The report, prepared by DPI Research says that as India continues to expand its global business presence, the outbound MICE tourism market is likely to continue its growth trajectory
The Indian outbound tourism market’s MICE segment, or Meetings, Incentives, Conventions and Exhibitions, is experiencing significant growth due to a combination of economic factors, government support, infrastructure development, and increasing awareness among businesses and individuals of the benefits of attending international MICE events.
These are the key findings of a new report, which forecasts that the market size is expected to reach USD 13.4 billion by 2031.
The report, prepared by DPI Research, a market analysis firm, says that as India continues to expand its global business presence, the outbound MICE tourism market is likely to continue its growth trajectory.
It says that MICE tourism is a significant segment of the overall travel industry, and India’s increasing participation in this market can be attributed to numerous factors.
One of the major factors is the Indian economic growth. The report says that India’s expanding economy has resulted in a larger disposable income for businesses and individuals. This has led to increased corporate spending on MICE activities, including international events, conferences, and exhibitions.
Another factor is increasing globalisation of businesses, adding that Indian businesses are increasingly going global, which necessitates international meetings, collaborations, and networking opportunities. This drives the demand for outbound MICE tourism.
It adds that the Indian government has been actively promoting tourism and has introduced initiatives to facilitate outbound MICE travel. India’s education and skill development sector is booming, and students and professionals are increasingly seeking international exposure through conferences, workshops, and educational events. This drives outbound MICE tourism, particularly in the education sector.
It says that India is home to a wide range of industries, including IT, pharmaceuticals, finance, and manufacturing. These industries frequently participate in international trade shows, exhibitions, and conferences, contributing to outbound MICE tourism.
The report adds that many Indian companies use outbound MICE tourism as part of their employee incentive programmes. This encourages employees to achieve targets and participate in international conferences and events.
Improved air connectivity and more affordable international flights have made it easier for Indian travelers to explore international MICE destinations. The report adds that there is a growing awareness among Indian businesses and organisations about the benefits of participating in international MICE events. Networking, knowledge sharing, and business opportunities are significant incentives.
In terms of destinations, too, Indian travellers are increasingly looking for diverse destinations, both popular and emerging, to host MICE events. This diversification of destinations adds to the growth of outbound MICE tourism.
