The Asia Pacific MICE industry is expected to enjoy a CAGR of 8.6% till 2025.
SINGAPORE - The global MICE industry is enjoying significant growth, with projections to reach US$1.439 trillion in the year 2025. And Asia-Pacific will be the main beneficiary of this boom, so said an industry report.
A study by Allied Market Research forecasts that the industry - which was valued at US$805 billion in 2018 - will see a Compound Annual Growth Rate (CAGR) of 7.6% from 2018 to 2025.
The MICE industry, the highest revenue contributor to the travel industry, has witnessed exponential growth due to rapid globalisation and expansion of service industries, and the continuous evolution of scientific and technological innovations.
Based on region, Asia Pacific is expected to witness the highest CAGR of 8.6% during the forecast period. This region is significantly driven by countries such as Singapore, China, and India.
Moreover, ease of visa restrictions, investments in better infrastructure, and high demand in commercial aviation in the region will further fuel the growth of its MICE industry.
Other key findings of the report include:
• Europe dominated the global MICE industry with more than 42% of global MICE industry share, in terms of value.
• On the basis of country, the United States generated the highest revenue in global MICE industry.
• Based on event type, meetings segment generated the highest revenue, and is expected to grow at a CAGR of 7.5%.
• The incentives segment is projected to witness highest growth in the global market.