Rising patronisation of conference tourism is adding value to Brand India

According to a market research study published by Custom Market Insights, the demand analysis of Global MICE Industry size and share revenue was valued at approximately $645.7 billion in 2022 and is expected to reach $860.1 billion this year and be around $1620.7 billion by 2032, at a CAGR of 18.2% between 2023 and 2032

Popularly known as ‘business tourism’, MICE (Meetings, Incentives, Conferences, and Exhibitions) is a high-value, high-visibility niche tourism sector and one of the fastest-growing one in the tourism industry. India ranks 26th in the global convention industry that commands a staggering $ 280 billion market, according to ICCA.

MICE industry is considered a major component when it comes to business travel and tourism.

According to Global Business Travel Association (GBTA), India’s annual growth in business travel stood at 11.4 per cent, the largest rise among the top 15 business travel markets globally. A KPMG report projects that India, which is currently a $ 30 billion business travel market, will more than triple by 2030.

Prime Minister Narendra Modi, while inaugurating the 'Yashobhoomi' Convention Centre, said that the future of conference tourism holds immense potential for India and is worth more than Rs. 25,000 crore. Modi said that more than 32,000 big exhibitions and expos are organised in the world every year, where people coming for conference tourism spend more money than an ordinary tourist.

India's share in such a big industry is only around one per cent. In fact, most big companies in India organise their events abroad.

The ambitiously carved out 'Yashobhoomi' boasts of a magnificent convention centre, multiple exhibition halls and other facilities. Built at the cost of Rs 5,400 crore, Phase 1 of India International Convention and Expo Centre - has a total built-up area of more than 1.8 lakh square metres, and will find its place among the world's largest MICE facilities.

‘Yashobhoomi' is connected to the Delhi Airport Metro Express line with the inauguration of the new metro station 'Yashobhoomi Dwarka Sector 25'. The new Metro station will have three subways -- a 735 metre long subway connecting the station to the exhibition halls, convention centre and central arena; another connecting the entry/exit across Dwarka Expressway, while the third one connects the station to the foyer of the future exhibition halls of ‘Yashobhoomi'.

According to a market research study published by Custom Market Insights, the demand analysis of Global MICE Industry size and share revenue was valued at approximately $645.7 billion in 2022 and is expected to reach $860.1 billion this year and be around $1620.7 billion by 2032, at a CAGR of 18.2% between 2023 and 2032.

India is one of the largest outbound travel markets in the world, the fastest growing market with a steady outlook into the future. The growth is attributed to several factors, including increasing GDP of India, augmentation of growing urban middle class with higher disposable incomes, increasing number of direct flights to international destinations, rise of low-cost carriers, social media influence and the expansion of its online travel market.

Luxury travel is becoming increasingly personalized in India, with companies offering tailor-made luxury travel itineraries and experiences for their employees and clients. There is a growing trend towards experiential travel, rural tourism, wellness tourism, sustainable travel and adventure tourism. The increase in the presence of corporate and multinational industries due to the massive growth of business activities, such as client meetings, brand promotions and employee training activities is driving the growth of the Indian MICE industry.

The destination wedding market in India has grown exponentially with more and more couples opting for unique and exotic overseas locations to tie the knot and provide an exclusive, private and memorable experience to their guests. Global travel and tourism suppliers such as tourism boards, finest properties, international hotel chains and destination management companies have been leveraging the MILT platform for the last decade to meet a wide and diverse range of buyers from India.

The International Congress and Convention Association (ICCA) gives rankings to countries and cities based on the number of conventions hosted there. India's position in the ICCA ranking is improving, which implies that there has been a considerable increase in international meetings and conventions happening in the country.

India is ranked 28th with 158 meetings in the 2019 ICCA rankings. In each vertical of MICE, be it meetings, incentives, conferences, exhibitions and events, the recall value of the Indian MICE is considered low. A good sign is that it has been increasing in recent years.

There has been a steady increase in MICE events in major cities like Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Goa. While these cities are major growth drivers for MICE events, the Union Government has also recognised Rajasthan, Uttar Pradesh, Andhra Pradesh and Telangana State as the emerging states for MICE tourism.