MICE Tourism Companies (2024 - 2029)

MICE Tourism Market Companies Summary

The tourism industry in the Asia-Pacific region has seen rapid growth due to factors such as economic prosperity, rising disposable income, political stability, and aggressive tourism campaigns. However, the COVID-19 pandemic has significantly impacted the sector, particularly the Meetings, Incentives, Conferences and Exhibitions (MICE) industry, with widespread quarantines and border closures leading to a massive drop in both domestic and international travel. Despite these setbacks, China is expected to maintain its dominance in the Asia-Pacific MICE business, with cities like Shanghai and Beijing hosting the majority of MICE trips. Key industries such as manufacturing, utilities, agriculture, forestry, fisheries, healthcare, and social work are predicted to drive future growth in the MICE sector. In terms of market trends, the Asia-Pacific MICE Tourism Market is seeing a shift towards hybrid events, which combine in-person and virtual elements, as a response to ongoing health and safety concerns. This trend requires companies in the hospitality sector to adapt and upgrade their technological capabilities to support these new event formats. Another significant trend is the growing focus on sustainability, with many venues across the region striving to reduce waste and improve their environmental credentials. The market is currently fragmented, with several major players operating in the space, and is expected to grow in the future due to low penetration and other factors.