MICE & mega event market to reach $224.32 bn by 2032

The global MICE industry is expected to generate US$224.32 billion between 2021 and 2032, increasing from US$107.2 billion in 2020, at a healthy CAGR of 6.9 per cent. Acquisitions, partnerships, and business expansions among market players are expected to propel the expansion of the MICE industry, according to MR Accuracy Reports. The high operational costs associated with MICE events, which include various hospitality services such as catering, lodging, transportation, tourism, convention facility supply, entertainment, and retail shopping, are predicted to stifle market growth. The APAC MICE industry is expected to grow at a CAGR of 6.7 per cent, generating US$501.3 billion in revenue.