The India Meetings, Incentives, Conferences and Exhibitions (MICE) market comprises meeting services, convention & exhibition services, and incentive travel. MICE tourism involves organizing and facilitating events such as meetings, conferences, trade shows, exhibitions, incentive trips, recognition trips, product launches and other business objectives. It plays a vital role in promoting India as a global MICE destination. The country offers world-class infrastructure, evolving technology and ease of connectivity for MICE sector. Focus of major industry players and government initiatives to develop integrated MICE zones aim to boost urban infrastructure and emerging technologies.
The Global India MICE Market is estimated to be valued at US$ 3.81 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India MICE Market are Terumo Corporation, Medtronic PLC, Abbott Laboratories, Abiomed Inc., Teleflex Incorporated, Maquet GmbH, BerlinHeart GmbH, and others. These players are focusing on mergers and acquisitions to expand their global footprint.
The India MICE Market Growth is witnessing growing demand due to increasing number of domestic and international corporate meetings, conferences and events in the country. India hosted over 10,000 MICE delegations in 2019 attracting more than 2.5 million MICE travellers.
Major event organizers and MICE destinations in India are rapidly expanding their global presence through collaborations with international convention bureaus and association management companies. This will help India improve its ranking as a global MICE destination.
Market Drivers
The key driver for the India MICE market is increasing focus of the Indian government to promote India as a global MICE hub. The government has launched several initiatives like Infrastructural development projects, dedicated MICE zones and marketing campaigns to boost India's share in the global MICE sector. The "Incredible India" campaign promotes India's convention centres, audio visual capabilities and exotic locations for incentive trips across the country. This is attracting more international event organizers to host conferences, corporate off-sites and exhibitions in India.
Geopolitical impact on India Meetings, Incentives, Conferences and Exhibitions (MICE) Market growth
The current geopolitical instability and uncertainties across various regions are impacting the growth of MICE market in India. The rising geopolitical tensions between India and its neighbouring countries like China and Pakistan are hindering the cross-border business travel and meetings. Many international companies are reluctant to organize large scale conferences and exhibitions in India due to threats of terrorism. Furthermore, the ongoing Russia-Ukraine war has disrupted the European economy which is one of the major source markets for MICE travel to India. The depreciation of euro and other European currencies makes India a relatively expensive MICE destination. This is adversely affecting the inbound MICE travel revenues. However, the growth of domestic MICE sector is less impacted. The market players need to focus on strengthening regional business partnerships and boost domestic corporate events to sustain growth. Collaboration with local authorities for ensuring highest security standards at venues can help regain lost international consumer confidence over time.
India MICE Market geographical concentration
In terms of value, the India meetings, incentives, conferences and exhibitions Market is currently concentrated in Delhi/NCR region, Mumbai, and Bengaluru. These major commercial hubs attract the maximum number of domestic and international corporate meetings, incentive trips, conventions and exhibitions annually. Delhi/NCR region alone accounts for over 30% of the total MICE business led by numerous multinational corporations headquartered in the national capital region. Mumbai, being the financial capital, hosts large banking and finance sector events. While Bengaluru sees rising startup culture driven tech conferences and product launches. Other emerging lucrative MICE destinations include Ahmedabad, Pune, Hyderabad and Goa favored for leisure component in incentive travel programs.
Fastest growing region in India MICE Market
The southern state of Telangana featuring capital city Hyderabad is emerging as one of the fastest growing regions in the India MICE market. Supported by a pro-business state government, Hyderabad is witnessing exponential growth of pharmaceutical and life sciences industries. It is increasingly becoming a preferred venue for global pharma and biotech conventions. Furthermore, the vibrant startup ecosystem and headquarters of major IT firms in Hyderabad has boosted technology conferences in the city. The state tourism department is aggressively promoting MICE infrastructure development to leverage Hyderabad's strategic location and favorable time-zone. This is expected to help Telangana capture significant market share over the next decade.
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