According to HTF Market Intelligence, the global MICE market is projected to grow from US$1.2 trillion in 2024 to $2.4 trillion by 2032, at a CAGR of 7.8% between 2025 and 2032.
This is in line with a report that was released by Allied Market Research at the end of last month that anticipates the market to reach $2,3 trillion, also by 2032.
HTF MI recently released its Global MICE Tourism Market study, comprising a 143-page, in-depth overview describing the product and industry scope of the market. The study is segmented into key regions in which growth is significantly pronounced.
Meanwhile, Allied Market Research highlights Europe as the largest market in 2021, with the highest market share of 41.2%.
“Companies operating in the Europe MICE industry are offering innovative services to sustain in the competitive market. Germany is one of the leading markets for business travel in the Western European region. Overall economic development has led to the strengthening of the German MICE industry. Large companies are major consumers of the MICE industry; however, the consumption rate of SMEs is growing rapidly. The domestic market for the MICE industry is highly consumed by the SME segment,” notes Allied Market Research in its report overview.
Considerations that HTF MI has taken into account include:
âĸ Political – Political policy and stability as well as trade, fiscal, and taxation policies
âĸ Economical – Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates
âĸ Social – Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles
âĸ Technological – Changes in digital or mobile technology, automation, research, and development
âĸ Legal – Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions
âĸ Environmental – Climate, recycling procedures, carbon footprint, waste disposal, and sustainability
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