MICE Tourism is one of the key revenue spinners of travel and tourism economy in modern times. UNWTO recognizes the inherent strength of MICE industry and has been instrumental in identifying and popularizing MICE destinations across the world. As per ICCA rankings, India has improved its position substantially in the recent times, when it hosted 175 meetings in 2018-19 compared to 143 for the previous year, thus leaping and improving its position by seven positions from 31 in last year.
The estimated Global market size for MICE is in excess of USD 808 Bn in 2018-19 which is going to touch down to 1200 bn in 5 years from now. The estimated market size of MICE in India is Rs 37576 crores in which nearly 60% comes from MIC i.e. meeting, incentive and conference. It is also important to mention that 65% are B2B events. The estimated market size from Event is in the tune of Rs 4800 crores from space rental but it has multiplier impact to economy in terms of accommodation, travelling.