The global 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 Industry comprises meeting services such as organizing conferences, exhibitions, and events along with travel and accommodation services. The industry plays a vital role in promoting the country as a global meetings, incentives and conferences marketplace.

Market key trends:

One of the key trends driving the growth of India MICE Industry is growing popularity of meetings beyond conventional cities. With improvement in connectivity via flights and highways, tier II and III cities are emerging as ideal destinations for meetings, conferences and exhibitions. For instance, destinations like Udaipur, Rishikesh, Coorg, Shillong are witnessing increased interest from event organizers as they offer scenic beauty and local culture along with required infrastructure and accommodation facilities at competitive prices. This shift is allowing organizers to curate unique experiences for delegates outside of major commercial hubs. One of the key trends in India MICE market is the rising demand for customized and experiential meetings, incentives, conferences and events. With busier schedules and increased digital interactions, participants expect unique experiences during MICE events that engage and motivate them. MICE planners are focusing on designing customized activities, site selections and team engagement programs to provide memorable and rejuvenating experiences to attendees.

SWOT Analysis:

Strengths: Growing business travel and tourism sector in India presents large opportunities. India offers geographic and cultural diversity which allows for unique MICE event venues and experiences.

Weaknesses: Infrastructure challenges such as lack of international convention centers and transportation bottlenecks in some cities. High costs associated with MICE events.

Opportunities: Government initiatives to promote MICE tourism. Easing of COVID-19 related travel restrictions to facilitate cross-border MICE activities and attract overseas delegates.

Threats: Economic slowdowns impacting corporate travel budgets. Potential future public health crises could disrupt plans for in-person MICE events. Geopolitical tensions in certain regions pose some risk.

Key Takeaways

The  India Meetings, Incentives, Conferences and Exhibitions (MICE) market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing investments by government and private players to develop world-class MICE infrastructure in the country.

Regional analysis

The southern region of India dominates the MICE market currently , led by states like Tamil Nadu and Karnataka. However, northern cities like New Delhi and Mumbai in the western region are emerging rapidly, supported by robust infrastructure growth.

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.

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