India Should Boost MICE Industry Across Segments

The global MICE market size was valued at $1,051.41 billion in 2024. The market is projected to grow from $1,148.35 billion in 2025 to $2,269.16 billion by 2032, exhibiting a CAGR of 10.22 per cent over the forecast period. Europe dominated the MICE market with a market share of 50.66 per cent in 2024. The meetings, incentives, conferences, and exhibitions (MICE) market size has grown strongly in recent years. It will grow from $978.77 billion in 2024 to $1063.83 billion in 2025 at a compound annual growth rate (CAGR) of 8.7 per cent. The MICE market size is expected to see strong growth in the next few years. It will grow to $1462.64 billion in 2029 at a CAGR of 8.3 per cent. This growth in the historic period can be attributed to growing business networking and knowledge sharing, demand for industry-specific conferences and exhibitions, increasing incentive programs and corporate events, rising meeting and events industry, and growing change in consumer preferences.

MICE tourism consists of several elements and agents working in this sector, providing a full range of conference and travel services for both small and large groups and events of longer and shorter durations. These business events are conducted to achieve a variety of academic, professional, business, and cultural objectives. Europe dominates the global market owing to a rapidly increasing number of corporate events and exhibitions across countries. Germany and the U.K. are the biggest domestic markets in Europe, driven by an increasing number of corporate events in these countries. Sustainable tourism characterises the European market, with increasing public awareness regarding the environmental impact of business tourism. Many industry experts state that two-thirds of sellers and buyers in the European market are integrating Corporate Sustainable Responsibility (CSR) into their programs. With India hosting the G20 Summit, the entire world is now looking at India with awe and curiosity. In times to come, India will emerge as the MICE capital of the world, according to top tourism sources.

Exhibition and conference infrastructure have come up across the nation, including Mumbai, Delhi, Hyderabad, Bengaluru, Jaipur and even small cities, after G20 meets.

These indicate that India is "standing at the threshold of strong possibilities for this sector," according to a statement issued by the tourism ministry. New segments of tourism are being developed, in which MICE tourism is the most important and the fastest-growing segment in the country. The government and the private exhibition industry must "work together" to make India the "MICE capital" of the world. Several events happening globally can be brought to India. Besides being a destination, the country is also becoming a big exhibition and conference hub with planned expansion in road, aviation and railway sectors along with expansion of the conference and exhibition segment. The country has a great future for economic growth. Exhibitions act as one-of-their-kind meaningful platforms for business networking, knowledge exchange, and discussions on the emerging trends shaping our industry's future. Trade bodies are urging the government to declare October 1 as 'National MICE Day' to further boost the morale of the industry.