Chennai. The India meetings and events market is growing dramatically according to a new market research study with 51 per cent of respondents to the India Meetings & Events Industry Survey 2014 reporting an increase in the number of events they have organised in the last 12 months (to July 2014) and 73 per cent expecting the number of events they organise to increase in the next 12 months.
The research was sponsored by IBTM India and Cvent and analysed by The Right Solution on behalf of CAT Publications. The results of interviews with 195 organisers from the corporate and association sectors in India were presented to the industry at the IBTM India opening Forum in Chennai yesterday.
Average budgets for events have been increased by 11.6 per cent in the past 12 months and organisers are predicting a further leap of 12 per cent in the next 12 months. The results reflect a wide range of activities including 25 per cent of respondents employing incentive travel either for their own organisations or on behalf of clients. While Mumbai was named as the most frequently used destination within India followed by New Delhi, Hyderabad and Jaipur, 47 per cent of respondents said they had held events outside of India and the United Arab Emirates was the most popular overseas destination with 27 per cent of respondents saying they have organised events there during the past 12 months. The USA was second and Germany, UK, France and Spain also feature in the top ten as well as Thailand, Malaysia, and Singapore. The Right Solution’s Sally Greenhill said: “The results show a buoyant, growing market with standards having room to improve in certain areas.”
Shinu Pillai, Exhibition Director of IBTM India and IBTM Africa, Reed Travel Exhibitions, commented, "We are delighted that M&IT India chose IBTM India as the platform for their research which is a critical part of our portfolio's Knowledge programme to support the industry.”