User:Rtrajtiwari87/Mice Tourism in India

Overview
The India MICE tourism market is set for significant growth, driven by infrastructural advancements and government support. Despite a setback due to COVID-19, the sector is recovering and poised to become a regional leader in the Asia-Pacific. The market is highly fragmented with numerous SMEs and major players like Integrated Conference and Event Management.

Market Size
The MICE Tourism market in India has shown remarkable resilience and growth, even in the face of significant disruptions caused by the COVID-19 pandemic. The sector experienced a sharp decline in tourist inflow during 2020 due to lockdowns and travel restrictions, which impacted various tourism-related industries, including MICE. However, with the rollout of COVID-19 vaccines, there has been a notable resurgence in physical exhibitions and conventions starting in 2021, contributing to a positive outlook for the future.

India has been steadily gaining momentum in the MICE tourism sector over the years. The India Convention Promotion Bureau (ICPB), established in 1988, has been instrumental in the development and promotion of the MICE industry in the country. The shift in focus from Europe to the Asia-Pacific region has positioned India on the verge of a significant breakthrough, offering a competitive advantage to become a regional leader in MICE tourism.

India's infrastructure for hosting MICE events has improved significantly, with metro cities now boasting amenities that are on par with those of developed countries. As of 2021, India had over 1,300 star-category hotels capable of serving as excellent venues for MICE events, alongside more than 70 convention centers equipped to host world-class meetings, conventions, and exhibitions.

The India MICE tourism market is projected to grow at a compound annual growth rate (CAGR) of 6% from 2024 to 2029. This growth is supported by increasing investments in infrastructure, government initiatives, and the rising popularity of India as a preferred destination for MICE events. Major cities such as Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Goa are driving this growth, with additional states like Rajasthan, Uttar Pradesh, Andhra Pradesh, and Telangana emerging as new hubs for MICE tourism.

In conclusion, the market size of MICE tourism in India is poised for substantial growth, underpinned by robust infrastructure, government support, and a strategic shift towards the Asia-Pacific region. The sector's resilience and adaptability in the face of challenges, coupled with ongoing developments, make India a promising destination for MICE events on the global stage.

With destinations like Spain, UAE and the USA being considered the best MICE venues, India has lagged behind in this space with only an estimated 1% of the global share due to smaller facilities that lack modern infrastructure.

As per the MICE study carried out in 2019, India’s MICE industry market was estimated at Rs 37,576 crore, out of which 60% was attributable to Meetings, Incentives and Conferences. International MICE accounted for 22% of market size. According to the tourism ministry, Indian MICE has less than 1% share in the estimated global MICE business despite the natural and cultural advantages of India and being one of the highest growing economies. According to the ICAA ranking, India was ranked 28th with 158 meetings in 2019.

Only 7 Indian cities have been included in the top 475 cities as per the international ranking of cities by ICAA in terms of the number of international association meetings.

Study Period

 * Base Year for Estimation: 2023
 * Historical Data Period: 2019 - 2022
 * Forecast Data Period: 2024 - 2029

Impact of COVID-19
The COVID-19 pandemic severely impacted MICE tourism in India, leading to a sharp decline in tourist inflow in 2020 due to lockdowns and travel restrictions. However, the sector began to recover in 2021 with the rollout of COVID-19 vaccines, leading to a resurgence of physical exhibitions and conventions. This recovery trend offers a positive outlook for the future of MICE tourism in India.

Drivers

 * Infrastructure Development: India boasts over 1,300 star-category hotels and more than 70 convention centers capable of hosting international events. This robust infrastructure supports India's growing reputation as a preferred MICE destination.
 * Government Initiatives: The India Convention Promotion Bureau (ICPB), established in 1988, has played a crucial role in promoting the MICE industry. Continuous government efforts are further propelling the sector's growth.
 * Shift to Asia-Pacific: As the MICE sector's focus shifts from Europe to the Asia-Pacific region, India is poised to become a regional leader in MICE tourism.

Trends


 * Increasing Number of Meetings and Conventions: According to the International Congress and Convention Association (ICCA), India's ranking has improved, indicating a rise in the number of international meetings and conventions. In 2019, India ranked 28th globally with 158 meetings.
 * Growth in Major Cities: Major cities such as Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Goa are significant drivers of corporate events. Additionally, other states like Rajasthan, Uttar Pradesh, Andhra Pradesh, and Telangana are emerging as potential hubs for MICE tourism.

Market Segmentation
The India MICE tourism market is segmented by event types:


 * Meetings
 * Incentives
 * Conferences
 * Exhibitions

Competitive Landscape
The market is fragmented, with numerous small and medium-sized companies. Major players include:


 * Integrated Conference and Event Management
 * ALC MICE
 * Gautam and Gautam Group
 * Alpcord Network
 * Plan IT! India
 * SOS Travel House

These companies are pivotal in shaping the MICE tourism landscape in India.

Recent Developments

 * Bangalore as a MICE Hub: In March 2022, the Chief Minister of Karnataka announced plans to develop Bangalore into a major MICE hub, leveraging the city’s status as a business and IT capital with advanced infrastructure.
 * Ministry of Tourism Initiatives: In June 2021, the Ministry of Tourism identified six cities—Agra, Udaipur, Pune, Thiruvananthapuram, Varanasi, and Bhubaneswar—for MICE development to boost year-round tourism.

Hotels for MICE in India
Following are the top rated hotels which are nominated for India's best MICE hotels. Corporate Event Planner in India prefers these destinations for organizing the MICE event for their clients.
 * Conrad Bengaluru
 * Conrad Pune
 * Fairmont Jaipur
 * Grand Hyatt Gurgaon
 * Grand Hyatt Mumbai Hotel & Residences
 * Hyatt Regency Gurgaon
 * Le Méridien Kochi
 * Radisson Blue Hotel Guwahati
 * Radisson Jodhpur
 * Raffles Udaipur
 * Taj Aravali Resort & Spa
 * Taj Bangalore
 * Taj City Centre Gurugram
 * Taj Hotel & Convention Centre, Agra
 * Taj Lakefront Bhopal
 * Taj Palace New Delhi
 * The Leela Ambience Convention Hotel
 * The Leela Ambience Gurugram
 * The Leela Bhartiya City Bengaluru
 * The Leela Gandhinagar
 * The Leela Palace Bengaluru
 * The Oberoi New Delhi
 * Trident Gurgaon
 * Vivanta New Delhi, Dwarka
 * Welcomhotel By ITC Hotels, Dwarka

Future Prospects
The future of the MICE tourism market in India appears promising, with continuous improvements in infrastructure and increasing government support. The focus on developing new MICE destinations and enhancing existing ones is expected to drive the market's growth, positioning India as a leading MICE tourism destination in the Asia-Pacific region.