Asia-Pacific MICE Industry on Track to Hit $441.1 Billion by 2025, 8.6% Annual Growth From 2018 to 2025
The meeting segment accounted for around 64.0% of the Asia-Pacific MICE industry in 2017, growing at a CAGR of 8.5% from 2018 to 2025.
WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, July 10, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Asia-Pacific MICE Industry by Event Type and Country: Opportunity Analysis and Industry Forecast, 2018 - 2025". The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends. 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.
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Development of the travel & tourism industry plays a significant role in the growth of the Asia-Pacific MICE industry. Over the last decade, Asia-Pacific has been the fastest growing region for tourism in the world. The factors that promote the growth of Asia-Pacific travel & tourism industry include strong economic growth, increase in disposable income, political stability, and aggressive tourism campaigns.
The term MICE in the context of travel is an acronym for meetings, incentives, conferences, and exhibitions. The MICE market refers to a specialized niche of group tourism dedicated to planning, booking, and facilitating conferences, seminars, and other events, and it is the highest revenue contributor to the travel industry. The MICE industry provides easy and convenient methods for organizing events and helps choose the right destination, which forms the basis of a successful event.
MICE represents a sector of tourism that includes business events and activities such as client meetings, brand & product promotions, business expansion, employee training, and incentives. Globalization of businesses, rapid increase in SMEs, and the surge in presence of corporate industries have caused massive increase in aforementioned business activities; thus, driving the growth of the Asia-Pacific MICE industry. 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.
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.
By country, China is expected to remain dominant and grow at a steady pace in the Asia-Pacific MICE industry. Shanghai and Beijing hosted the majority of MICE trips in China over the last 12 months, followed by Guangzhou, Hong Kong, and Macau. The key industry segments boosting the growth for MICE industry in China are manufacturing, utility & agriculture, and forestry & fishing. Moreover, increase in aging population is anticipated to boost the growth of the healthcare industry and social work segment. Increase in business travel activities from these industries is further anticipated to support the growth of the market.
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๐๐ฑ๐ฉ๐๐ง๐ฌ๐ข๐จ๐ง ๐๐ง๐ ๐๐ซ๐จ๐ฌ๐ฉ๐๐๐ญ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐ข๐ง ๐๐ฌ๐ข๐-๐๐๐๐ข๐๐ข๐:
๐๐๐จ๐ง๐จ๐ฆ๐ข๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก: The Asia-Pacific region is home to some of the world's fastest-growing economies, including China, India, and Southeast Asian countries. This economic growth has led to increased business activities, trade, and investment, driving the demand for MICE events.
๐๐ง๐๐ซ๐๐ฌ๐ญ๐ซ๐ฎ๐๐ญ๐ฎ๐ซ๐ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ: Many countries in Asia-Pacific have been investing heavily in infrastructure development, including the construction of modern convention centers, exhibition halls, and hotels. These facilities are crucial for hosting large-scale MICE events and have enhanced the region's attractiveness as a destination for conferences and exhibitions.
๐๐ข๐ฌ๐ข๐ง๐ ๐๐ข๐ฌ๐ฉ๐จ๐ฌ๐๐๐ฅ๐ ๐๐ง๐๐จ๐ฆ๐: With rising incomes and growing middle-class populations in several Asia-Pacific countries, there is an increasing capacity for individuals and corporations to participate in MICE activities. This trend has led to a greater demand for corporate meetings, incentive travel, and other related events.
๐๐จ๐ฏ๐๐ซ๐ง๐ฆ๐๐ง๐ญ ๐๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ: Governments across the region are recognizing the potential economic benefits of the MICE industry and are actively supporting its growth through incentives, subsidies, and promotional campaigns. They understand the role MICE tourism plays in driving economic development, job creation, and the enhancement of their country's global image.
๐๐๐ฏ๐๐ง๐๐๐ฆ๐๐ง๐ญ๐ฌ ๐ข๐ง ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ: The rapid advancements in technology have transformed the MICE industry, making it easier for organizers to plan and execute events, and enhancing the overall attendee experience. From virtual and hybrid events to event management software and digital marketing tools, technology has opened up new possibilities for MICE professionals in the region.
๐๐ข๐ฏ๐๐ซ๐ฌ๐ ๐๐ฎ๐ฅ๐ญ๐ฎ๐ซ๐๐ฅ ๐๐ง๐ ๐๐๐จ๐ ๐ซ๐๐ฉ๐ก๐ข๐ ๐๐ฉ๐ฉ๐๐๐ฅ: The Asia-Pacific region offers a diverse range of cultures, landscapes, and attractions, making it an appealing destination for MICE events. Whether it's the bustling cities of Tokyo and Singapore or the scenic beauty of Bali and New Zealand, there are endless options for hosting memorable and unique events.
๐๐ก๐ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐จ๐ฉ๐๐ซ๐๐ญ๐ข๐ง๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐ฌ๐ข๐-๐๐๐๐ข๐๐ข๐ ๐๐๐๐ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐ข๐ง๐๐ฅ๐ฎ๐๐:
โข Questex LLC
โข CWT Meetings & Events
โข IBTM Events
โข BCD Meetings and Events
โข Capital Travel and Events
โข CiEvents
โข Conference Care Ltd.
โข The Freeman Company
โข ATPI Ltd.
โข Interpublic Group of Companies Inc.
๐๐๐ฒ ๐๐๐ง๐๐๐ข๐ญ๐ฌ ๐๐จ๐ซ ๐๐ฌ๐ข๐-๐๐๐๐ข๐๐ข๐ ๐๐๐๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐๐ซ๐ค๐๐ญ:
โ 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.
โ The key countries in all the major regions are mapped based on their market share.
โ Porters five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplierbuyer network.
โ In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
โ Major countries in 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 market players.
โ The report includes the analysis of the key players, market segments, application areas, and growth strategies..
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๐๐๐๐ฌ๐จ๐ง๐ฌ ๐ญ๐จ ๐๐ฎ๐ฒ ๐๐ฌ๐ข๐-๐๐๐๐ข๐๐ข๐ ๐๐๐๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ ๐๐๐ฉ๐จ๐ซ๐ญ:
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๐๐๐๐ ๐๐จ๐ซ๐ ๐๐ซ๐๐ง๐๐ข๐ง๐ "๐๐๐ ๐๐ฑ๐๐ฅ๐ฎ๐ฌ๐ข๐ฏ๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ:
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https://www.alliedmarketresearch.com/MICE-industry-market
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โ Lottery Market is projected to reach $430.4 billion by 2031
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