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Asia-Pacific MICE industry by Event Type, and Country: Opportunity Analysis and Industry Forecast, 2018 - 2025

  • ID: 4828454
  • Report
  • Region: Asia Pacific
  • 87 pages
  • Allied Analytics LLP
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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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CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market benefits for stakeholders
1.3. Key market segments
1.4. Research methodology
1.4.1. Secondary Research
1.4.2. Primary Research
1.4.3. Analyst Tools And Models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. Snapshot
2.2. CXO perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pocket
3.2.2. Top winning strategies
3.3. Porter's five forces analysis
3.3.1. Bargaining power of suppliers
3.3.2. Bargaining power of buyer
3.3.3. Thereat of new entrants
3.3.4. Threat of substitute
3.3.5. Intensity of competitive rivalry
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.1.1. Rapid growth in travel & tourism industry
3.5.1.2. Increase in globalization of businesses
3.5.1.3. Rapid Increase in SMEs
3.5.1.4. Rise in Disposable Income
3.5.2. Restraints
3.5.2.1. High Operational Cost Associated with MICE Events
3.5.2.2. Growth in Geopolitical and Social Uncertainties
3.5.3. Opportunities
3.5.3.1. Technological Advancements
3.5.3.2. Infrastructural Investment

CHAPTER 4: ASIA-PACIFIC MICE INDUSTRY, BY EVENT TYPE
4.1. Overview
4.1.1. Market size and forecast
4.2. Meetings
4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast
4.2.3. Market analysis by country
4.3. Incentives
4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast
4.3.3. Market analysis by country
4.4. Conventions
4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast
4.4.3. Market analysis by country
4.5. Exhibitions
4.5.1. Key market trends, growth factors, and opportunities
4.5.2. Market size and forecast
4.5.3. Market analysis by country

CHAPTER 5: ASIA-PACIFIC MICE INDUSTRY, BY COUNTRY
5.1. Overview
5.1.1. Market size and forecast
5.2. China
5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast
5.3. India
5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast
5.4. Singapore
5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast
5.5. Thailand
5.5.1. Key market trends, growth factors, and opportunities
5.5.2. Market size and forecast
5.6. Indonesia
5.6.1. Key market trends, growth factors, and opportunities
5.6.2. Market size and forecast
5.7. Australia
5.7.1. Key market trends, growth factors, and opportunities
5.7.2. Market size and forecast
5.8. New Zealand
5.8.1. Key market trends, growth factors, and opportunities
5.8.2. Market size and forecast
5.9. Japan
5.9.1. Key market trends, growth factors, and opportunities
5.9.2. Market size and forecast
5.10. Malaysia
5.10.1. Key market trends, growth factors, and opportunities
5.10.2. Market size and forecast
5.11. South Korea
5.11.1. Key market trends, growth factors, and opportunities
5.11.2. Market size and forecast
5.12. Vietnam
5.12.1. Key market trends, growth factors, and opportunities
5.12.2. Market size and forecast
5.13. Hong Kong
5.13.1. Key market trends, growth factors, and opportunities
5.13.2. Market size and forecast
5.14. Taiwan
5.14.1. Key market trends, growth factors, and opportunities
5.14.2. Market size and forecast
5.15. Rest of Asia-Pacific
5.15.1. Key market trends, growth factors, and opportunities
5.15.2. Market size and forecast

CHAPTER 6:COMPANY PROFILES
6.1. QUESTEX LLC
6.1.1.Company overview
6.1.2.Business performance
6.1.3.Key strategic moves and developments
6.2. CWT MEETINGS & EVENTS
6.2.1.Company overview
6.2.2.Business performance
6.2.3.Key strategic moves and developments
7.3. IBTM EVENTS
7.3.1.Company overview
7.3.2.Business performance
7.3.3.Key strategic moves and developments
6.4. BCD MEETINGS AND EVENTS
6.4.1.Company overview
6.4.2.Business performance
6.4.3.Key strategic moves and developments
6.5. CIEVENTS
6.5.1.Company overview
6.5.2.Business performance
6.5.3.Key strategic moves and developments
6.6. ATPI LTD.
6.6.1.Company overview
6.6.2.Business performance
6.6.3.Key strategic moves and developments
6.7. CONFERENCE CARE LTD.
6.7.1.Company overview
6.7.2.Business performance
6.7.3.Key strategic moves and developments
6.8. THE FREEMAN COMPANY
6.8.1.Company overview
6.8.2.Business performance
6.8.3.Key strategic moves and developments
6.9. INTERPUBLIC GROUP OF COMPANIES, INC.
6.9.1.Company overview
6.9.2.Business performance
6.9.3.Key strategic moves and developments
6.10. CONFERENCE CARE LTD.
6.10.1.Company overview
6.10.2.Business performance
6.10.3.Key strategic moves and developments

*Full List of Tables and Figures Available on Enquiry.

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According to this report titled, 'Asia-Pacific MICE Industry by Event Type and Country: Opportunity Analysis and Industry Forecast, 2018 - 2025' 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 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.

Key Findings of the Asia-Pacific MICE Industry Market:

Based on event type, 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.
The incentive travel segment accounted for 10.0% share of the Asia-Pacific MICE industry and is expected to grow at the highest CAGR of 9.1%.
By country, Singapore & Thailand are anticipated to grow at a significant CAGR of 10.3% and 10.0% respectively.
China occupied around 25.5% share of the Asia-Pacific MICE industry in 2017 and is expected to grow at a CAGR of 8.5%.
Based on country, the Asia-Pacific MICE industry was dominated by China and Japan as the major market with nearly 42.0% market share in 2017 and are expected to witness a CAGR of 8.5 and 9.5% during the forecast period.

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.
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The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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