark Events, 360LIVE, Maasahaat and Enso are the major companies operating in the Saudi Arabia MICE Market.
What years does this Saudi Arabia MICE Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia MICE Market size was estimated at USD 2.33 billion. The report covers the Saudi Arabia MICE Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia MICE Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia MICEIndustry Report
Statistics for the 2024 Saudi Arabia MICE market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia MICE analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
