Page 21 - HBiz_September_2024

FEATURE
HOSPITALITY BIZ SEPTEMBER, 2024 21
n

convention centres. All the players should come
forward and make a consolidated effort for KEY MARKET INSIGHTS
the same. For me, the future is bright,” said Dr
Kishor Navandar, CMD, Blue Billion Group.
‘’India’s MICE tourism market has • The India MICE tourism market is projected to witness substantial
witnessed significant growth over the past growth in the coming years.
decade. The country’s rich cultural heritage,
diverse landscapes, world-class infrastructure, • The demand for MICE services is driven by factors such as
and skilled workforce have contributed to its
popularity as a MICE destination. Government corporate expansion, globalization, and the need for knowledge-
initiatives to promote India as a business- sharing platforms.
friendly destination have further boosted the
growth of this market. However, the COVID-19 • The major participants in this market include event management
pandemic had a severe impact on the MICE
industry, leading to the postponement or companies, hotels, transportation providers, and destination
cancellation of numerous events. As the management companies.
situation improves and travel restrictions
ease, the MICE tourism market is expected to • Key destinations in India for MICE tourism include major cities like
rebound strongly,’’ said Jaychandran CR, Vice
President (Operations), Niraamaya Wellness Delhi, Mumbai, Bengaluru, Chennai and Hyderabad, as well as
Retreats. popular tourist destinations such as Jaipur, Goa and Kerala.
The Indian MICE market, in line with the
Indian hospitality segment, is experiencing • Government initiatives such as the Incredible India campaign, have
a strong growth and is projected to grow at a
CAGR of 6 percent between 2024 and 2029. played a crucial role in promoting MICE tourism in the country.
This predictable growth is supported by
initiatives of government and private sector to
develop relevant infrastructure across emerging
states of Rajasthan and Uttar Pradesh besides
the key cities like Delhi, Mumbai, Bengaluru,
Hyderabad and Chennai that are leading the MARKET DRIVERS
charge with state-of-the-art facilities.
India’s MICE industry is becoming
increasingly competitive on the global stage, • Growing corporate sector: The Rapid growth of the corporate
particularly within the Asia-Pacific region, sector in India has led to an increase in business-related events,
thanks to its world-class infrastructure,
including over 1,300 star-category hotels and driving the demand for MICE services.
more than 70 convention centres. The Indian
Convention Promotion Bureau (ICPB) and • Infrastructure Development: The government’s focus on
various government initiatives are further infrastructure development has resulted in the construction of
catalyzing the sector’s expansion, making India world-class convention centres, exhibition halls, and hotels,
a preferred destination for international MICE
events. making India an attractive destination for MICE events.
This robust growth is supported by a
fragmented but vibrant market landscape, • Government Support: The government has implemented various
featuring numerous small and medium- policies and initiatives to promote MICE tourism, including
sized enterprises. The positive outlook is
underpinned by the increasing number of simplifying via processes, providing tax incentives, and offering
international conventions hosted in India, financial support for hosting international events.
reflecting the country’s rising prominence in
the global MICE industry. Key developments • Cultural Diversity and Heritage: India’s rich cultural heritage
include the promotion of the “Meet in India” and diverse landscapes provides a unique experience for MICE
initiative by the Ministry of Commerce &
Industry, which aims to enhance the country’s participants, making it an attractive destination for international
infrastructure, skill development, and branding events.
specifically for MICE activities.
With its diverse offerings and potential, the (Source: MarkWide Research)
MICE market holds immense opportunity for
industry participants and stakeholders. n

WWW.HOSPITALITYBIZINDIA.COM