by The India meetings, incentives, conferences and exhibitions (MICE) market offers a platform for business events, meetings, incentives, conventions, and exhibitions. MICE activities help businesses to network, build brand awareness, launch new products and services, and conduct seminars. The growing tourism industry and business events in India support the growth of the MICE market. The MICE segment organizes attractive conferences, events, and exhibitions to attract both domestic and international travelers.
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 Size are Terumo Corporation, Medtronic PLC, Abbott Laboratories, Abiomed Inc., Teleflex Incorporated, Maquet GmbH, BerlinHeart GmbH, and others.
The key opportunities in the India MICE market include growing business activities from diverse industries, increasing adoption of digital technologies in event management, and expansion of infrastructure for MICE events across Tier-I and Tier-II cities.
Major MICE market players are focusing on expanding their business overseas through partnerships and collaborations. Increased government support for the tourism and hospitality sector will also drive the global expansion of the India MICE market.
Market Drivers
The primary driver fueling the growth of the India MICE market is the rapid increase in tourism and business events in the country. India hosted several national and international conferences, conventions, and exhibitions in recent years due to availability of attractive venues, accommodation facilities, and technologically advanced infrastructure. Moreover, growing FDI inflow in diverse industries and trade relations with other countries provide impetus to business meetings and events. This in turn is expected to propel the demand for MICE services over the forecast period.
PEST Analysis
Political: The government has taken few initiatives to promote India MICE Market tourism like announcing various reforms and national tourism policy. Certain regulations related to travel and events are eased with aim to boost this sector.
Economic: India’s strong economic growth prospects have been driving the demand from corporate organizations to hold events. Rise in disposable incomes has also increased leisure travel and events.
Social: Changing lifestyle and increasing spending power has increased preference for leisure corporate activities and travel among Indians. Social media has helped promotion and organization of such events.
Technological: Digital and online platforms helps efficient planning and promotions of MICE activities. Virtual and hybrid events are gaining traction due to technology interventions. Use of software for business travel management has also increased.
Geographical concentration
The metros cities like Delhi, Mumbai, Bengaluru, Chennai account for over 60% of the total market value due to presence of major corporate houses and event infrastructure. Tier I & II cities are also witnessing rising participation in MICE.
Fastest growing region
Tier II cities expected to be the fastest growing regional market during the forecast period driven by initiatives to develop urban infrastructure and local bodies promoting these cities as destinations. Corporates are also exploring opportunities beyond metros to engage with diverse target audiences.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
