Meetings, incentives, conferences and exhibitions (MICE) provide organizations a platform to bring together individuals from different regions for business and networking purposes. The MICE industry in India offers comprehensive event planning and management services along with world-class infrastructure at venues across major cities. With growing international trade and investment in the country, the demand for business conventions, product launches, corporate off-sites and similar events has increased substantially. The India Meetings, Incentives, Conferences and Exhibitions 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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The adoption of digital technologies by MICE operators has accelerated following the pandemic. Virtual and hybrid events allow organizations to continue business networking and training initiatives while reducing costs significantly. MICE players in India have heavily invested in virtual event platforms, video conferencing solutions and mobile apps to engage attendees located anywhere. This shift towards digital is expected to stay even in the post pandemic era as organizations recognize the benefits of virtual initiatives to reach a global audience. Hybrid models combining select in-person and online activities will likely become the norm.
Segment Analysis
The India meetings, incentives, conferences and exhibitions market size is dominated by the meetings and conference sub-segment. The sub-segment accounts for over 40% of the market share owing to the growing business events and corporate meetings culture in India. Key industries such as IT, manufacturing, healthcare are increasingly organizing conferences and meetings to brainstorm ideas, network with clients and boost business growth.
Key Takeaways
The India meetings, incentives, conferences and exhibitions market is expected to witness high growth.
Regional analysis: The India MICE market is dominated by Southern India region which accounts for around 35% of the total market revenue. The presence of major tourism and technology hubs such as Bangalore and Chennai along with rising disposable incomes has boosted the demand for MICE activities.
Key players operating in the India meetings, incentives, conferences and exhibitions market are Terumo Corporation, Medtronic PLC, Abbott Laboratories, Abiomed Inc., Teleflex Incorporated, Maquet GmbH, BerlinHeart GmbH, and others.
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