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

bic event

The global MICE industry is anticipated to garner $224.32 billion in the 2021–2032 timeframe, growing from $1,07.2 billion in 2020 at a healthy CAGR of 6.9%. Acquisitions, partnerships, and business expansions among market players due to rapid globalisation that helps companies acquire potential customers are anticipated to drive the growth of the MICE industry, according to MR Accuracy Reports. The high operational costs involved in MICE events, as they include various hospitality services such as catering, lodging, transportation, tourism, convention facility supply, entertainment, retail shopping, and various others, are anticipated to restrain the market’s growth. According to the regional analysis of the market, the Asia-Pacific MICE industry is anticipated to grow at a CAGR of 6.7% by generating a revenue of $501.3 billion during the review period.