Global MICE Industry Estimated to Reach US$1.3 Trillion by 2028 - News

According to Allied Market Research's report, the Meetings, Incentives, Conferences and Exhibitions (MICE) industry is expected to reach US$1.3 trillion by 2028, with a Compound Annual Growth Rate (CAGR) of 21.3 percent. 
The report examined top investment pockets, drivers, opportunities, and competition. Client meetings, employee training, and brand promotions are driving the global MICE business. Government efforts to promote Small and Medium Enterprises (SMEs) and liberalize market entry to increase Foreign Direct Investments (FDIs) also boost the industry. MICE events are expensive to run, and global and social uncertainty may slow market growth. 
However, the high operational cost of conducting MICE events and the increase in geopolitical and social uncertainties may hinder market growth. Nevertheless, technological developments and infrastructural investments are expected to create lucrative business opportunities for market players. It is slated that the incentive segment is expected to rise 8.1% till 2025.