Outbound MICE Market Size to Exceed Worth of US$ 1272.2 Billion at a Steady CAGR (13.3%) During The Forecast Period Ending by 2031

Published April 19, 2023

According to a new report published by Allied Market Research, titled, “Outbound MICE Market,” The outbound mice market was valued at $225.90 billion in 2021, and is estimated to reach $1272.2 billion by 2031, growing at a CAGR of 13.3% from 2022 to 2031.

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The outbound MICE (Meetings, Incentives, Conferencing, Exhibitions) market refers to the market for organizing and conducting business events, conferences, and exhibitions outside of an organization’s home country.

In recent years, the outbound MICE market has seen a number of trends that are shaping its future. Some of the most notable trends include:

Growth of emerging markets: Emerging markets, such as China and India, are growing rapidly, and they are becoming increasingly important players in the outbound MICE market. Companies are looking to tap into the growth opportunities presented by these markets, and are increasingly organizing events in these countries to build relationships with local businesses and partners.

Increased focus on sustainability: As awareness of environmental issues continues to grow, companies are increasingly looking to minimize their impact on the environment. This is leading to a greater focus on sustainable practices in the MICE industry, such as reducing waste and carbon emissions, and using eco-friendly event venues.

Technology integration: Technology is playing an increasingly important role in the outbound MICE market, with companies using it to improve the overall experience for attendees. This includes the use of virtual and augmented reality to enhance the experience, as well as the use of mobile apps to keep attendees informed and engaged.

Diversification of destinations: Companies are looking to diversify the destinations they choose for MICE events, in order to offer a more unique and memorable experience to attendees. This is leading to a rise in popularity of destinations that were previously considered off-the-beaten-path, such as lesser-known cities and remote locations.

These trends are likely to continue shaping the outbound MICE market in the coming years, as companies look for new and innovative ways to engage with their customers and stakeholders.

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Outbound MICE Market Future prediction

Continued growth in emerging markets: As emerging economies continue to grow, the demand for outbound MICE events in these markets is likely to increase. This will create new opportunities for companies to tap into new markets and reach new customers.

Increased focus on technology: Technology is expected to play an increasingly important role in the outbound MICE market, with companies using it to enhance the experience for attendees, improve the efficiency of event planning and management, and reduce costs.

Growing popularity of unconventional destinations: Companies are likely to continue looking for unique and unconventional destinations for MICE events, in order to offer a more memorable and engaging experience to attendees. This will drive demand for destinations that are less well-known, but offer a high level of cultural, historical, and natural attractions.

Greater emphasis on sustainability: As environmental concerns continue to grow, companies are likely to place a greater emphasis on sustainability in the MICE industry. This will drive demand for eco-friendly event venues, sustainable transportation solutions, and other environmentally responsible practices.

According to the outbound MICE market opportunities, region wise, Asia-Pacific garnered a significant outbound MICE market share in 2021, and is expected to maintain its market share throughout outbound MICE market forecast period. Asia-Pacific has been gaining significant traction in global outbound market owing various factors such as rise in the manufacturing and service sector, infrastructural development, and free trade agreement between India and other countries. Furthermore, Government is actively taking interest in promoting MICE market in their respective countries by forming ministries and policies. For instance, the tourism policy for Gujarat, introduced by former Chief Minister Vijay Rupani, aims to position the state as the top tourist destination in the nation with a focus on investment and employment possibilities. Gujarat is to become a “MICE” tourism hotspot as a result of the initiative.

In this policy, the government proposed an incentive of $63.01 for the event organizer per foreign participant staying over, up to a maximum of $6,301.16, to encourage international events. The players operating in the global outbound MICE industry have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market.

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The key players profiled in this report are 360 Destination Group, Access Destination Services, ATPI LTD., BCD GROUP (BCD MEETINGS & EVENTS), BI Worldwide, Carlson Wagonlit Travel (CWT Meetings & Events), CIEVENTS, Conference Care Ltd., Creative Group, Inc., CSI DMC, IBTM, ITA Group, MARITZ, Meetings & Incentives Worldwide, Inc., ONE10, LLC, The Freeman Company, and The Interpublic Group of Companies, Inc

Key findings of the study

  • The global outbound MICE market size was valued at $225.9 billion in 2021 and is estimated to reach $1,272.2 billion by 2031, registering a CAGR of 13.3% from 2022 to 2031.
  • On the basis of event type, the exhibitions segment acquired $17.7 billion in 2021, exhibiting 7.8% of the global market share.
  • On the basis of region, China was the most prominent market in Asia-Pacific in 2021, and is projected to reach $138.1 billion by 2031, growing at a CAGR of 19.0% during the forecast period.

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