India’s Outbound MICE Tourism Market to Reach $13.4 Billion by 2031
India Outbound Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism market is set to reach a significant milestone, with a projected worth of US$ 13.4 billion by 2031, as per the latest research study conducted in 2023. India’s expanding economy has increased corporate MICE spending, including foreign events. Outbound MICE travel increases as Indian companies expand abroad and need overseas meetings, networking, and collaborations. Construction of conference halls and hotels has attracted worldwide events. Visa liberalization helps outbound MICE tourism.
Outbound MICE tourism is driven by India’s IT, pharmaceutical, finance, and manufacturing sectors’ participation in overseas trade exhibitions and conferences. Improved air connections and cheaper flights make overseas MICE locations more accessible. Growing awareness among Indian organizations regarding foreign MICE events’ networking and knowledge-sharing benefits drives expansion. Indian MICE travelers seek varied destinations, expanding the industry. Technology like virtual meetings allows participation at difficult times. Outbound MICE tourism has also benefited from travel and MICE industry collaboration.