Published on : Thursday, June 27, 2019
Meetings, Incentives, Conventions and Exhibitions or MICE represents tourism sector that includes business events and activities. Travelers attending MICE activities are business travelers who are connected to different sectors of the tourism and hospitality industry through their MICE activities.
In 2017, the Asia-Pacific MICE industry generated revenue of $229.0 billion, 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 boosted by massive increase in business activities like client meetings, brand promotions, employee training activities & others. Swift rise in tourism and hospitability sectors and increase in presence of corporate industries are other important factors. Other significant factors promoting growth of the market are increase in business travel coupled with change in lifestyle of business travelers looking for leisure trips, rapid urbanization, and increase in disposable incomes.
Increase in government initiatives to promote SMEs and liberalization of market entry to increase FDIs are expected to further boost the growth of the MICE industry.
Tags: MICE Tourism