
According to a new report published by Allied Market Research, titled, MICE Industry by Event Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global MICE industry was valued at $752 billion in 2016, and is projected to reach $1,245 billion in 2023, registering a CAGR of 7.5% from 2017 to 2023. The MICE industry is complex, consisting of participants, sponsors, planners, convention and visitor bureaus, meeting venues, accommodations, and suppliers generally being involved in the planning and execution of an event. The group market of the tourism industry has witnessed exponential growth owing to rapid globalization and expansion of service industries, and the continuous evolution of scientific and technological innovations.