India Meetings, Incentives, Conferences and Exhibitions (MICE)...

India Meetings, Incentives, Conferences and Exhibitions (MICE) Market is Estimated To Witness High Growth Owing To Increasing Popularity of Concept of Staycations

Postado 2023-11-28 05:08:43

The adoption of digital technology is one of the key trends in the India Meetings, Incentives, Conferences and Exhibitions Market. Various events are innovating by incorporating virtual and hybrid event solutions. This allows organizers to reach a wider audience reducing geographical barriers. Virtual events provide flexibility to participants to join from any location using their digital devices.

The India Meetings, Incentives, Conferences and Exhibitions (MICE) market is segmented into meetings, incentives, conferences, exhibitions, and other segments. Among these, the meetings segment accounted for the largest share of over 30% in 2023 owing to the growing trend of small and medium-sized meetings among corporates. The conferences segment is expected to grow at the fastest rate during the forecast period supported by increasing adoption of hybrid conference models combining physical and virtual platforms. The India Meetings, Incentives, Conferences and Exhibitions (MICE) market Size is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing spending on corporate events and meetings by enterprises.

Regional analysis shows that the South region accounted for the largest share of over 35% in the India MICE market in 2023. This is owing to the presence of major cities like Bengaluru, Chennai and Hyderabad which are popular MICE destinations. Meanwhile, the West region is projected to grow at the highest CAGR during the forecast period supported by rising investments in the tourism and hospitality sector in cities like Mumbai and Pune.

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

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