The future of MICE is worth more than $2.3 trillion

 

The global MICE industry, valued at $598.2 billion in 2022, is projected to reach $2.3 trillion by 2032, growing at a CAGR of 11.6%. According to a report by Allied Market Research, this growth is driven by various factors, including technological advancements and the increasing popularity of hybrid events.

The Asia-Pacific region plays a significant role in this expansion. Countries such as China, India, Singapore, Thailand, Indonesia, Australia, New Zealand, Japan, Malaysia, South Korea, Vietnam, Hong Kong, and Taiwan are all contributing to the sector's growth. In particular, Singapore is highlighted as a key player in the MICE market within Asia, benefiting from its strategic location and advanced infrastructure.

The report also indicates that the incentives segment is expected to experience the highest growth, with a projected CAGR of 12.4%. This is in line with the increasing demand for immersive and experiential events, which are becoming more prevalent in the MICE industry.

Europe currently holds the largest share of the market, but the rapid growth of MICE-related activities in Asia signals its emerging importance in the global landscape. Event organisers are increasingly looking to leverage regional opportunities to meet the demand for innovative, tech-driven, and sustainable events.

Tags: Allied Market Research, global MICE industry