The India Meetings, Incentives, Conferences and Exhibitions (MICE) market comprises meeting services, convention exhibition services, and incentive travel. MICE tourism involves organizing and facilitating events such as meetings, conferences, trade shows, exhibitions, incentive trips, recognition trips, product launches and other business objectives. It plays a vital role in promoting India as a global MICE destination. The country offers world-class infrastructure, evolving technology and ease of connectivity for MICE sector. Focus of major industry players and government initiatives to develop integrated MICE zones aim to boost urban infrastructure and emerging technologies.
Key Takeaways
Key players operating in the India MICE Market are Terumo Corporation, Medtronic PLC, Abbott Laboratories, Abiomed Inc., Teleflex Incorporated, Maquet GmbH, BerlinHeart GmbH, and others. These players are focusing on mergers and acquisitions to expand their global footprint.
The India MICE Market Growth is witnessing growing demand due to increasing number of domestic and international corporate meetings, conferences and events in the country. India hosted over 10,000 MICE delegations in 2019 attracting more than 2.5 million MICE travellers.
Major event organizers and MICE destinations in India are rapidly expanding their global presence through collaborations with international convention bureaus and association management companies. This will help India improve its ranking as a global MICE destination.
The southern state of Telangana featuring capital city Hyderabad is emerging as one of the fastest growing regions in the India MICE market. Supported by a pro-business state government, Hyderabad is witnessing exponential growth of pharmaceutical and life sciences industries. It is increasingly becoming a preferred venue for global pharma and biotech conventions. Furthermore, the vibrant startup ecosystem and headquarters of major IT firms in Hyderabad has boosted technology conferences in the city. The state tourism department is aggressively promoting MICE infrastructure development to leverage Hyderabad's strategic location and favorable time-zone. This is expected to help Telangana capture significant market share over the next decade.
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