Outbound M!CE market to hit $1272 bn by 2031: AMR

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Worldwide outbound M!CE market is set to reach US $1272.2 billion by 2031, with a projected CAGR of 13.3 per cent from 2022 to 2031, according to AMR. AMR stated, “Several factors are propelling the expansion of the worldwide outbound M!CE market. These include the expansion of M!CE industry activities, rising investments in infrastructure development and technological innovations, heightened internet penetration, increased adoption of smart devices, and the digitisation of travel payments. Projections suggest that market growth during the forecast period will also be driven by rapid globalisation, expansion in the tourism, travel, and hospitality sectors, as well as an increase in disposable income.”