The meetings and events industry is projected to reach $1245 billion in 2023, registering a CAGR of 7.5 per cent growth from 2017 to 2023, states a new report published by Allied Market Research, titled, ‘MiCE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2017-2023’. According to the report, the global MiCE industry was valued at $752 billion in 2016. This growth is seen to emerge from rapid globalisation and expansion of service industries, and evolution of scientific and technological innovations.
The meetings segment dominated the global MiCE industry in 2016, due to the growth of the travel and tourism industry, increase in international business travels, and rise in government initiatives for the development of MICE segment & SME sector. Recent trends of organising hybrid meetings, and use of social media and meeting apps are expected to the boost market growth in the near future.
Asia-Pacific is expected to witness the highest growth rate of 8.6 per cent during the forecast period. This region is significantly driven by emerging countries such as Singapore, China, and India. Moreover, ease of visa restrictions, investments in better infrastructure, and high demand in commercial aviation further fuel the growth of the Asia-Pacific MiCE industry.
The report also stated that in 2016, Europe dominated the global market with more than 42 per cent market share, in terms of value.