India
Indian outlook
Jogesh Mudras , Informa Markets India managing director , shares his thoughts on the Indian market ’ s prospects exclusively with EW
he Indian exhibitions
T landscape is poised for dynamic growth and transformation in 2024 and beyond . The market , currently valued at $ 4.7bn , is projected to exceed $ 6bn by 2026 and reach up to $ 9bn by 2030 . The B2B segment holds the largest share , accounting for approximately 40 %. Over the past decade , the country ’ s exhibition industry has seen an annual growth rate of 10-12 %, providing indirect employment to 10 million people .
Key trends India enjoys a strategic advantage on multiple fronts , being geographically positioned advantageously and being one of the world ’ s fastest-growing economies . Governmental support and a burgeoning trend in enterprise development have propelled small and medium-scale businesses to venture ambitiously into the market , aspiring for global recognition .
After a positive 2023 , India expects to see these trends continue : Global expansion : India plans to scale up exhibitions , introducing new venues and enhancing the global presence of its industries .
The adoption of geo-cloning : Replicating successful events from one location to another , has gained momentum , minimising risks associated with new launches and leveraging existing brand reputation . International events entering India offer expansion opportunities , aligning with the country ’ s growth . For instance , this year , Informa Markets is organising India Health , on the lines of Arab Health . Domestic enhancement : India has 22 major exhibition centres , with the north and west regions accounting for 73 % of the total indoor area . Revamp projects , capacity expansions , and greenfield projects at various venues should help create new opportunities in the coming years . Newer venues and untapped markets , in Tier-I and II cities , and zones such as eastern India should also be explored . In-person exhibitions are here to stay : In India , the demand for in-person meetings and events has remained steadfast but customers now seek not only business engagement but remarkable event experiences . This all automatically leads to augmentation of :
Above : Yogesh Mudras , Informa India MD
“ The country ’ s exhibition industry has seen an annual growth of 10-12 %”
Technology-driven experiences : Technology is the framework of innovation , from virtual reality ( VR ) experiences to AI-driven personalisation such as buyer-seller matchmaking . Technology is creating unforgettable event experiences . Attendees no longer settle for ordinary ; they anticipate a journey worth undertaking , while focusing on specific professional needs . Data driven insights and tailored solutions : Industry data will be used at every touch point to understand the customer ’ s journey : Real-time show floor data , pricing structures , digital twins , hologram technologies and 3D content , matchmaking solutions , and year-round activations are all converging to reshape our field , further fuelled by AI . Sustainability : Sustainability will be the heartbeat of the Indian exhibitions industry in 2024 . Renewable energy is now integrated into the show floor to reduce reliance on non-renewable sources and minimise pollution . The goal for events is to achieve zero or minimal waste . Strategic acquisition and retention of top-tier talent : Strategic HR practices will increasingly harness AI for intelligent talent acquisition , alongside adopting global best practices in talent retention . Collaborative courses with prominent exhibition bodies such as IAEE , IEIA , and UFI are on the rise to meet the escalating demand for skilled professionals in exhibition management , ultimately elevating industry standards .
Employers are also striving to recognise individuals who may not have traditional qualifications . In today ’ s dynamic work environment , the integration of innovative incentives , robust wellness programmes , impactful CSR initiatives , coupled with recognition awards and team-building activities , is pivotal .
www . exhibitionworld . co . uk Issue 1 2024 39