The Thailand MICE and mega event market size was valued at $6.93 billion in 2019, and is estimated to reach $12.23 billion by 2027, registering a CAGR of 11.63% from 2021to 2027. The MICE industry is engaged in conducting meetings, incentives, conferences, exhibitions, and mega events. Meetings allow people to share information & discuss and solve problems, while incentive travel is a management tool for rewarding and motivating sales representative, dealers, distributors, workers, and in some cases customers. The activities of the MICE industry play a key role in the future growth for businesses, cities, destinations, and other covered spectrums in the country. Mega events are defined as those one-time sporting events of an international scale and yielding high levels of media coverage and impact for the host community due to the event’s significance size, in terms of number of visitors and attendees. These business travelers are connected to different sectors of the tourism and hospitality industry through their MICE activities. In general, MICE 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, which in turn, supports the growth of the Thailand MICE and mega event market.
Increase in number of tourists and business activities in Thailand is a key factor expected to fuel the market growth in the near future. The other factors that promote the growth of the market include significant economic growth, rise in disposable income, political stability, and aggressive tourism campaigns. In addition, changes in lifestyle, rise in tourism promotion, and increase in accessibility of transport facilities have fueled the growth of the Thailand MICE and mega event market. Factors such as technological advancements have given rise to easy access to hotel & transport booking through online portals, which further boost the travel & tourism industry in Thailand, which, in turn, is expected to fuel the Thailand MICE and mega event market growth.
Moreover, improvement in economic condition and surge in disposable income are significant factors that propel the growth of the MICE industry. Disposable income of individuals in Thailand has increased, due to which medium- and high-income consumers in urban areas are shifting their consumption trend from essential to premium goods & services. This trend favors the tourism industry to enhance their service offerings, thus driving the growth of the Thailand MICE and mega event market.
High cost associated with MICE events is one of the major hindering factors of the Thailand MICE and mega event market. This is attributed to the fact that business events and activities require high operational expenses. Furthermore, the capital investment is high, as it consists of multi-sectors of hospitality services including lodging, food & beverage, catering, convention service, convention facility supply, transportation, tourism, retail, shopping, and entertainment.
The Thailand MICE and mega event market is segmented into event type and source. By event type, the market is categorized into meetings, incentives, conventions, exhibitions, and mega event. By source, it is divided into domestic and international. Further, the domestic is segregated into meetings, incentives, conventions, exhibitions, and mega event. International is also segment into event type meetings, incentives, conventions, exhibitions, and mega event
By Event Type
The incentive segment would witness the fastest growth, registering a CAGR of 25.28% during the forecast period.
According to the Thailand MICE and mega event market analysis on the basis of event type, the exhibition segment accounted for the maximum share in the 2019. Competition among exhibition destinations in the country has increased dramatically in the past decade, due to the heavy investment in infrastructure, marketing, and human resources, fueled by the desire to gain the industry's significant economic benefits. Moreover, exhibition events aid in bringing together buyers, suppliers, stakeholders, consultants, and the media. As a result, exhibition event serves as an ideal marketing medium, which provides a significant platform for event companies to represent and launch new services and products, build brand awareness, generate leads, and retain existing customers.
By Source
International segment would witness the fastest growth, registering a CAGR of 22.09% during the forecast period.
According to source, the domestic segment dominated the market, which accounted for around half of the Thailand MICE and mega event market share in 2019, and is expected to continue this trend throughout the Thailand MICE and mega event market forecast period. Thailand has some famous venues such as the Royal Paragon Hall and Queen Sirikit National Convention Center where domestic event companies host lifestyle events to increases the domestic revenue in the country. Moreover, the international event companies help domestic providers to introduce their services in the market to cater to the requirements of large consumer base.
Key Benefits For Stakeholders
The report provides a quantitative analysis of the current Thailand MICE and mega event market trends, estimations, and dynamics of the market size from 2014 to 2027 to identify the prevailing opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
In-depth analysis and the market size and segmentation assists to determine the prevailing Thailand MICE and mega event market opportunities.
Drivers and restraints are analyzed based on event type in the Thailand MICE and Mega Event industry.
Thailand MICE and Mega Event Market Report Highlights
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Analyst Review
Thailand is one of the fastest developing countries in the Asia-Pacific region, and thus strong economic growth is the major factor that boosts the growth of the MICE and mega event industry in this country. According to the top-level CXOs, rapid growth in business of the travel sector has positioned Thailand as one of the major markets for MICE across the world. However, the infrastructure is not well-developed in the region; therefore, the prime focus of the government is on infrastructural development, which includes roads, and airports to cater to the growing demands of the travel industry. In addition, ease of visa restrictions, rise in investments to develop better infrastructure, and rise in number of MICE travelers in commercial aviation from Thailand are some of the other factors that fuel the growth of the MICE industry. In addition, high penetration of internet & technology in the country supports the growth of the market.
However, owing to the outbreak of COVID-19, the tourism sector is anticipated to slowdown in 2020, thereby hampering the growth of the Thailand MICE and mega event industry in 2020.
The Thailand MICE and mega event market size was valued at $6.93 billion in 2019, and is estimated to reach $12.23 billion by 2027, registering a CAGR of 11.63% from 2021to 2027.
The CAGR of Thailand MICE and Mega Event Market is 11.63% from 2021to 2027.
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High cost associated with MICE events are the major effecting factor of the Thailand MICE and Mega Event Market.
Event type and source are the segments of Thailand MICE and Mega Event Market.
The forecast period in the market report are from 2021 to 2027.
Increase in number of tourists & business activities, changes in lifestyle, rise in tourism promotion, and increase in accessibility of transport facilities are the currents trends will be shape the market in the future.
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