MICE tourism set for significant growth by 2031

22-03-23

According to the report published by Research Dive, the global MICE industry market is projected to generate revenues of USD 1990.1 billion and grow at a CAGR of 7.0% during the estimated period 2022 to 2031.

With rapid economic expansion due to increasing globalization of businesses, the MICE industry market is projected to witness prominent growth during the analysis period. Moreover, companies are investing to visit different locations, organize events, and provide cross-cultural employee training that provides unique opportunities to employees, which is expected to drive the market growth in the upcoming period. However, high operational cost associated with the MICE industry may hamper the market growth during the review period.

Growing technological advancements in the MICE industry such as implementation of facial recognition technology, event control with the help of Internet of Things (IoT), incorporation of augmented, virtual, and mixed reality for immersive and engaging events, and many more are expected to create massive growth opportunities for the market during the forecast period.

The outbreak of the Covid-19 pandemic has devastated several leading industries along with the global MICE industry market. This is mainly due to unprecedented blockades, strict travel restrictions and ban on meetings and social gatherings. In addition, the adoption of the "work-from-home" culture across organisations has led to a severe loss of revenue for the market. In addition, the closure of popular MICE destinations around the world has further slowed the growth of the market during the crisis.