MICE Industry Analysis

Tourism is one among the major segments which the new government is seeking at to boost the economy of the Nation. After realising that, the MICE segment can be the best game changer for the growth of the tourism, the ministry of tourism also adopted an approach which is aggressive to promote the segment. The new tourism policy in fact have to be released anytime soon has identified MICE as the leading growth driver for the tourism industry in India.
MICE is the new buzzword which relates to varied GIT’s and FIT’s in the international travel market. MICE tourism is the new and innovative style of business venture and is one of the quickest growing sections in the market of International business tourism. It is catering to distinct needs of businesses in the form
They also serve as an affordable means of advertising. An industry which is specialized has mushroomed to cater to this specific need of companies and is probably known as the MICE industry.
The industry MICE is essentially an industry which not only provides services but also encompasses trade, transportation, travel and finance. The MICE industry is characterized by three potentials including growth potential, high added values and highly beneficial innovations. Along with the mentioned services, it also offers three larges large input, large opportunities for employment and large industry associations. It also ensures three advantages – efficient utilization of human resources, technological know-how and assets.
In order to garner a major piece of this new industry pie, most of the companies are vying with each other to promote themselves as a hot MICE destination. For example, Singapore and Hong Kong are the leading MICE destinations with fast economic growth witnesses in Asia, they are having remarkable growth in the outbound MICE