China, South Korea, Japan, and Singapore Expected to Regain Normalization after COVID-19 Faster Than Their Western Counterparts and Grow Sustainably in the MICE Industry Market

Introduction

The Devastating Impact of the COVID-19 Outbreak on the Tourism Sector

The COVID-19 outbreak has brought the tourism sector to a standstill. Tourism remains the most affected sector, which has also impacted the MICE (Meetings, Incentives, Conferences, and Exhibitions) sector.

• As per the World Trade Organization, global international tourist arrivals could decline 20–30% by 2020 and result in a loss of USD 50 billion.
• The Professional Convention Management Association in Philadelphia conducted a survey where they found that around 87% of events were canceled, and 66% of events were postponed due to the COVID-19.
• The Macau Convention and Exhibition Association stated that it had a busy year with almost 1,500 meetings and exhibitions planned, of these around 500 events have been affected due to the COVID-19 impact.

 

Virtual and Hybrid Events: Possible Alternatives to MICE Events in the Current Scenario

Virtual and hybrid events are viewed as a possible alternative in the current situation. They provide financial benefits where companies are seriously trying to cut costs and removes the logistical and financial barriers, expanding the audiences as well. Although COVID-19 was initially noted in the APAC countries of China and South Korea, reports suggest that China, South Korea, Japan, and Singapore will regain normalization relatively faster than their western counterparts. This will allow these countries to come back and perform well in the MICE industry but in a sustained manner.

Competitive Players

Key Players

• Maritz
• BI Worldwide, Ltd.
• ITA Group, Inc.
• One10, LLC
• Meetings and Incentives Worldwide (M&IW)
• Creative Group, Inc.
• ACCESS Destination Service
• 360 Destination Group
• CSI DMC
• Carlson Wagonlit Travel
• IBTM
• Capita Travel
• BCD Group
• Ci Events
• ATPI Ltd
• Conference Care Ltd
• The Freeman Company
• The Interpublic Group of Companies, Inc.

Recent Developments

Segmentation

MICE Industry Market Segmentation

By Type

• Meetings
• Incentives
• Conferences
• Exhibitions

By Region

North America

• The U.S.
• Canada
• Mexico

Europe

• Germany
• The U.K
• Italy
• France
• The Rest of Europe

Asia-Pacific

• China
• South Korea
• Australia
• India
• Japan
• The Rest of Asia-Pacific

Central and South America and the Caribbean

• Brazil
• Argentina
• Colombia
• The Rest of Central and South America and the Caribbean

The Middle East

• Saudi Arabia
• Oman
• Qatar
• The UAE
• Turkey
• The Rest of ME

Africa

• Nigeria
• South Africa
• The Rest of Africa