Travel and tourism businesses around the world are looking to capitalise on India's double-digit annual growth in the outbound MICE and luxury travel segment, with the value of India's business travel market expected to reach USD 93 billion by 2030, organisers of an industry event have said.
India has recently moved up two places to become the eighth largest business travel market in the world, and business travel spending in the country is projected to record a compound annual growth rate of 12 per cent through 2020, they said.
As India maintains its double-digit annual growth in the outbound meetings, incentives, conferences and exhibitions (MICE) and luxury travel segment, travel and tourism businesses around the world are looking to capitalise on the country's growth potential.
The MICE market refers to a niche of group tourism dedicated for planning, booking, and facilitating conferences, seminars, and other events. Forging business opportunities and partnerships with leading Indian corporates and luxury travel specialists will be discussed at the 6th annual MICE India and Luxury Travel (MILT) Congress, the premier B2B event that caters to both the business travel and luxury tourism sectors in India.
Organised by Dubai-based QnA International, the MILT Congress will be held this year in Mumbai from July 25-26 and in Delhi from July 31-August 01. By 2030, the value of India's business travel market is expected to reach USD 93 billion, a statement released here said. Noting that Indian corporates remain largely unaffected by the global slowdown and continue to spend big on corporate travel, Hassan Madah, Director, Israel Ministry of Tourism, India and the Philippines, said.
India is among the largest source markets for MICE tourism in both Dubai and Abu Dhabi, and the travel and hospitality companies in both the Emirates are looking to further expand their reach in the Indian market by taking advantage of the unique networking opportunities provided by MILT Congress 2018 with its high-profile buyer lineup.
The United Nations World Tourism Organisation (UNWTO), meanwhile, has forecast that India will account for 50 million outbound tourists by 2020. Business and luxury travel is expected to make up a significant share of the total volume of outbound travel, with one report indicating the country is on track to generating 6. 5 million outbound luxury and MICE tourists annually by 2020.
Ackash Jain, Director, QnA International, said, "India has been maintaining an annual GDP growth rate of 6-8 per cent since 2013, and this strong economic momentum is rubbing off on the country's outbound MICE and luxury travel sector, enabling these segments to post a double digit year-on-year growth".
According to Jain, the rise of incentive travel, which has emerged as one of the fastest growing segments within India's outbound business travel market, is opening a new dimension of opportunities for travel and hospitality suppliers around the world.