India is expected to witness an impressive rise in MICE travel. The country's outbound MICE travel is expected to be at USD 9 Billion by 2025
MICE is an abbreviation for meetings, incentives, conventions (or conferences) and exhibitions. MICE has now become an integral part of the international travel and hospitality industry. According to industry reports, the MICE industry stood at a whopping USD 752 billion in 2016. The growth projections for MICE, going forward, is an impressive 7.5 per cent in the next five years. India’s market share in the global MICE industry is at USD 1.5 to 2 billion dollars, which not that great. A report by the International Congress and Convention Association (ICCA) stated that India is losing MICE business in tough competition from countries like Australia, Japan, Malaysia, Singapore and Thailand. All is not grey though, the 7th MICE report by MILT Congress said that India is expected to generate well over 2 million outbound MICE and luxury tourists per year by 2020, and Indian can emerge as a key source market for MICE travel.
India’s travel and hospitality sector have witnessed an upward trend in the past couple of years. The local market segment has been dominated by domestic players like OYO and MMT but they are also moving across borders to attract new clients for them. New players are now coming up which are going to be targetting the MICE audience and address all the needs of MICE travel. Though some travel service providers do offer MICE services but they lack the extra edge and niche skill to handle the needs of domestic and global clients for an important sector like MICE travel.
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As mentioned, India is expected to witness an impressive rise in MICE travel. The country’s outbound MICE travel is expected to be at USD 9 Billion by 2025. MICE tourism is becoming one of the foremost sub-sectors of the travel industry and has been gaining importance from the past few years now. India being the country for all seasons has great potential to attract MICE Travel. Corporate travellers also opt for MICE tours so as to promote their businesses among their peers and do networking, etc. These activities are combinations of business and sight-seeing at the destination for relaxation. MICE travel is truly going to be the travel trend to watch out for.