ISRAEL MEETINGS, INCENTIVES, CONFERENCES AND EXHIBITIONS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Political instability in the region has been one of the major restraints for the growth of the Israel Meetings, Incentives, Conferences and Exhibitions (MICE) market. The ongoing geopolitical tensions and security issues have made the region risky and unpredictable for business events and travel. Various conflicts and security threats posed by militant groups in the neighboring countries like Palestine, Syria, and Lebanon have raised apprehensions among corporate and event organizers to hold meetings, conferences or exhibitions in Israel. The recurrent escalations along the Israel-Gaza border and Israel-Lebanon border have disrupted the travel and tourism industry significantly in the recent past. For instance, according to the reports from World Bank, the 11-day conflict between Israel and Hamas in May 2021 led to direct economic losses of around USD 300 million for Israel's tourism industry due to cancelled bookings and halted operations. The constant fear of missile attacks and security lockdowns during such conflicts make Israel a less attractive destination for corporate events from overseas. This risk factor casts a long shadow over the growth of the MICE business which requires continuous investments from companies in the long-run.

 Opportunity: Leveraging emerging technologies

Leveraging emerging technologies could unlock tremendous opportunities for Israel's dynamic Meetings, Incentives, Conferences and Exhibitions (MICE) market. Technologies like virtual and augmented reality are allowing event organizers to reimagine how conferences and exhibitions are delivered. Through virtual platforms, attendees can experience keynote speeches, networking sessions, and product showcases without the limitations of physical location. This addresses a major pain point as many professionals have busy schedules that prevent international travel. By offering a virtual option, the Israel MICE market can significantly expand its reach to global audiences eager to participate from any location. Advanced technologies are also enhancing the on-site experience for in-person events. For example, organizers are now able to integrate beacon technology with mobile apps to deliver hyper-local information to attendees based on their indoor location (UNWTO, 2022). This allows for contactless navigation of event spaces, personalized recommendations, and gamified scavenger hunt style activities. Exhibitions are leveraging 3D scanning and printing to produce detailed, interactive virtual models of display areas. This offers attendees a glimpse into the event even before they arrive while providing vendors valuable analytics on visitor engagement patterns. Interactive kiosks with touchscreens and gestures are replacing traditional static displays as well to capture the attention of digital natives.