Outbound MICE market seen hitting $1.27 trillion by 2031

Allied Market Research projects the global outbound MICE market will rise from $225.9 billion in 2021 to $1.2722 trillion by 2031. Growth is tied to stronger international connectivity, business travel and tourism, with Asia-Pacific expected to grow fastest.

Why it matters: - The outbound MICE market covers meetings, incentives, conventions and exhibitions tied to business travel. - The segment is projected to expand sharply over the next decade, signaling more spending on corporate events, trade shows and related travel. - The forecast points to stronger demand in emerging economies and major business hubs.

What happened: - Allied Market Research said the global outbound MICE market generated $225.9 billion in 2021. - The firm projects the market will reach $1,272.2 billion by 2031. - The report estimates a 13.3% compound annual growth rate from 2022 to 2031. - The report was published June 25, 2026. - A sample report is available online.

The details: - Stronger connectivity with key international destinations is a major growth driver. - Support from the service sector, government policies and the travel and tourism industry also support expansion. - Rising international business travel and global tourism are expected to increase demand for meetings, trade shows and exhibitions. - Growth in manufacturing and other sectors in China and India should add to event demand. - The report defines the market across meetings, incentives, conventions and exhibitions. - The regional breakdown covers North America, Europe, Asia-Pacific and LAMEA. - North America includes the U.S., Canada and Mexico. - Europe includes Germany, the UK, Spain, France, Italy and the rest of Europe. - Asia-Pacific includes China, India, Singapore, Australia, Japan, Malaysia, South Korea, Hong Kong and the rest of Asia-Pacific. - LAMEA includes Latin America, the Middle East and Africa. - Europe held nearly two-fifths of the global market share in 2021. - Europe is projected to remain the largest regional market in 2031. - Asia-Pacific is expected to post the fastest CAGR at 15.5% during the forecast period. - The report lists 360 Destination Group, Access Destination Services, ATPI LTD., BCD Group, BI Worldwide, Carlson Wagonlit Travel, CIEVENTS, Conference Care Ltd., Creative Group, CSI DMC, IBTM, ITA Group, Maritz, Meetings & Incentives Worldwide, ONE10, The Freeman Company and The Interpublic Group of Companies among the key players. - Allied Market Research also offered a purchase inquiry page and a checkout link for the report.

Between the lines: - The forecast reflects a rebound story after pandemic-era travel restrictions hit MICE and tourism demand. - The size of the projected gain suggests the market is being shaped by both corporate travel recovery and broader tourism growth. - The faster Asia-Pacific growth rate suggests the center of momentum may keep shifting toward high-growth economies.

What's next: - The report expects corporate sector expansion, more FDI activity and growth in small and medium-sized businesses to keep supporting outbound MICE demand. - Continued growth in international travel routes and tourism infrastructure could sustain the market through 2031. - Regional competition will likely intensify as Europe tries to hold its lead and Asia-Pacific narrows the gap.