Corporate Meetings, Incentives, Conferences and Exhibitions are fastest growing segment fueling the growth of India Meetings, Incentives, Conferences and Exhibitions Market

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 planning and execution of meetings, conferences, congresses, trade shows, incentive travel programs and related events. The market offers products and services such as event registration, event management, venue selection, accommodation arrangements, transportation services, team building activities, content development and others. The industry helps in boosting business growth through meetings and exhibitions and also plays a vital role in promoting India as a tourism destination.

Market Dynamics:

The India MICE market is witnessing high growth owing to rising business tourism in India. India has emerged as one of the popular MICE destinations globally due to availability of international standard conference venues, meeting spaces, exhibition centers, luxury hotels at competitive pricing. This is attracting several multinational companies to organize their business conferences and exhibitions in India. Moreover, the India government is also taking various initiatives such as 'Incredible India' and Visa on Arrival to promote MICE tourism, which is further boosting the market growth. Another factor fueling the market growth is increasing number of domestic and international exhibitions held in India every year. Key industry trade shows such as Auto Expo, Comic Con India and India International Seafood Show among others are gaining popularity. This is increasing the demand for pre-show and post-show activities like team building activities, networking events and site inspections, thereby driving the India MICE market.

SWOT Analysis

Strength: India has experienced strong economic growth which has led to rising disposable incomes and growing appetite for leisure travel. Presence of world class hotels and resorts along with exotic locations make India an attractive MICE destination. Government initiatives such as e-visa have made visa process simpler for foreign travelers.

Weakness: Infrastructure gaps exist in terms of air connectivity and transportation to certain locations. Country faces security and safety issues in some parts which impact perception. Lack of convention centers and supporting facilities in Tier 2/3 cities.

Opportunity: Growing business travel from emerging industries and regional/domestic conferences and events. Increasing online corporate training and virtual/hybrid events present an opportunity. Development of new locations and venues will help expand market.

Threats: Outbreak of epidemic or health crisis poses a risk to the market. Geo-political tensions or adverse impact of climate change can affect travel confidence and demand. Intense competition from other Asian MICE hubs requires continuous product/service innovation.

Key Takeaways

The  India Meetings, Incentives, Conferences and Exhibitions (MICE) market Size is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing corporate investments in training and team building activities.

Regional analysis

The south India region dominates the India MICE market with states like Kerala, Tamil Nadu and Karnataka emerging as major hubs with their scenic beauty, heritage sites and world class accommodations attracting both domestic and international events. West and north regions are also growing at a faster pace due to economic development and improved infrastructure.

Key players

Key players operating in the India Meetings, Incentives, Conferences and Exhibitions 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.

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https://www.rapidwebwire.com/india-mice-market-size-share-growth-outlook-2023/