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 is estimated to be valued at US$ 3.30 Bn in 2023 and is expected to reach US$ 10.52 Bn by 2030, exhibiting 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 meetings, incentives, conferences and exhibitions market has been increasing 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, witnessed a gradual increase in MICE activities.
• Destinations like Guwahati and Shillong initiated hosting smaller corporate meetings and regional conferences.

Figure 1. India Meetings, Incentives, Conferences and Exhibitions Market Share (%), By Region, 2023

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Analyst’s Viewpoint

The India Meetings, Incentives, Conferences and Exhibitions market is expected to witness significant growth in the near future. The business events industry in India is driven by favorable government policies that promote tourism and business travel. Several incentives like concessions on goods and services tax and infrastructure development programs are attracting both domestic and international event organizers to host events in India. Cities like Delhi, Mumbai, Bengaluru, and Chennai have emerged as top convention destinations in the country.

However, the market also faces challenges in terms of lack of international level convention infrastructure in several emerging city destinations. While tier-1 cities are well-equipped, the infrastructure in other cities needs further development. High taxes on events and accommodation continue to remain a restricting factor. The other concern is the shortage of qualified local manpower to cater to the increasing demand of international standard business events.

On the brighter side, India offers a diverse portfolio of destinations at affordable rates for organizers. The government's push towards developing cosmopolitan city hubs and regional air connectivity across India will bolster the meetings market. Sectors like pharmaceuticals, healthcare and technology are fueling corporate meetings and conferences. Emerging city destinations like Pune, Ahmedabad, and Hyderabad are generating increasing interests. The southern region, led by Bengaluru and Chennai, has emerged as the fastest growing market riding on strong local industries and acceptable weather conditions throughout the year.

India Meetings, Incentives, Conferences and Exhibitions Market Drivers:

• Rising business travel and corporate events: Growth in domestic and international business travel as well as increasing number of corporate events and trade exhibitions has significantly driven the India Meetings, Incentives, Conferences and Exhibitions Market. Corporates are actively looking to host large seminars, meetings, and conferences to support their business expansion plans. There has been an increase in companies hosting annual general meetings, sales conferences, product launches, and others. This rising frequency of corporate events and business meets is a major driver for the market.
• The improving corporate profitability has also enabled companies to allocate more budgets for business events, conference travel, and employee incentives, thus 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 have large convention centers to host major global events.
• 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 Asia Pacific (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 favorable environment.
• Expanding digital events: Adoption of advanced event technology solutions and growing concept of hybrid events in the post pandemic period has favored the market growth. Digital platforms are enabling events to be more interactive, immersive, and convenient.
• Companies like Hopin, Airmeet, Hubilo, and others 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 meetings, incentives, conferences and exhibitions market 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 such as 2022, 2023, 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 (Non-Resident Indian) and affluent families looking to host fairytale weddings. Firms are offering comprehensive wedding planning services from venue, décor, 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, and others provide untapped potential. Investments to upgrade infrastructure and promotion by tourism boards have widened options.
• Hospitality majors are strategizing to expand presence into such cities, provided the lower costs and uncongested spaces are available. This will allow firms to target price conscious and first-time event organizers from emerging cities, 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 which are equipped with digital event solutions can offer tech-enabled events platform by 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 (Food & Beverage) entertainment and accommodations.

India Meetings, Incentives, Conferences and Exhibitions Market Trends:

• Sustainability: Sustainable practices have become a priority across MICE events whether it is 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 the 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 which means 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, and others.
• 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, thus enabling audiences across geographies to attend live and virtually. Planners need to design interactive formats that tightly integrate in-person and virtual experiences by 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 impact of the pandemic, 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.

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.

Counterbalance: Skilled human resource should be made available to minimize the acute shortage of skilled staff, required at the time of organizing major events in the country.

• 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 (Food & Beverages), technology, equipment, and others have limited the ability to absorb price hikes during 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 & Key strategic initiatives

• In June 2021, the Ministry of Tourism earmarked six cities for strategic development as Meetings, Incentives, Conferences, and Exhibitions (MICE) destinations, aiming to enhance tourism throughout the year. The primary cities targeted for MICE development include Agra, Udaipur, Pune, Thiruvananthapuram, Varanasi, and Bhubaneswar.
• In March 2022, during the 2022-23 budget presentation, the State's Chief Minister unveiled a strategic initiative to transform Bangalore into India's premier hub for Meeting, Incentive, Conferences, and Exhibitions (MICE). This initiative aims to capitalize on Bangalore's unique strengths as the nation's business and IT (Information Technology) capital, along with its advanced technology, transportation systems, and air connectivity infrastructure.

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 Jan 07, 2022, Thomas Cook (India) Ltd., a prominent integrated travel and financial services company in India, has established a strategic and enduring partnership with Experience Hub, the trade and promotion entity of Yas Island Abu Dhabi—a rapidly expanding leisure and entertainment destination. The aim of this collaboration is to boost visitor numbers not only in 2020 but also in the future. Through this agreement, the focus will be on actively involving the Indian market by implementing various initiatives, such as product development and training engagements. Thomas Cook India provides Experience Hub an extensive range of viable consumer segments, from families, friends, millennials and young professionals to students and edu-tainment sectors, as well as Corporate MICE and B-leisure.
• In March 12, 2021 Thomas Cook (India) Limited, a leading integrated travel services company in India, has strategically targeted the revival of MICE (Meetings, Incentives, Conferences, and Exhibitions) travel. As part of a focused initiative designed to instill corporate confidence in MICE activities, the company organized a distinctive physical corporate outreach event at JW Marriott Aerocity. This initiative aimed to tap into the substantial market potential of the National Capital Region (NCR) and North India.
• In January 2022. Radisson Hotel Group, an American multi-national hospitality company announced partnership with leading virtual events platform Hopin. This enabled Radisson Hotel Group to provide comprehensive hybrid and virtual event solutions to clients.

Figure 2. India Meetings, Incentives, Conferences and Exhibitions Market Share (%), By Revenue Source, 2023

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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
• Others

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, and others. The India MICE market  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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