The global India Meetings, Incentives, Conferences and Exhibitions 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 comprises corporate events, destination exhibitions, corporate meetings, incentive travels, and conferences. Meetings, incentives, conferences, and exhibitions help businesses create strategic plans, network, and generate sales. They provide opportunity for knowledge sharing and team building. Developing infrastructure and ease of traveling within India has increased domestic and international delegates visiting the country for MICE events. This has propelled the growth of the India MICE market.
Market key trends:
One of the key trends in the India MICE market is rising infrastructure projects. The Indian government has been investing heavily in infrastructure development such as airports, roads, and railways. This has improved connectivity within the country and boosted tourism. For instance, the Delhi-Mumbai industrial corridor project aims to develop new urban areas supported by world-class infrastructure. It will enhance business collaborations and drive MICE tourism. Furthermore, initiatives such as Smart Cities and 100 Smart Cities projects are developing business districts, convention centers and luxury hotels. This will attract more international conferences, exhibitions and incentives travels. The improved infrastructure is a major factor driving growth of the India MICE market during the forecast period.
Porter’s Analysis
Threat of new entrants: The MICE industry requires high initial investments in hotels, convention centers, technology infrastructure etc. This acts as a barrier for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several players providing MICE services. However, corporate buyers have higher bargaining power due to volume.
Bargaining power of suppliers: Hotels and venues form an important part of the value chain. They have moderate bargaining power due to availability of substitutes.
Threat of new substitutes: Emergence of virtual and hybrid meetings pose potential threat. However, physical interaction remains important for most businesses.
Competitive rivalry: The Indian MICE industry is highly competitive with presence of several international and domestic players.
Key Takeaways
The India Meetings, Incentives, Conferences and Exhibitions (MICE) market Size is expected to witness a CAGR of 18% over the forecast period due to rising business meetings, conferences and events in the country.
The regional analysis indicates that Mumbai, Delhi, Bangalore and Chennai will continue to dominate the MICE market in India. Southern and Western regions are projected to witness highest growth on account of increasing investments in infrastructure and tourism promotion campaigns.
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. These players are focusing on partnerships, digitalization and venue expansion to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
