According to a forecast published this year by Allied Market Research on the global MICE market, Asia-Pacific is expected to witness the highest growth rate of 8.6% during the forecast period through to 2023. The region, states the report, is significantly driven by emerging countries such as Singapore, China, and India. Moreover, ease of visa restrictions, investments in better infrastructure, and high demand in commercial aviation further fuel the growth of the Asia-Pacific MICE industry.
The group market of the tourism industry has witnessed exponential growth owing to rapid globalization and expansion of service industries, and the continuous evolution of scientific and technological innovations.
Based on event type, meetings segment generated the highest revenue in 2016, and is expected to grow at a CAGR of 7.5%, due to the growth of the travel & tourism industry, increase in international business travels, and rise in government initiatives for the development of MICE segment & SME sector. Recent trends of organizing hybrid meetings, and use of social media and meeting apps are also expected to the boost market growth in the near future.