MICE denotes Meeting Incentives Conferences and Exhibitions industry. The two main service areas of the industry include — Business tourism; and event management. Business tourism includes arranging business events in touristic locations of the world, while event management encompasses hosting, managing, coordinating and publicizing such events.
Referring to the Dwyer and Forsyth, 1996 description of MICE,
The Meetings, Incentives, Conventions and Exhibitions (MICE) sector consist of activities including conventions, trade shows, seminars, events, exhibitions and incentive travel.
The MICE industry is so extravagant, huge, and diverse that you cannot list out all the stakeholders at one go! However, they can be broadly categorized into the following 3 domains:
1. Infrastructural facilities
This includes the actual location or the venue in which the meetings, or conferences, or the events are supposed to take place. The venue can be Convention Centres, Hotels, etc.
The second and the key stakeholders are the organizers. They are the ones who manage things at the back end and make the front end look attractive.
3. Peripheral Subcontractors
Mega events like MICE aren’t about a day or two of the main event. The field encompasses many other areas which need to be taken care of.
There are many services which need to be provided either for leisure or comfort of the attendees. They are included in this domain. For example PR, Travel Agencies, Caterers, Media, etc.
The Size of the MICE Industry
Globally, the Meeting Incentives Conferences and Exhibitions industry amounts at around USD 280–300 billion. Since its inception in the 21st century, the industry is showing an abrupt growth curve across all continents.
The Asian MICE industry is a leading growth story with 38% escalation in a decade. The Asian industry alone comprises of USD 60 Billion to the Global MICE.
Impacts of MICE on a country’s economy
Though MICE is a lucrative deal for its stakeholders, why should a country’s government support it? The answer to this question lies in the constructive impact of MICE on a country’s economy:
* High revenue generation.
MICE events have direct implications on a country’s tourism. The attendees of the events from other countries or maybe just other states not only participate in the event but also indulge into tourism. Through their stay in the country, they have to arrange accommodation, leisure, food, travel, etc. This would lead to increased revenue generation for the country.
* Increase the scope of employment.
To conduct a MICE scale event is a very big thing. It not only requires a lot of resources but also a large workforce. There are tons of fields in which employment is generated due to such a large scale event.
* An increase in Foreign Direct Investment.
Such large scale business events serve as a platform where the local companies can exhibit their potential. And if done successfully, the lot of Foreign Direct Investment can be secured for the national companies.
* Storm of innovation.
MICE events are all about growth and development. That is impossible without innovation. Hence, there is a lot of exchange of ideas and knowledge which leads to the growth of companies and ultimately the country.
India on the Global MICE Map
Reports of 2016 indicate that the Indian MICE industry is estimated at USD 1.3 Billion. Talking about the Global position of MICE industry in India, the country has climbed to the 31st position on the Global MICE map from 35th the previous year. The list is led by countries like the USA, Germany, Spain, France and the UK.
The MICE Map of India
The MICE industry contributes 0.22% to the GDP of the country while it contributes 3.26% to the tourism industry in India.
Accounting to the fact that MICE events are mainly globally focused, eminent infrastructure becomes a pre-requisite to holding a MICE event. That is the reason, smaller cities or the cities lacking required infrastructure cannot hold such events.
Not only do the cities need infrastructural potential but they also need to have touristic attractions. Since MICE events are aimed at mixing business and leisure, a city which isn’t known for its tourism, cannot be a preferred MICE destination. As of now, the following cities are the top 5 names on the MICE map of India:
* New Delhi — The country capital is also the leader on the country’s MICE map. The city has 26 renowned locations which are capable of hosting MICE events. The locations include Pragati Maidan, Indian Habitat Centre, The Lalit, and Taj Hotel amongst others.
* Agra — The city which is home to the 7th wonder of the world also has 7 grand hotels which are ideal MICE destinations.
* Jaipur — The Royal Pink City of India has 11 exquisite locations which can hold mega MICE events.
* Mumbai — The financial capital of the country also has 38 locations which are preferred MICE destinations apart from the stunning tourist locations.
* Goa — Apart from being an amazing National as well as Global touristic location, the Goan infrastructure even attracts the MICE industry and holds the 5th position on the Indian MICE map. Goa has 13 deluxe locations which are the points of interest for MICE.
Apart from these, cities like Bangalore, Hyderabad, Chennai, Cochin, and Bhubaneshwar are also preferred as MICE destinations of the country. However, states like Gujarat, Punjab, West Bengal, etc. are yet to be added to the list.
Forecast of Mice Industry in India in the next 10 years
The terms like World’s largest democracy, one of the fastest growing economies, etc. have helped escalate the valuation of MICE in India. Since 2008, this industry is raising sky high in the country. With this escalation, following things can be predicted about the future of MICE in India:
* An escalated rank on the global MICE.
Currently, India is at the 31st position on the Global MICE map. But with the developing infrastructure and profitable business policies, it is highly possible that the Indian MICE will surpass other countries to reserve a higher position globally.
* An industry larger than ever.
Not only the position, but the size of the industry in India is also likely to grow in the coming 10 years. With increased value of MICE events in the country, it is certain that the situation is going to change rapidly and we will be able to witness a steeply rising curve of the numbers.
* Increased usage of technology in the field.
Organizing such a MICE scale event is a big task and needs a lot of work. Recently, organizers have started using event management software for many tasks. The future of the industry in India will have a lot more inclusion of technology in organizing and managing the events.
To add to this emergent future of MICE industry, even Hubilo is doing its bit and trying to contribute to the industry in every possible way.
Have you check out our latest digital platform yet? If not, do it now. Yes we are providing a platform to host online exhibitions, trade shows and so on. Here’s how our virtual trade show platform works!