Asia-Pacific MICE industry by Event Type, and Country: Opportunity Analysis and Industry Forecast, 2018 - 2025
NEW YORK, June 25, 2019 /PRNewswire/ -- Asia-Pacific MICE industry by Event Type (Meetings, Incentives, Conventions, and Exhibitions), and Country (China, India, Singapore, Thailand, Indonesia, Australia, New Zealand, Japan, Malaysia, South Korea, Vietnam, Hong Kong, and rest of Asia-Pacific): Opportunity Analysis and Industry Forecast, 2018 - 2025
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MICE Industry Market Overview:
Meetings, Incentives, Conventions and Exhibitions or MICE represents a sector of tourism that includes business events and activities. In general, MICE are events and activities that involve attendees who share a common interest and gather at a place. Travelers attending MICE activities are business travelers who are connected to different sectors of the tourism and hospitality industry through their MICE activities. The MICE service providers consist of a group of organizers and suppliers that provide wide range of services related to business events and activities such as kiosks/exhibit space, on-site event logistics and staffing, event marketing and sponsorship management, event photography and AV/technical production, displays, directional signage, banners, supplier management, virtual meetings, and risk management services.
The Asia-Pacific MICE industry generated revenue of $229.0 billion in 2017, and is expected to grow at a CAGR of 8.6% to reach $441.1 billion by 2025. The growth of the Asia-Pacific MICE industry is driven by the massive increase in business activities such as client meetings, brand promotions, employee training activities & others, due to rapid rise in the tourism and hospitability sectors and surge in presence of corporate industries. Other significant factors that promote the growth of the market are rise in business travel coupled with change in lifestyle of business travelers to seek leisure trips, rapid urbanization, and increase in disposable incomes. Moreover, surge in government initiatives to promote SMEs and liberalization of market entry to increase FDIs are anticipated to further boost the growth of the industry. However, high cost associated with MICE events and uncertain geopolitical conditions hamper the market growth.
Factors such as investments in infrastructural development and technological advancements are expected to provide lucrative opportunities for the growth of the market. The Asia-Pacific MICE industry is segmented on the basis of event type and country.
Based on event type, the market is classified into meetings, incentives, conventions, and exhibitions. The meeting segment is estimated to account for the major share in the Asia-Pacific MICE industry. This segment is expected to exhibit the highest CAGR during the forecast period due to the growth of the travel & tourism industry, surge in international business travels, and rise in government initiatives for the development of the MICE segment & small and medium enterprises (SME).
By country, it is analyzed across China, India, Singapore, Thailand, Indonesia, Australia, New Zealand, Japan, Malaysia, South Korea, Vietnam, Hong Kong, and rest of Asia-Pacific. China accounted for a significant market share in 2017 and is expected to retain its dominance throughout the forecast period. Singapore is expected to exhibit the highest CAGR during the forecast period. China and Japan collectively accounted for half the share in the Asia-Pacific MICE industry.
The key players operating in the Asia-Pacific MICE industry include Questex, LLC, CWT Meetings & Events, IBTM Events, BCD Meetings and Events, Capital Travel and Events, CiEvents, Conference Care Ltd., The Freeman Company, ATPI Ltd., and Interpublic Group of Companies, Inc.
Key Benefits for MICE Industry Market:
This report provides a quantitative analysis of the current trends, estimations, and dynamics of the Asia-Pacific MICE industry from 2018 to 2025 to identify the prevailing market opportunities.
The key countries in all the major regions are mapped based on their market share.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier?buyer network.
In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
Major countries in the Asia-Pacific MICE industry are mapped according to their revenue contribution to the industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analyses of the key players, market segments, application areas, and growth strategies.
MICE Industry Key Market Segments:
By Event Type
Meetings
Incentives
Conventions
Exhibitions
Country
China
India
Singapore
Thailand
Indonesia
Australia
New Zealand
Japan
Malaysia
South Korea
Vietnam
Hong Kong
Rest of Asia-Pacific
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