One of the key trends driving growth in the Singapore MICE market is the recovery of international business travel post pandemic

Surging Demand for Business Events to Fuel Growth of Singapore MICE Market

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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 facilitates business networking, team building and marketing through meetings, incentives, conferences and exhibitions. It offers state-of-the-art venues and accommodation facilities for hosting corporate events, product launches and trade shows.

Market Dynamics:

The growth of the Singapore MICE market is driven by the rising trend of business events for networking and marketing purposes among companies. Further, Singapore’s well-developed infrastructure, technology adoption and strategic location in Asia Pacific have made it one of the preferred MICE destinations globally. The country offers world-class venues such as Suntec Singapore, Resorts World Convention Centre, and Marina Bay Sands to host prominent conferences, exhibitions and incentives.

Market key trends:

The Singapore MICE market is witnessing high growth owing to increasing demand for large scale corporate events and international conferences. The country’s strategic location, state-of-the-art venues, multi-lingual workforce and efficient infrastructure make it an ideal destination for MICE events. Furthermore, the Singapore government is taking initiatives to promote the country as a global hub for MICE activities. The market is gaining traction due to growing focus on incentive travel programs.

SWOT Analysis

Strengths: Well-developed infrastructure with world-class facilities and venues, strategic location in the centre of Southeast Asia, government support and incentives
Weaknesses: High costs associated with MICE events, strong competition from other Asian destinations
Opportunities: Emerging trends such as hybrid events, growing demand from ASEAN countries, focus on sustainable and Responsible MICE practices
Threats: Trade tensions and geopolitical uncertainties, stringent visa policies of other countries, economic slowdown impacting corporate budgets

Key Takeaways

The Singapore Meetings, Incentives, Conferences And Exhibitions (MICE) Market Share  size was valued at US$ 3.82 Billion in 2023, expanding at a CAGR of 9% during the forecast period. Rapid digitization and rising focus on hybrid events are spurring the market growth.

Regional analysis:

The Singapore market captures over 50% share of Southeast Asia’s MICE business. It is the top performer in the region driven by growing demand from ASEAN countries as Singapore remains the preferred gateway to Asia. Cities like Jakarta, Kuala Lumpur and Bangkok are emerging as novel destinations.

Key players analysis:

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 advanced technologies and sustainability to gain traction.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.