Asia-Pacific M!CE industry to reach $441 bn by 2025

bic event

According to a new report published by Allied Market Research, titled, Asia-Pacific M!CE Industry by Event Type and Country: Opportunity Analysis and Industry Forecast, 2018-2025, the Asia-Pacific M!CE industry generated revenue of $229 billion in 2017 and is expected to grow at a compound annual growth rate of 8.6 per cent to reach $441.1 billion by 2025.
“Globalization of businesses, rapid increase in SMEs, and the surge in presence of corporate industries have contributed to the growth of the Asia-Pacific M!CE industry. Other significant factors that promoted the growth of the market are rise in business travel coupled with change in lifestyle of business travellers to seek leisure trips, rapid urbanization and increase in disposable incomes. However, high cost associated with M!CE events and uncertain geopolitical conditions hamper the market growth. Factors such as investments in infrastructural development and technological advancements, are expected to provide lucrative opportunities for the growth of the market,” the report noted.