The MICE industry is a crucial catalyst in growing the Travel and Tourism economy between India and Turkey. Turkiye, ranks as the sixth most popular destination for tourists worldwide for India it is in top choosing list
Globally, the MICE industry alone generated more than US$ 1 trillion worldwide in 2017. By 2025, this amount is predicted to grow to an outstanding US$ 1.5 trillion mark. In addition, Incentive Travel is the modality experiencing the highest peak.
India’s Outbound Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism market size is set to surpass US$ 11 billion by 2026.
The MICE Industry can be broken down into four big groups.
- Meetings
Business meetings could be anything from director-only board annual general meetings to a training seminar. Basically, any group of people gathering in a common location, for a common reason, is a type of meeting. Other examples include strategic planning, shareholders’ meeting, management meetings, etc.
- Incentives
Incentives are a way to motivate or reward associates, dealers, or any employee of a company, according to their previous performance, or as a way to build teamwork. Incentive Travel is a fundamental corporate culture International retreats, annual summits, and familiarization tours are common in Incentives.
Both the hospitality industry, as well as the tourism industry benefit
- Conferencing
Corporate conferences usually gather a group of people by profession or personal interest in a specific field, looking for information exchange and discussion about a certain topic. These conventions require complex planning and itinerary organization well in advance. They differ from meetings mainly because of scale. A corporate or government conference/convention can have hundreds of participatory meetings happening simultaneously inside it as part of a program. Annual gatherings of industry associations and organizations are a big component of this sector.
- Exhibitions:
Exhibitions are also known for their extensive planning. They usually are highly produced trade shows that bring products to their audience. Financial, Pharma, Beauty, Insurance, High-tech, and other lead industries populate the largest exhibition centres with senior executives. They could be either businesses selling to other businesses (B2B) or straight to the final consumer (B2C). Larger fairs, despite having a clear target, might combine both modalities in the mix.
As MICE propositions have a limited duration, they can boost the economy of a whole city, country, or region. Major international congresses exponentially increase hotel occupation and service consumption of local services.
There are abundant opportunities within Our Indo-Turkish MICE business consulting profile and industry engagement that might become the main economically viable attraction for many stakeholders associated with it.
