by The India meetings, incentives, conferences and exhibitions (MICE) market has witnessed substantial growth over the past few years. MICE activities facilitate networking opportunities, partnership discussions, and deal negotiations for the business community. They provide a common interactive platform to various industry stakeholders to brainstorm ideas, exchange views, and explore new business prospects. Organizing MICE events in India provides an opportunity to promote the country’s diverse culture, adventure activities, tourist attractions and heritage sites on a global stage. Conferences and exhibitions related to various sectors such as information technology, pharmaceuticals, healthcare and biotechnology have gained immense popularity in India. The combination of business and leisure in MICE travel has attracted multinational corporations to conduct conferences, seminars and product launches in the country.
The India Meetings, Incentives, Conferences and Exhibitions Market is estimated to be valued at US$ 3.81 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing importance of online and virtual MICE events is one of the key trends being witnessed. The COVID-19 pandemic disrupted physical MICE activities and accelerated the shift towards digitalization. Online collaborative tools and virtual event platforms enabled organizers to conduct conferences, product launches and corporate meetings virtually. Even as physical restrictions are being lifted, organizations are leveraging hybrid and virtual models to remain connected with a wider audience at lower costs. Growing inclination towards sustainable and responsible MICE is another trend. Event organizers are incorporating eco-friendly concepts and practices to reduce environmental impact. Destination marketing organizations are promoting their locales as green MICE hubs to attract environmentally conscious delegates.
Porter’s Analysis
Threat of new entrants: Low barriers to entry help new entrants to enter the market but players require large investments to build brands and attract customers.
Bargaining power of buyers: buyers have high bargaining power as they can choose from various MI&E providers.
Bargaining power of suppliers: suppliers have low bargaining power as there are many suppliers of equipment and services.
Threat of new substitutes: low threat as there are limited substitutes for meetings, conferences and exhibitions.
Competitive rivalry: high competition due to presence of many local and international players.
Key Takeaways
The India Meetings, Incentives, Conferences and Exhibitions Market size is expected to witness high growth.
Regional analysis related content comprises India is expected to dominate the market due to rising business events in the country.
Key players related content comprises Key players operating in the India Meetings, Incentives, Conferences and Exhibitions Market are Terumo Corporation, Medtronic PLC, Abbott Laboratories, Abiomed Inc., Teleflex Incorporated, Maquet GmbH, BerlinHeart GmbH, and others. The key players are focusing on new product launches and partnerships to gain competitive advantage in the market.
