India Meetings, Incentives, Conferences and Exhibitions Market to Witness High Growth

The India meetings, incentives, conferences and exhibitions (MICE) market offers a range of services including event management, exhibition services, and promotion for large events. The India MICE industry provides ideal platforms for business networking, information exchange, product promotions, and skill development across various industries. With a booming tourism sector and rising business activities in India, demand for creative and experiential event experiences is increasing rapidly. Large exhibitions and conferences covering sectors such as healthcare, tourism, infrastructure, and technology are regularly organized across major cities in India.

Key Takeaways

Key players operating in the India MICE Market Demand are Terumo Corporation, Medtronic PLC, Abbott Laboratories, Abiomed Inc., Teleflex Incorporated, Maquet GmbH, BerlinHeart GmbH, and others. These players are focusing on expanding their India operations through strategic partnerships and acquisitions to capitalize on growth opportunities. Growing business-to-business engagements and global expansion of Indian companies have augmented the need for large-scale seminars, product launches, and networking events across different industry verticals. Several Indian states like Tamil Nadu, Kerala, Goa, Rajasthan, and Delhi NCR are promoting their tourism and business potential through international roadshows, conventions, and exhibitions which is strengthening the overall MICE industry ecosystem. With favorable government policies and rising investments in infrastructure development, the India MICE market is expected to witness robust growth over the next decade.

Market drivers and restrain

The key driver for the India MICE market is rising tourism and business activities in the country. India received over 10 million foreign tourist arrivals in 2019 and the tourism sector contributed nearly 9.2% to India's GDP. This has augmented the demand for various MICE offerings including customized travel packages, venue bookings, and event management services. Rapid urbanization and growing disposable incomes are also encouraging Indians to participate in domestic and international leisure travel as well as business events which is fueling the India MICE industry growth. However, rising operating costs due to high real estate prices and taxes in metro cities can restrain the expansion of smaller MICE service providers. Infrastructure bottlenecks like limited air connectivity in some areas and shortage of convention centers can also challenge market growth to some extent over the forecast period.

Segment Analysis
The corporate meetings and events segment dominates the India MICE Market. Companies in India regularly organize meetings and events to bring their employees together from different office locations to facilitate interaction, training, and strategy discussions. The corporate meetings and events segment is expected to remain the leading revenue generator during the forecast period as well due to growing business activities in India. The exhibitions and conferences segment is the second largest segment in the India MICE market. Several international exhibitions are organized in various cities of India throughout the year in industries like IT, healthcare, infrastructure, and manufacturing.

Global Analysis
The western region leads the India MICE market, both in terms of revenue and growth. The state of Maharashtra is the commercial and financial hub of India, with Mumbai being the most preferred MICE destination. The western region hosts several international and domestic exhibitions, conferences, and corporate events. The southern region, led by Bengaluru and Hyderabad, is expected to witness the fastest growth during the forecast period owing to rising investments in the IT and biotechnology sectors. International exhibitors are showing increasing interest in hosting events in cities in the southern region due to availability of world-class infrastructure and growing business opportunities. The northern region is another major segment led by Delhi and Gurugram.

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