The India MICE Market is estimated to be valued at US$ 3.30 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The India MICE market involves planning and organizing of meetings, incentives travel, conferences and exhibitions. MICE tourism plays a key role in Brand awareness, business development and networking. The concept of staycations associated with MICE activities is gaining popularity in India.

Market key trends:

The increasing popularity of concept of 'staycations' is a major trend fueling growth of India MICE market. Staycation refers to spending holidays close to home and working remotely or from nearby MICE facilities instead of traveling long distances. It allows participants to attend MICE activities without taking too many leaves from workplace. The trend of staycations has gained traction in India since pandemic as it ensures safety along with work-life balance and networking opportunities for professionals. Various MICE properties and event organizers in India are facilitating concept of staycations to capture this growing demand.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as MICE industry requires heavy investments and expertise. However, there is low brand loyalty which encourages new players.

Bargaining power of buyers: The bargaining power of buyers is high in India MICE market. Buyers have a variety of options and can bargain for better deals and packages.

Bargaining power of suppliers: The bargaining power of suppliers is moderate. While suppliers of services and venues have some influence, organized players have established supplier networks.

Threat of new substitutes: There is low threat from substitutes due to lack of viable alternatives for business events providing face-to-face interaction.

Competitive rivalry: Intense competition exists among existing players.

SWOT Analysis

Strength: India offers diversity in destinations, cultures and cuisines appealing to global MICE clients. Availability of international airports boosts accessibility.

Weakness: Insufficient infrastructure at Tier 2/3 destinations. Higher costs compared to other Asian markets.

Opportunity: Growing business travel from expanding corporate sector. India improving its global ranking will boost MICE tourism.

Threats: Location shifts if competitive offerings emerge elsewhere. Economic slowdowns impacting client budgets.

Key Takeaways

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 business travel and investments in infrastructure.

Regional analysis - The Western region dominates India's MICE market with Mumbai and Ahmedabad as top destinations. Southern region is emerging fastest with growing meetings in Bengaluru and conventions in Hyderabad.

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.

Read more

https://www.ukwebwire.com/india-mice-market-size-share-growth-outlook-2023/