The Singapore MICE market is primarily driven by the growing adoption of digital technologies across various MICE activities. MICE organizers are increasingly leveraging technologies such as virtual and augmented reality to enhance attendee experiences. Virtual events allow organizers to reach a wider audience and reduce costs. The integrated solutions offer benefits such as real-time translation, digital catalogues, and customized networking opportunities. Virtual elements are also being combined with physical events to offer hybrid experiences. The growing focus on sustainability is also boosting digitalization in the MICE market.
The Global Singapore MICE Market is estimated to be valued at US$ 4.41 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Singapore Meetings, Incentives, Conferences And Exhibitions (MICE) Market are Cerner Corporation, Epic Systems Corporation, GE Healthcare, Siemens Healthineers, Drchrono, Kareo, AdvancedMD, athenahealth, eClinicalWorks, Allscripts Healthcare Solutions.
The Singapore MICE market provides several opportunities for growth, including hybrid physical-virtual events, personalized experiences leveraging technologies, wellness-focused events, and sustainable practices. Technology adoption is enabling more immersive and engaging experiences for attendees.
Technological advancements such as artificial intelligence, virtual reality, augmented reality, and blockchain are enhancing various MICE activities. AI is being used for personalized recommendations, translation services, and predictive analytics. Immersive technologies allow virtual participation and collaboration. Blockchain facilitates secure registration and transaction management.
Market drivers
The growing demand from organizations to conduct international conferences, meetings and events in Singapore is a major market driver. Singapore provides state-of-the-art infrastructure, reliable technology ecosystem, and logistical ease for hosting large MICE events. The relaxed visa policies and connectivity make Singapore an attractive global MICE destination. The government initiatives and investments to promote Singapore as a global MICE hub are also fueling market growth.
Current challenges in the Singapore MICE market
The Covid-19 pandemic has significantly impacted the Singapore MICE industry over the past two years. Travel restrictions and bans on large gatherings brought the market to a standstill virtually overnight. Event cancellations and postponements were rampant during the peak of the pandemic in 2020 and 2021. Even with borders reopening and restrictions easing, the lingering effects of the pandemic continue to be felt. Consumer confidence in attending large events has taken a hit. Companies are more cautious about approving business travel and event budgets. Rebuilding momentum in the market and restoring consumer confidence will take time.
SWOT Analysis
Strength: Singapore is globally renowned as a business and tourism hub with world-class infrastructure and facilities for hosting MICE events. The country offers a pleasant, safe and smoothly-run environment.
Weakness: The Singapore MICE market is highly susceptible to external disruptive events like pandemics or economic downturns that impact tourism and business travel. It also faces strong regional competition from other Asian destinations.
Opportunity: As global travel resumes, there will be pent-up demand for face-to-face interactions and events. Singapore is well-positioned to regain lost market share as companies restart large meetings and conventions.
Threats: A resurgence of Covid-19 infections or the emergence of new virus variants could dampen recovery momentum. Regional destinations like Kuala Lumpur and Bangkok are also aggressively targeting Singapore’s core MICE clientele.
In terms of value, the Singapore MICE market is concentrated in Central Singapore region which hosts the main business districts and top convention centers. The Central region accounted for approximately 45% of the total market value in 2024. Another key region is the Western region consisting of districts like Jurong which is seeing growing investments in integrated resorts and convention facilities to expand Singapore’s MICE capacities.
Indonesia has emerged as the fastest growing geographical market for the Singapore MICE industry over the forecast period from 2024 to 2031. As Southeast Asia’s largest economy and an aspiring global MICE destination in its own right, Indonesia is expected to increasingly send delegations and events to Singapore for knowledge-sharing. The close geographical proximity and cultural affinities between the two countries provide advantages for cross-border collaboration and partnerships in the meetings sector.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.