MICE Market will reach at 232.2 million by 2032 key developmental strategies implemented by the key players:PT Pamerindo Indonesia, Indonesia Hotel and Restaurant Association, Debindo-ITE, Pamerindo, Indonesian Exhibition Companies Association, GEM INDONE

Market Overview
Covid-19 has a severe impact on MICE tourism in India. As a result of the pandemic-related lockdown, the tourist inflow in India plummeted for the year 2020 which impacted the various tourism-related industries including MICE tourism. With the Covid, vaccine roll-out the number of physical exhibitions and conventions is raising in 2021 and has a positive outlook for the future.

MICE tourism is gaining momentum in India over the years. India Convention Promotion Bureau (ICPB) was formed in 1988 and works for the development of the India MICE industry. it also gathered additional momentum for the industry. With the MICE sector growing and the focus shifting from Europe to the Asia Pacific area, India is on the verge of a big breakthrough, a competitive advantage to become a regional leader in MICE tourism in the Asia-Pacific region. With the infrastructural amenity becoming par with that of developed countries and in some metro cities infrastructure are more than sufficient to host world-class meetings, conventions, and exhibitions, as a result, India is increasingly being the preferred destination for the MICE events. As of 2021, there are more than 1300 star category hotel capable of being excellent venue for mice along with the 70+ convention centers each having the possibility of hosting the world-class events.

The global market size of MICE will reach (2028 Market size $ 232.2) million $ 212.23 in 2027 with a CAGR of 12.21 % from 2022-2027.

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Some of the Major Key players profiled in the study are PT Pamerindo Indonesia, Indonesia Hotel and Restaurant Association, Debindo-ITE, Pamerindo, Indonesian Exhibition Companies Association, GEM INDONESIA, Society of Indonesia Professional Convention Organizer, Indonesian Congress and Convention Association, MELALI MICE, Association of The Indonesia Tours & Travel Agencies

Market Overview

Then Number of Meeting and Conventions in India is Increasing
The International Congress and Convention Association (ICCA) ranks the countries and cities based on the number of conventions in the particular city and the country. India's position in the ICCA ranking is improving denotes that the number of international meetings and conventions happening in the country is increasing. India is ranked 28th with 158 meetings in the 2019 ICCA ranking of countries. In each vertical of MICE, be it meetings, incentives, conferences, exhibitions and events, the recall value of the Indian MICE is considered low. However, it is increasing in recent years.

Due to the COVID-19 pandemic, according to World Bank statistics, global GDP has shrunk by about 3.5% in 2020. Entering 2021, Economic activity in many countries has started to recover and partially adapted to pandemic restrictions. The research and development of vaccines has made breakthrough progress, and many governments have also issued various policies to stimulate economic recovery, particularly in the United States, is likely to provide a strong boost to economic activity but prospects for sustainable growth vary widely between countries and sectors. Although the global economy is recovering from the great depression caused by COVID-19, it will remain below pre-pandemic trends for a prolonged period. The pandemic has exacerbated the risks associated with the decade-long wave of global debt accumulation. It is also likely to steepen the long-expected slowdown in potential growth over the next decade.

Recent Development
In March 2022, Presenting the budget for 2022/23, the Chief Minister of the State announced the up-gradation of Bangalore into a Meeting, Incentive, Conferences, and Exhibitions (MICE) hub of the country by leveraging the city's advantages as a business capital, IT Capital as well as its developed infrastructure in technology, transport, and air connectivity.
In June 2021, the Ministry of Tourism has identified six cities to be developed for MICE destinations to boost tourism all around the year. The city prioritized for the MICE development is Agra, Udaypur, Pune, Thiruvananthpuram, Varanasi, and Bhuvaneshowr..

Region Segmentation
North America (United States, Canada, Mexico)
South America (Brazil, Argentina, Other)
Asia Pacific (China, Japan, India, Korea, Southeast Asia)
Europe (Germany, UK, France, Spain, Italy)
Middle East and Africa (Middle East, Africa)

MICE Segmentation by Type:

Meetings, Incentives, Conferencing, Exhibitions.

MICE Segmentation by Application:

Academic Feild, Business Feild, Political Field, Exhibitions, Others

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What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes. During the forecast period, the report analyzes the growth rate, market size, and market valuation. The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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