INDIA MEETINGS, INCENTIVES, CONFERENCES AND EXHIBITIONS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The India Meetings, Incentives, Conferences and Exhibitions market size was valued at US$ 3.30 billion in 2023 and is expected to reach US$ 10.52 billion by 2030, grow at a compound annual growth rate (CAGR) of 18% from 2023 to 2030. The MICE industry comprises of events like meetings, incentives, conferences, and exhibitions or trade fairs. It involves planning, booking, and organizing of all the above types of events. The India MICE industry has been growing rapidly driven by rising business travel and increasing focus of companies to organize events.

India Meetings, Incentives, Conferences and Exhibitions Market Regional Insights

• North Region:
  • Delhi-NCR remained a key player in the MICE sector, with its world-class convention centers and proximity to the government and corporate hubs.
  • Cities like Gurgaon and Noida saw a surge in corporate meetings and exhibitions.
  • Agra, with its proximity to the Taj Mahal, attracted incentive travel and high-end corporate events.
• East Region:
  • Kolkata continued to host a range of conferences and cultural events, with the Science City Convention Center being a prominent venue.
  • Bhubaneswar in Odisha emerged as an emerging MICE destination due to its developing infrastructure and connectivity.
• West Region:
  • Mumbai retained its status as the financial capital, hosting a significant number of corporate meetings, conferences, and trade shows.
  • Pune, with its growing IT and manufacturing sectors, witnessed an increase in business events.
  • Gujarat, particularly Ahmedabad, benefited from its thriving business environment, attracting conferences and exhibitions.
• South Region:
  • Bengaluru continued to lead the way as a technology-driven MICE destination.
  • Chennai maintained its position as an industrial and commercial hub, hosting trade fairs and conventions.
  • Hyderabad's IT prowess resulted in a rise in tech-related events.
  • Kerala, with Kochi and Trivandrum, became known for eco-friendly and sustainable conferences.
• North East Region:
  • The North East region, including states like Assam, Meghalaya, and Sikkim, saw a gradual increase in MICE activities.
  • Destinations like Guwahati and Shillong started hosting smaller corporate meetings and regional conferences.

India Meetings, Incentives, Conferences and Exhibitions Market Drivers:

• Rising Business Travel and Corporate Events: The growth in domestic and international business travel as well as increasing number of corporate events and trade exhibitions has significantly driven the MICE industry in India. Corporates are actively looking to host large seminars, meetings and conferences to support their business expansion plans. There has been a surge in companies hosting annual general meetings, sales conferences, product launches etc. This rising frequency of corporate events and business meets is a major driver. The improving corporate profitability has also enabled companies to allocate more budgets for business events, conference travel and employee incentives - creating more demand in the MICE space.
• Infrastructure Development: The development of larger convention centers, premium hotels and venues with modern facilities has also facilitated the growth of MICE events in India. Cities like Hyderabad, Mumbai and Bengaluru today have large convention centers to host major global events. Several 5-star hotel chains have also expanded their presence and upgraded MICE facilities understanding the potential.
• The government has been promoting infrastructure initiatives like the India International Convention and Expo Center. New airports and transportation systems have also made key cities more accessible for national and international attendees. Such investments have enabled India to emerge as an attractive MICE destination versus other APAC countries.
• Government Support: The government’s active promotion of the MICE industry through flagship programs like ‘Make in India’, development of MICE clusters and easing of visa regulations have encouraged more international events to be hosted in India. Efforts are underway to position the country as a viable global MICE hub. Several states have drafted MICE policies with provision for financial incentives, subsidies and single window systems to attract events. The government is also promoting India globally through its ‘Incredible India’ campaign and participation in international travel fairs. Such initiatives have created a favourable environment.
• Expanding Digital Events: The adoption of advanced event technology solutions and growing concept of hybrid events in the post pandemic period has favored market growth. Digital platforms are enabling events to be more interactive, immersive and convenient. Companies like Hopin, Airmeet, Hubilo etc. have introduced innovative virtual and hybrid event solutions. Hospitality players are partnering with such platforms to serve client needs. The scope to engage global audiences through digital and hybrid events has expanded the India MICE industry reach.

India Meetings, Incentives, Conferences and Exhibitions Market Opportunities:

• Rising Destination Weddings Segment: India has witnessed a major increase in lavish destination weddings in recent years with higher budgets, longer guest lists and extravagant set-ups planned at exotic venues. Top hotels, event planners and wedding planning firms are capitalizing on this growth to target high value NRI and affluent families looking to host fairytale weddings. Firms are offering comprehensive wedding planning services - right from venue, decor and logistics to entertainment, food and guest management. The opportunity for the destination wedding segment is immense.
• Expanding to New Geographical Regions: While major cities have been the conventional MICE hubs, upcoming destinations like Jodhpur, Udaipur, Chandigarh, Guwahati etc. provide untapped potential. Investments to upgrade infrastructure and promotion by tourism boards has widened options. Hospitality majors are strategizing to expand presence into such cities given the lower costs and uncongested spaces available. This will allow firms to target price conscious and first-time event organizers from emerging cities and cater to their regional needs better.
• Virtual Event Capabilities: The virtual events space promises huge scope for companies to leverage technology and expand their audience reach beyond physical limitations. Firms equipped with digital event solutions can offer tech-enabled events platform covering attendee engagement, networking, analytics and payment gateway capabilities. Virtual events allow firms to host out-of-town or international customers virtually at lower costs and gain incremental revenues. With virtual fatigue setting in, the potential for hybrid events is also significant.
• Customized Event Solutions: Companies can gain advantage by offering highly personalized and customized event management services tailored to client requirements - right from equipment, venue décor, F&B, entertainment and accommodations. A more consultative approach understanding unique needs and delivering tailored solutions helps strengthen client relationships and drive repeat business. Venues can be turned into any imaginable theme or set-up using props, technology and creative designs.

India Meetings, Incentives, Conferences and Exhibitions Market Trends:

• Sustainability: Sustainable practices have become a priority across MICE events - be it minimizing waste, preventing food spoilage, neutralizing carbon impact or promoting energy efficiency. Venues are designing renewable energy infrastructure and harnessing solar power. Providing sustainable food options, recycling waste, and avoiding single-use plastic are rising trends. Communication is also going paperless with digital event collaterals. Such measures help MICE companies boost brand image and appeal to eco-conscious attendees.
• Bleisure Travel: Bleisure travel, combining business events with leisure, is gaining popularity. Companies are curating extended programs blending business agenda with specially curated local experiences such as cultural tours, adventure activities, culinary experiences etc. Destinations like Kerala, Andaman or Northeast with varied landscapes, heritage sites and activities complement such programs. Providing immersive experiences creates engagement and enhances attendee satisfaction.
• Hybrid Events: Hybrid has become the new normal for the events landscape, enabling audiences across geographies to attend live and virtually. Planners need to design interactive formats that tightly integrate in-person and virtual experiences using event-tech and high-end production. Providing streaming access and immersion beyond physical attendance provides inclusivity. Data analytics helps assess audience preferences and engagement levels across platforms.
• Health, Safety and Hygiene: With the pandemic impact, health, hygiene and safety have become crucial. Venues need to implement stringent protocols like frequent sanitization, social distancing norms, daily temperature/health checks and isolation rooms. Hybrid event solutions allow limiting on-ground presence. Touchless technology, enhanced air ventilation, strict food safety norms, multiple entry-exit points, abundant sanitizer availability and protective gear for staff are key. Adherence to WHO-IGBC guidelines has become vital to attendee trust.

India Meetings, Incentives, Conferences and Exhibitions Market Restraints:

• Geopolitical Changes and Economic Uncertainty: Geopolitical tensions, trade conflicts, rising inflation and signs of a global slowdown have created pockets of uncertainty. Business travel cuts and event budget reductions are visible during turbulent periods. Currency fluctuations also impact cross-border business.
• Sudden visa rule changes or travel restrictions due to closed borders, health hazards and security issues can disrupt international events participation. Planning risk mitigation strategies becomes important.
• Shortage of Skilled Human Resources: Acute shortage of skilled human resources poses a key challenge. Talent scarcity exists for key roles like venue managers, production specialists, technical teams, chefs, mixologists and service staff. High attrition levels further aggravate this issue.
• Training and retaining skilled staff equipped in hospitality, culinary skills and event technology is vital yet challenging presently. Staff scheduling complexity during major events also impacts execution.
• Increasing Cost Pressures: Rising operating costs due to inflation, supply chain disruptions, energy costs and labor shortages have increased pressure on operating margins. Cost escalations across travel, F&B, technology, equipment etc. have limited the ability to absorb price hikes given competition.

This necessitates value engineering and finding optimal cost structures. Venues also need to enhance operational productivity through process improvements to protect profitability.

Recent Developments

New product launches

• In September 2022, Thomas Cook India entered into a strategic partnership with Experience Hub to launch virtual and hybrid events solutions. This will help expand their offerings in the evolving landscape of hybrid events.
• In January 2022, Wedniksha launched an AI powered virtual event platform called Airmeet. It provides various features like virtual stages, networking, analytics etc required for organizing engaging virtual events.
• In November 2021, Orange County Resort launched advanced hybrid event technology solutions including virtual event platform, webinar services, voting pads and more. It helps facilitate hybrid events seamlessly.

Acquisition and partnerships

• In March 2022, ITC Hotels partnered with Dragonfly Events to launch hybrid events with virtual and physical event solutions. This strengthened their MICE offerings amidst demand for hybrid events.
• In January 2022 Radisson Hotel Group announced partnership with leading virtual events platform Hopin. This enabled Radisson to provide comprehensive hybrid and virtual event solutions to clients.
• In September 2021, SOTC acquired NRI event management firm Starr Events to expand their capabilities in organizing destination weddings and social events. This acquisition enhanced SOTC’s expertise in niche offerings.

Figure 1. India Meetings, Incentives, Conferences and Exhibitions Market Share (%), by Revenue Source, 2023

Top companies in India Meetings, Incentives, Conferences and Exhibitions Market

• Tamarind Global
• Cox & Kings
• SOTC
• Thomas Cook
• Kuoni India
• ITDC
• Ferns N Petals
• Wedniksha
• Red Fox Hotel
• Le Passage to India
• Blank Canvas
• Envent Worldwide
• Orange County Resorts & Hotels
• The Park Hotels
• The Leela Palaces, Hotels and Resorts
• ITC Hotels
• Marriott International
• Radisson Hotel Group
• Hyatt Hotels Corporation
• Hilton

Definition: The India Meetings, Incentives, Conferences and Exhibitions (MICE) market refers to the sector focused on planning and organizing events like business meetings, corporate incentive tours, large scale conferences, seminars, exhibitions as well as major social events in India. It involves management of end-to-end event logistics including venue selection, travel arrangements, catering, technology and equipment, attendee management etc. The India MICE industry has witnessed strong growth driven by rising corporate travel and business activities. It provides huge revenue opportunities for players across hospitality, travel, events, transportation and other sectors.

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