The meetings, incentives, conferences and exhibitions (MICE) industry in India has evolved rapidly in recent years to cater to the diverse business events and entertainment needs of both domestic and international clients. The MICE segment comprising of meetings, conferences, incentives travel, exhibitions and live events plays a significant role in brand building, knowledge sharing and experiences. It offers lucrative options for networking as well as business and leisure travel. However, the COVID-19 pandemic disrupted the industry with restrictions on large gatherings.
The global MICE market is estimated to be valued at US$ 3.81 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India MICE Market Demand are Terumo Corporation, Medtronic PLC, Abbott Laboratories, Abiomed Inc., Teleflex Incorporated, Maquet GmbH, BerlinHeart GmbH, and others. Major players are focusing on digital and hybrid events to engage audiences and maximize revenues. The MICE industry witnessed slow growth during the pandemic but is recovering steadily with relaxation in restrictions and rising vaccination rates. Several industry bodies and event organizers are collaborating to build consumer confidence and support local businesses.
The MICE segment plays a significant role in the tourism industry by attracting both domestic and international visitors. However, the pandemic stalled tourism activities and impacted hotel bookings, food & beverage sales, and venue rentals. The industry is now leveraging technology to develop new virtual and hybrid business models. Several states launched promotional campaigns and organized small test events to encourage meetings and exhibitions in a safe manner.
With rising incomes and globalization of businesses, the demand for MICE activities was increasing in India prior to the pandemic. Several Indian cities have emerged as popular MICE destinations worldwide. Major industry players are expanding globally through mergers and acquisitions. They are also collaborating with local partners to enhance offerings and capture untapped regional markets.
Market key trends
A major trend gaining popularity in the post-pandemic India MICE Market is the increasing adoption of digital and hybrid events. Platforms allowing virtual attendee participation, networking and content delivery are helping organizers maximize reach while maintaining safety protocols. Many events are being planned as hybrid combining online and limited offline access. This is opening up opportunities for data collection, personalized engagement andattendee retention. Digital transformation will continue to play a key role in the industry’s evolution making business events more inclusive and sustainable.
Porter’s Analysis
Threat of new entrants: Low as entry barriers are high due to requirement of specialized skills, high initial capital investments, established customer base of existing players.
Bargaining power of buyers: High as buyers have low switching costs and can negotiate on pricing and contracts with sellers.
Bargaining power of suppliers: Moderate as requirements are industry specific but alternative suppliers are available.
Threat of new substitutes: Low as no close alternatives or substitutes are available for MICE services.
Competitive rivalry: Intense as market share is distributed among many players and industry growth rate is moderate requiring aggressive market strategies.
Geographical Regions
At present, North India accounts for more than 35% of the total market value in India MICE market led by New Delhi and Mumbai due to high business activities, availability of international airports and leading MICE infrastructure.
The South India region is expected to witness the fastest growth during the forecast period led by upcoming MICE infrastructure projects in cities like Bengaluru, Chennai and Hyderabad coupled with government initiatives to promote MICE tourism.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
