Market Snapshot
| Study Period: | 2018-2027 |
| Base Year: | 2021 |
| CAGR: | 6 % |
|
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Market Overview
Covid-19 has a severe impact on MICE tourism in India. As a result of the pandemic-related lockdown, the tourist inflow in India plummeted for the year 2020 which impacted the various tourism-related industries including MICE tourism. With the Covid, vaccine roll-out the number of physical exhibitions and conventions is raising in 2021 and has a positive outlook for the future.
MICE tourism is gaining momentum in India over the years. India Convention Promotion Bureau (ICPB) was formed in 1988 and works for the development of the India MICE industry. it also gathered additional momentum for the industry. With the MICE sector growing and the focus shifting from Europe to the Asia Pacific area, India is on the verge of a big breakthrough, a competitive advantage to become a regional leader in MICE tourism in the Asia-Pacific region. With the infrastructural amenity becoming par with that of developed countries and in some metro cities infrastructure are more than sufficient to host world-class meetings, conventions, and exhibitions, as a result, India is increasingly being the preferred destination for the MICE events. As of 2021, there are more than 1300 star category hotel capable of being excellent venue for mice along with the 70+ convention centers each having the possibility of hosting the world-class events.
Scope of the Report
MICE is an acronym for Meetings, Incentives, Conferences, and Exhibitions. It is the subset of the business travel or tourism industry in which large groups, usually planned well in advance, are brought together for certain events. This report aims to provide a detailed analysis of the MICE Tourism Market in India. It focuses on the market dynamics, emerging trends in the segments, the future of markets, and insights on various drivers and restraints. Also, it analyses the key players and the competitive landscape in the MICE Tourism market in India. The India MICE tourism market can be segmented by Events Meetings, Inventive, Conventions, and Exhibitions).
| By Event | |
| Meeting | |
| Incentives | |
| Conference | |
| Exhibitions |
Key Market Trends
Then Number of Meeting and Conventions in India is Increasing
The International Congress and Convention Association (ICCA) ranks the countries and cities based on the number of conventions in the particular city and the country. India's position in the ICCA ranking is improving denotes that the number of international meetings and conventions happening in the country is increasing. India is ranked 28th with 158 meetings in the 2019 ICCA ranking of countries. In each vertical of MICE, be it meetings, incentives, conferences, exhibitions and events, the recall value of the Indian MICE is considered low. However, it is increasing in recent years.
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MICE Events in Major Metro Cities is Driving MICE Tourism in India
Growth in the MICE events in the major cities such as Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Goa is improving India's ranking in the International Congress and Convention Association Ranking (ICCA). While these cities are major growth drivers for MICE events Government of India has also recognized other states such as Rajasthan, Uttar Pradesh, Andhra Pradesh, Telangana as the emerging states for the MICE tourism.
Competitive Landscape
A large number of small and medium scaled MICE companies are operating in the MICE tourism market. The market is quite fragmented and is expected to show a rapid growth rate for the forecasted period due to the low penetration of the industry. The report covers the competitive landscape of the major players in the market.
Recent Development
- In March 2022, Presenting the budget for 2022/23, the Chief Minister of the State announced the up-gradation of Bangalore into a Meeting, Incentive, Conferences, and Exhibitions (MICE) hub of the country by leveraging the city's advantages as a business capital, IT Capital as well as its developed infrastructure in technology, transport, and air connectivity.
- In June 2021, the Ministry of Tourism has identified six cities to be developed for MICE destinations to boost tourism all around the year. The city prioritized for the MICE development is Agra, Udaypur, Pune, Thiruvananthpuram, Varanasi, and Bhuvaneshowr.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.3 Market Restraints
4.4 Porters 5 Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Insights into Technological Advancements in the Industry
4.6 Impact of Covid 19 on market
5. MARKET SEGMENTATION
5.1 By Event
5.1.1 Meeting
5.1.2 Incentives
5.1.3 Conference
5.1.4 Exhibitions
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Integrated Conference and Event Management
6.2.2 ALC MICE
6.2.3 Luxury MICE
6.2.4 Gautam and Gautam Group
6.2.5 Alpcord Network
6.2.6 Plan IT! India
6.2.7 Dee Catalyst Pvt Ltd
6.2.8 Travel XS MICE & More Services
6.2.9 ITL World
6.2.10 India MICE*
*List Not Exhaustive7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The India MICE Tourism Market market is studied from 2018 - 2027.
What is the growth rate of India MICE Tourism Market?
The India MICE Tourism Market is growing at a CAGR of 6% over the next 5 years.
Who are the key players in India MICE Tourism Market?
Integrated Conference and Event Management, ALC MICE, Gautam and Gautam Group, Alpcord Network, Plan IT! India are the major companies operating in India MICE Tourism Market.
