by The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 3.82 Billion in 2023 and is expected to exhibit a CAGR of 9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Singapore MICE market involves organizing and hosting various business events such as conferences, seminars, product launches, exhibitions, trade shows and other business events. Singapore is a preferred MICE destination owing to its world-class infrastructure including convention centers, hotels, vibrant culture and connectivity. Some of the key venues for MICE events in Singapore include Suntec Singapore, Resorts World Convention Centre, Marina Bay Sands, Singapore EXPO Convention and Exhibition Centre.
Market Dynamics:
The Singapore MICE market is driven by the growing tourism industry in Singapore coupled with the rise in regional meetings and events. Singapore received over 19 million visitors in 2019, making it one of the top tourist destinations globally. This has increased the demand for organizing various conferences, exhibitions and trade shows in the country. Moreover, Singapore is centrally located in Southeast Asia and acts as a connecting hub, which attracts regional as well as global meetings. The country also offers world-class infrastructure and transportation facilities, which makes logistics and planning of large scale events easy. However, the outbreak of COVID-19 pandemic had severely impacted the MICE market in 2020 and 2021 due to travel restrictions and lockdowns. But the market is rebounding with the resumption of regional and international travel.
Segment Analysis
The Singapore MICE market is segmented into meetings, incentives, conferences, and exhibitions. Among these, the conferences segment dominates the market and accounted for nearly 35% share in 2023. The high dependence on conferences is attributed to Singapore’s world-class infrastructure and facilities to host large conferences with all modern amenities. Singapore has some of the biggest convention centers that can accommodate thousands of attendees under one roof along with co-located exhibition spaces.
PEST Analysis
Political: The Singapore government actively supports the MICE industry through initiatives like hosting global business events, developing new facilities and venues. It aims to position Singapore as the top MICE destination in Asia.
Economic: Singapore has a stable economy and strong GDP growth that is supportive of the MICE industry. The industry contributes over US$ 3 billion to the economy annually.
Social: Events and conferences help develop networks and ties within industries. Singapore’s diversity and cosmopolitan culture makes it an appealing destination for international delegates from varied cultures and backgrounds.
Technological: Singapore is known for its highly developed digital infrastructure. Convention centers are equipped with fastest Wi-Fi, latest audio-visual technology aids effective knowledge-sharing at events.
Key Takeaways
The Singapore Meetings, Incentives, Conferences And Exhibitions (MICE) Market Share was valued at US$ 3.82 Billion in 2023 and is expected to reach US$ 6.05 Billion by 2030, expanding at a CAGR of 9% during the forecast period. Rapid modernization of infrastructure and world-class facilities are driving the growth. The conferences segment dominates due to presence of largest convention centers in the region capable of hosting thousands of attendees under one roof.
Regionally, Southeast Asia dominates Singapore’s MICE market and accounted for over 30% share in 2023. This is owing to geographic proximity and growing business relationships between Singapore and Southeast Asian countries. North Asia is poised to be the fastest growing regional market during the forecast period attributed to increasing outbound MICE travel from countries like China, Japan and South Korea.
Key players operating in the Singapore MICE market are Suntec Singapore, Resorts World Convention Centre, Marina Bay Sands, Singapore EXPO Convention and Exhibition Centre, Raffles City Convention Centre, Singapore International Convention & Exhibition Centre, Changi Exhibition Centre, One Farrer Hotel & Spa, Grand Copthorne Waterfront Hotel, Capella Singapore, PARKROYAL on Beach Road, M Social Hotel Singapore, The Ritz-Carlton Millenia Singapore, InterContinental Singapore, Shangri-La Hotel, Pan Pacific Singapore, The Fullerton Hotel Singapore, The Ritz-Carlton, Millenia Singapore, Sofitel Singapore City Centre, The St. Regis Singapore. These players are focusing on expansion of facilities to tap the growth opportunities in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
