The global meetings, incentives, conferences and exhibitions (MICE) industry is expected to more than double in value over the next decade, with Asia Pacific maintaining its position as the leading regional market.

According to a new report by Straits Research, the global MICE market is forecast to grow from US$1.23 trillion in 2025 to US$1.34 trillion in 2026, before reaching nearly US$3.1 trillion by 2034. This represents a compound annual growth rate (CAGR) of 10.5% over the forecast period.

The positive outlook comes despite a challenging operating environment shaped by geopolitical tensions, economic uncertainty, rising event costs and shifting business travel patterns.

The report draws on secondary sources including tourism publications, event industry reports, company disclosures, convention bureau statistics and hospitality databases. These findings were supported by primary discussions with event organisers, venue operators, hospitality providers and industry specialists.

Asia Pacific Takes the Largest Share

Asia Pacific is identified as the dominant MICE region, accounting for 40% of the global market in 2025. The region’s cost competitiveness, expanding convention infrastructure and rising corporate activity are helping destinations attract a growing share of international meetings, conferences and exhibitions.

Compared with North America and Europe, many APAC destinations offer lower costs for venues, accommodation, labour and event services, enabling organisers to stage large-scale events more cost-effectively.

India, Thailand, Malaysia, China and Singapore are among the key markets expected to benefit from this growth.

India’s expanding corporate sector and deeper integration with global markets are driving demand for conferences, trade exhibitions and incentive travel. As more multinational companies establish operations in major business hubs such as Delhi, Mumbai, Bengaluru and Hyderabad, demand for leadership summits, product launches, industry conferences and networking events continues to rise.

India’s strong presence in sectors including information technology, pharmaceuticals and finance is also increasing the need for knowledge-sharing events, trade shows and professional platforms.

Singapore, meanwhile, continues to strengthen its position as a regional MICE hub thanks to its world-class infrastructure, strategic location, business-friendly environment, strong air connectivity, visa-friendly policies and reputation for safety.

Exhibitions Remain the Biggest Segment

By event type, exhibitions remain the largest segment of the MICE market, accounting for 45% of total market share in 2025.

Trade fairs and industry exhibitions continue to serve as critical platforms for business development, product launches, networking and supply chain engagement across sectors such as manufacturing, technology, healthcare and finance.

While exhibitions hold the largest share, incentive travel is projected to be one of the fastest-growing segments. The incentive travel segment is expected to expand at a CAGR of 12% during the forecast period.

Growth in this area is being driven by companies’ increasing focus on employee engagement and experience-led travel. Businesses are increasingly combining incentive trips with leisure, wellness and cultural activities, creating programmes that support both corporate objectives and employee motivation.