The India Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 3.30 Bn in 2023 and is expected to exhibit a CAGR of 18.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The India MICE market involves organizing and facilitating corporate meetings, incentives travel, conferences, and exhibitions. It involves various services such as accommodation, transportation, recreation activities, venue renting, and catering. The growing corporate culture is majorly driving the India MICE market. However, post pandemic restrictions on large gatherings posed challenges for the industry.

Market Dynamics:

The growth of the India MICE market is driven by two main factors –

Growing corporate culture: The rapid growth of corporate sector in India has enhanced the number of business events being organized annually. Various industries utilize MICE events for networking, launching new products, and brand promotions. This is fueling the demand for MICE services.

Government initiatives to boost tourism: The Indian government is taking several initiatives like infrastructure development and easing visa norms to attract more MICE events and tourists. For example, the government launched the ‘Incredible India’ campaign to promote business as well as leisure tourism. Such initiatives are positively impacting the market growth.

Segment Analysis

The India MICE market is dominated by the corporate segment which holds more than 60% share of the market. Large enterprises are increasingly using MICE events to launch new products, train employees or reward high performing staff. Conducting meetings and events helps businesses in enhancing collaboration between workforce and boost productivity.

PEST Analysis

Political: The Government of India has implemented initiatives like Make in India and Digital India which encourage businesses to set up operations in the country. This has resulted in an increase in domestic and international corporate meetings and events.

Economic: India witnessed strong GDP growth over the last few years increasing disposable incomes. This has led to rise in leisure travel and spending on entertainment including exhibitions and cultural events.

Social: Changing lifestyles, growing middle class and increased mobility has increased social interactions. Social media has also enabled networking globally stimulating demand for MICE activities.

Technological: Advanced tech tools allow virtual/hybrid events reducing costs. Live streaming, mobile apps help engage audience better and collect real-time feedback virtually expanding reach.

Key Takeaways

The  India Meetings, Incentives, Conferences and Exhibitions (MICE) market Size is expected to witness high growth of 18% over the forecast period fueled by increasingbusiness travel and spending onteam outings. The market size for India MICE is projected to reach US$ 9.83 Bn by 2030 from US$ 3.30 Bn in 2023.

Regional analysis witnessed Southern region as the fastest growing market attributed to presence of international convention centers and hotels in cities like Bengaluru and Chennai. ExhibitionsAssocia was the dominating sub-segment in South India.

Key players operating in the India MICE market are Tamarind Global, Cox & Kings, SOTC, Thomas Cook, Red Fox Hotel, Le Passage to India, Blank Canvas, Envent Worldwide, Orange County Resorts & Hotels, The Park Hotels, Radisson Hotel Group, Hyatt Hotels Corporation, Hilton, Kuoni India, ITDC, Ferns N Petals, Wedniksha, The Leela Palaces, Hotels and Resorts, ITC Hotels, Marriott International. Large players are focusing on tech-enabled solutions and curating unique travel experiences to targets diverse customer segments.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it