The global MICE market size is expected to reach USD 1,563.29 billion by 2030, registering a CAGR of 7.5% from 2023 to 2030.
Companies are utilizing MICE events and incentive travel to promote their business, thereby driving local tourism. A rise in the number of B2B/B2C events sponsored by enterprises and the use of advanced technology is driving the events industry.
Several countries with varied diversity and cultures are boosting their tourism sector by organizing MICE events as it acts as a source of revenue. Moreover, the increasing number of business travelers for corporate events, and exhibitions, coupled with factors, such as employee engagement, is driving the market.
An important factor that every employer considers is employee engagement. The demand for leisure travel has increased due to the emergence of flexible work environments, which, in turn, drives the growth of the market. The adoption of geo-cloning by exhibition organizers is driving the market. Geo-cloning is a strategy being investigated by organizers and exhibitors to connect with audiences locally and internationally.
The idea behind geo-cloning is to replicate well-known exhibition and event brands in different parts of the world. Reed Exhibitions, a division of RELX, successfully implements geo-cloning for brands, such as EuroBLECH, RAILTEX, and PSE Europe, which contributes to the industry growth.
The industry is expected to experience growth in the interior decoration sector, which is projected to fuel demand for digitally printed wallpaper throughout the forecast period. This is due to the rising construction projects of residential and commercial buildings. The growing need for new houses as a result of the increasing population across regions is also expected to boost the market.
