The global MICE market is projected to grow in 2026 despite a volatile operating environment. Photo Credit: iStock/jotily
The global MICE market is forecast to grow from US$1.23 trillion in 2025 to US$1.34 trillion, and onward to US$3.1 trillion by 2034, representing a compound annual growth rate (CAGR) of 10.5%, according to a new report by Straits Research.
The outlook comes despite an operating environment marked by geopolitical tensions, economic uncertainty, rising event costs and shifting business travel patterns.
Ther report considers secondary sources including tourism publications, event industry reports, company disclosures, convention bureau statistics, and hospitality databases; supplemented by primary discussions with event organisers, venue operators, hospitality providers, and industry specialists to validate the estimates.
Asia Pacific takes the lion's share
The report identifies Asia Pacific as the dominant MICE region, accounting for 40% of the global market in 2025. Cost competitiveness, expanding convention infrastructure and growing corporate activity are helping destinations across the region attract a larger share of international meetings and exhibitions.
“Compared to North America and Europe, many APAC destinations offer significantly lower costs for venues, accommodation, labor, and event services, allowing organizers to host large-scale conferences and exhibitions at a fraction of the cost,” the report’s authors noted.
Markets such as India, Thailand, Malaysia, China and Singapore are identified as key beneficiaries of this growth.
India's expanding corporate sector and integration with global markets are fuelling demand for conferences, trade exhibitions and incentive travel, the report stated.
“As more multinational companies establish operations in major business hubs like Delhi, Mumbai, Bengaluru, and Hyderabad, the demand for meetings, leadership summits, product launches, and industry conferences has grown significantly,” the report’s authors surmised.
India’s presence in sectors such as IT, pharmaceuticals, and finance further fuels the need for knowledge-sharing events, trade exhibitions, and networking platforms.
Meanwhile, Singapore’s position as a MICE hub continues to be strengthened by its world-class infrastructure, strategic location, business-friendly environment, air connectivity, visa-friendly policies and reputation for safety.
Exhibitions the biggest engine
By event type, exhibitions continue to represent the largest segment of the MICE market, with a 45% share in 2025.
The prominence of trade fairs and industry exhibitions reflects their role as critical platforms for business development, product launches, networking and supply chain engagement across sectors ranging from manufacturing and technology to healthcare and finance.
While exhibitions command the largest share, incentive travel is projected to be a fast-growing segment.
The incentives segment is expected to grow at a CAGR of 12% during the forecast period. Companies are shifting toward experience-driven engagement strategies, where incentive trips combine business objectives with leisure, wellness, and cultural activities. Growth is driven by increasing corporate focus on employee engagement and experiential travel.