India Meetings, Incentives, Conferences and Exhibitions Market Size and Trends

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 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 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.