According to a new report published by Allied Market Research, titled, “Thailand MICE and Mega Event Market by Event Type and Source: Opportunity Analysis and Industry Forecast, 2021–2027,” The Thailand MICE and mega event market size generated revenue of $6.93 billion in 2019, and is expected to grow at a CAGR of 11.63% to reach $12.23 billion by 2027. The term MICE in the context of travel is an acronym for meetings, incentives, conferences, exhibitions, and mega event. MICE and mega events are events and activities that involve attendees who share a common interest. The venue for these events provide space and facilities necessary to meet the needs of those who attend the gathering. The MICE market refers to a specialized niche of group tourism dedicated to planning, booking, and facilitating conferences, seminars, and is the highest revenue contributor to the travel industry in Thailand. The MICE industry provides easy and convenient methods for organizing events, and helps choose the right destination, which is the basis of a successful event. The tourism sector has witnessed exponential growth in the MICE industry, owing to rapid globalization, expansion of service industries, and continuous evolution of scientific & technology.
Some sectors such as hotel and transportation are directly involved in the MICE industry. These industries may benefit from MICE business by offering their services and facilities to the planners and attendees of MICE events. Hotels are the key suppliers of MICE and mega events, and serve as the major beneficiaries. These business travelers are connected to different sectors of the tourism and hospitality industry through their MICE activities.
On the basis of event type, the market is categorized into meetings, incentives, conventions, exhibitions, and mega events. The exhibition segment is expected to exhibit a CAGR of 9.70% during the forecast period, due to the development of the travel & tourism industry, surge in international business travels, and rise in government initiatives for the development of MICE segment & SME sector.
Depending on source, the domestic segment accounted for a significant Thailand MICE and Mega Event Market share of 81.78% in 2019, and is expected to retain its dominance throughout the forecast period. However, the international segment is expected to register the highest CAGR of 22.09% during the forecast period, owing to increase in incentive travel plan by event management companies.
Key findings of the study
The market was valued at $6.93 billion in 2019 and is estimated to reach $12.23 billion by 2027, growing at a CAGR of 11.63% throughout the forecast period.
Based on event type, the incentive segment is expected to witness rapid growth, registering a CAGR of 25.28% during the forecast period.
Based on source, the domestic segment held the highest share in the Thailand MICE and mega event market in 2019.
Exhibition event segment held the highest share in the Thailand MICE and Mega Event industry.