Market Challenges And Opportunities
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.
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