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Asia-Pacific has been the fastest growing region for tourism in the world. The factors that promote the growth of Asia-Pacific travel & tourism industry include strong economic growth, increase in disposable income, political stability, and aggressive tourism campaigns.
International arrivals exceeded 1.5 billion for the first time only in 2019, the long-term evolution of tourism is proved to be greatly dependent on a decade of growth since the global financial crisis. Though, this last period of unhindered business tourism development has suddenly come to an end with the COVID-19. Accompanied by quarantine in most countries and closed borders worldwide, COVID-19 pandemic heavily hit the MICE industry. The majority of domestic and international airlines were forced to cancel their flights due to severe quarantine measures and a lack of passengers, as people were frightened
In the Asia-Pacific MICE business, China is likely to continue dominant and grow at a stable rate. Over the last 12 months, Shanghai and Beijing have hosted the bulk of MICE trips in China, followed by Guangzhou, Hong Kong, and Macau. Manufacturing, utility & agriculture, and forestry & fisheries are the primary industry areas driving MICE growth in China. Furthermore, the healthcare industry and the social work segment are expected to rise as the population ages. The market's growth is expected to be aided by an increase in business travel activity from these industries.
Scope of the Report
MICE represents a sector of tourism that includes business events and activities such as client meetings, brand & product promotions, business expansion, employee training, and incentives. This report aims to provide a detailed analysis of the Asia-Pacific MICE Tourism Market. It focuses on the market dynamics, emerging trends in the segments and regional markets, and insights on various product and application types. Also, it analyses the key players and the competitive landscape in the Asia-Pacific MICE Tourism Market.
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Key Market Trends
As hospitality starts up again and meetings and events return, social distancing and concerns over health and safety mean hybrid events could become the modern, preferred event format.Some events, such as TwitchCon, Riot Games eSports Operations and Apple Special Events were already seeing great success in this area.
Hotels need to be able to adapt to this rising event format, which means having the technological capabilities: Make sure you have a stable Wi-Fi connection, enough bandwidth and sufficient power, Partnering with virtual or hybrid experts such as Glisser will give A good chance of supporting event planners and their hybrid needs, l Need to accommodate flexible formats and maximise engagement.
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Attention on sustainability
Business events are, without a doubt, a major economic driver but it is also a significant generator of waste through excess food and unwanted marketing collateral and souvenirs. Fortunately, recognition of this weakness is growing and many venues in Asia-Pacific are doing their best to strive for better sustainability credentials.
One example is the Melbourne Convention and Exhibition Centre (MCEC), which unveiled a five-year sustainability strategy earlier in 2021.
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The report covers the major players operating in the Asia-Pacific MICE Tourism Market. The market is fragmented, the market is expected to grow in the forecast period due to low penetration in the industry and other few factors will drive the market.
- In 2022, IBTM has selected Singapore to be the home of IBTM Asia Pacific.It will be coupled with the first edition of Singapore MICE Forum (SMF) X IBTM APAC, in partnership with Singapore Association of Convention & Exhibition Organisers & Suppliers (SACEOS).
- In 2021, The latest sustainability initiative in Asia-Pacific’s MICE industry is SITE Thailand Chapter’s partnership with with the Thailand Convention and Exhibition Bureau (TCEB) to host the SITE Thailand M&I Sustainability Advocate Project. It called on 146 young leaders to develop new sustainability practices for the meetings and incentives sector. The project culminated on October 15, where 17 teams of young individuals aged 17 to 25 presented their ideas at the virtual M&I Sustainability Forum.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights on Various Regulatory Landscape
4.5 Insights on impact of technology and innovation in the Market
4.6 Value Chain Analysis
4.7 Industry Attractiveness - Porters' Five Forces Analysis
4.7.1 Threat of New Entrants
4.7.2 Bargaining Power of Buyers
4.7.3 Bargaining Power of Suppliers
4.7.4 Threat of Substitutes
4.7.5 Intensity of Competitive Rivalry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.2.5 Hong Kong
5.2.8 Rest of AP
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 QUESTEX LLC
6.2.2 CWT MEETINGS & EVENTS
6.2.4 ATPI LTD.
6.2.5 CONFERENCE CARE LTD
6.2.6 IBTM EVENTS
6.2.7 INTERPUBLIC GROUP OF COMPANIES, INC.
6.2.8 CONFERENCE CARE LTD
6.2.9 BCD MEETINGS AND EVENTS
6.2.10 THE FREEMAN COMPANY*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The MICE Tourism Market market is studied from 2018 - 2027.
What is the growth rate of MICE Tourism Market?
The MICE Tourism Market is growing at a CAGR of <8% over the next 5 years.
Who are the key players in MICE Tourism Market?
QUESTEX LLC, CIEVENTS, ATPI LTD., CONFERENCE CARE LTD, IBTM EVENTS are the major companies operating in MICE Tourism Market.