BUSINESS TRAVEL MATTERS

Name: Suraj Urang

Registration No.: 21596413
Module Code: TH5BO95O
CORPORA
EVENTS
Module Leader: Bitan Bose

MI
International Travel &
Tourism Industry
MICE (Meetings, Incentives, Conferences, and
Exhibitions) is a crucial segment of the MICE to Thrive
International Travel and Tourism Industry that
plays a significant role in promoting tourism and The MICE (Meetings, Incentives, Conferences,
generating business opportunities. MICE events and Exhibitions) industry has been experiencing
are typically large-scale and involve the gathering steady growth over the years, driven by
of professionals from various sectors to share increasing demand from various sectors,
knowledge, network, and discuss industry including corporate, government, and non-profit
developments. organizations. According to a report by Grand
View Research, the global MICE market size was
MICE events provide a platform for businesses to
valued at $805.6 billion in 2020 and is expected
showcase their products and services to potential
to grow at a CAGR of 8.6% from 2021 to 2028
clients and partners. These events help to
(Grand View Research, 2021). The Asia-Pacific
generate business opportunities and foster
region is expected to continue leading the market
relationships between organizations, ultimately
growth, driven by growing demand for MICE
leading to economic growth. According to a
events in countries such as China, Japan, and
report by Allied Market Research, the global
India. The industry is also witnessing increased
MICE industry was valued at $805 billion in
investments in technology, safety measures, and
2019 and is expected to reach $1,439 billion by
sustainability practices to enhance attendee
2028, growing at a CAGR of 7.6% from 2021 to
experience and meet evolving consumer
2028 (Allied Market Research, 2021).
expectations.
The MICE industry has evolved significantly in
recent years, with the integration of technology The size
and innovative approaches to event management.
For example, virtual and hybrid events have The MICE (Meetings, Incentives, Conferences,
gained popularity in response to the COVID-19 and Exhibitions) industry is a significant
pandemic. These events allow attendees to contributor to the global economy. According to a
participate remotely, making them accessible to a report by Allied Market Research, the global
broader audience. According to a report by MICE industry was valued at $805 billion in
Global Business Travel Association, virtual and 2019 and is expected to reach $1.4 trillion by
hybrid events are expected to continue post- 2027, with a CAGR of 8.6% during the forecast
pandemic, with 76% of organizations planning to period (Allied Market Research, 2020).
hold virtual events in 2022 (Global Business
In India, the MICE industry was valued at INR
Travel Association, 2021).
25,000 crore ($3.3 billion) in 2019 and is
In addition to generating economic benefits, expected to grow at a CAGR of 8.6% during the
MICE events also have social and cultural period 2020-2025 (Mordor Intelligence, 2021).
impacts. They provide opportunities for cultural
The size of the MICE industry in India and
exchange and promote cross-cultural
globally highlights its significance as a driver of
understanding. For example, the Singapore
economic growth and employment opportunities,
Tourism Board promotes the country as a MICE
particularly in the hospitality and tourism sectors.
destination, highlighting its multicultural society,
which is a significant draw for international
participants (Singapore Tourism Board, 2021).
 The MICE (Meetings, Incentives, Conferences,
and Exhibitions) industry is a significant
contributor to the economy, generating revenue
and creating job opportunities in the hospitality,
tourism, and event management sectors. In India,
the MICE industry was valued at INR 25,000
crore ($3.4 billion) in 2019 and is expected to
grow at a CAGR of 8.5% during the period 2020-
2025 (Mordor Intelligence, 2021). The industry is
expected to contribute to 1.5% of India's GDP by
2025 (Mordor Intelligence, 2021).
Globally, the MICE industry was valued at $805
billion in 2019 and is projected to reach $1.4
trillion by 2027, with a CAGR of 8.6% during the
forecast period (Allied Market Research, 2020).
The industry generates employment
opportunities, with the potential to create up to 25
Size of business million jobs worldwide by 2030 (International
Congress and Convention Association, 2020).
travel sector The MICE industry's contribution to a country's
business environment is significant, with
The business travel sector is an important conferences, meetings, and exhibitions acting as a
component of the MICE (Meetings, Incentives, platform for knowledge sharing, networking, and
Conferences, and Exhibitions) industry. In India, collaboration, facilitating trade, and attracting
the business travel sector was valued at INR foreign investment.
6,500 crore ($890 million) in 2019 and is
expected to grow at a CAGR of 12% during the
period 2020-2025 (Mordor Intelligence, 2021).
Globally, the business travel market was valued
at $1.5 trillion in 2019 and is projected to reach
$2.2 trillion by 2027, with a CAGR of 4.9%
during the forecast period (Allied Market
Research, 2020).
The business travel sector contributes to the
overall turnover of the MICE industry, generating
revenue for hotels, airlines, transportation
companies, and event planners. It also generates
employment opportunities, particularly in the
hospitality and tourism sectors, and contributes to
the GDP of the country. In India, the MICE
industry is expected to contribute to 1.5% of the
country's GDP by 2025 (Mordor Intelligence,
2021).

The Scope
 The importance and
economic development of
India
CURRENT TRENDS IN
India has emerged as a major economic power in
recent years, with a focus on attracting foreign MICE SECTOR
investment and increasing economic
The MICE (Meetings, Incentives, Conferences,
development. The MICE (Meetings, Incentives,
and Exhibitions) sector has been witnessing some
Conferences, and Exhibitions) industry has
significant trends in recent years. These trends
played a crucial role in supporting India's
are driven by changing market dynamics,
economic growth by generating employment
emerging technologies, and evolving consumer
opportunities and contributing to the country's
preferences.
GDP.
One major trend in the MICE sector is the
According to the International Monetary Fund,
increasing use of hybrid events that combine both
India's GDP was estimated to be $2.7 trillion in
physical and virtual components. Another trend is
2020, making it the world's fifth-largest economy
the growing focus on sustainability and
(IMF, 2021). The country's GDP has been
environmental responsibility, with event
growing at an average rate of 7% over the past
organizers opting for eco-friendly venues,
decade, making it one of the fastest-growing
reducing waste, and promoting sustainable
economies in the world.
practices. Additionally, the adoption of new
The MICE industry in India has witnessed technologies like virtual and augmented reality,
significant growth in recent years, with the artificial intelligence, and chatbots is also shaping
sector's revenue expected to reach INR 45,000 the future of the MICE industry.
crore ($6.2 billion) by 2025 (Mordor Intelligence,
To remain competitive in this dynamic landscape,
2021). The Indian government has taken several
event organizers should focus on providing
initiatives to support the industry, including the
unique and personalized experiences, leveraging
development of world-class convention centers,
technology to enhance engagement, and ensuring
simplification of visa procedures, and promotion
sustainability and social responsibility in event
of India as a preferred MICE destination.
planning.
The MICE industry's growth in India has been
driven by the country's economic development
and the government's support for the industry.
The sector has the potential to further contribute
to India's economy, making it a crucial player in
the country's growth story.
Industry is Currently
Providing for Business
Travellers

The MICE industry has seen a significant shift

towards personalized experiences for business
travellers. With the increasing demand for unique
experiences, many companies are offering tailor-
made packages to suit individual needs. For
instance, Marriott International has introduced
"Meetings Imagined," a platform that allows
planners to personalize and design events based
on attendees' preferences. Similarly, Hyatt Hotels
Corporation has introduced "Meet and Be Green"
program, which offers eco-friendly options for
meetings and events.
In addition to personalized experiences, the
industry is also focusing on technology
integration to enhance the attendee experience.
Many companies are using mobile apps, virtual
reality, and augmented reality to create engaging
experiences. For example, Cvent has launched its
mobile event app, which offers features like real-
time updates, attendee networking, and
interactive maps.
SUSTAINING
To compete in the marketplace, companies are
focusing on brand differentiation. For example, THE MICE
Hilton World wide’s brand differentiation is
based on its expertise in event planning and
SEGMENT IN
management. Similarly, the AccorHotels Group FUTURE
has introduced "Jo&Joe," a new brand targeting The MICE industry is likely to see an increase in
millennials and offering a unique concept of hybrid events and the incorporation of technology
"Open House" events that are co-created by in meetings and conferences. Hotels should
locals and travellers. invest in high-quality audio and visual equipment
and provide reliable high-speed internet. They
The MICE industry is evolving with the changing
can also offer virtual and augmented reality
needs of business travellers. Personalized
experiences to enhance the attendee experience.
experiences, technology integration, and brand
Some hotels like Marriott and Hilton have
differentiation are key trends that companies
already introduced hybrid meeting packages and
should adopt to stay competitive in the
implemented technology to cater to virtual
marketplace (Evenbrite, 2022).
attendees (WTTC, 2021).
BIBLIOGRAPHY
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MICE industry by and country: Global
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forecast, 2021–2028.
https://www.alliedmarketresearch.com/m
ice-industry-market
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MICE Industry Market by Event Type,
Age Group, and Opportunity Analysis
and Industry Forecast, 2021-2028.
https://www.alliedmararch.com/mice-
industry-market
3. Eventbrite. (2022)…… Best Practices
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https://www.e.com/blog/business-event-
planning-best-practices/
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https://www. /icca-statistics-reports/
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mm-market-industry
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