by The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 3.82 Bn 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 refers to meetings, incentives, conferences, and exhibitions used primarily for business purposes. These events provide opportunities for businesses to network, learn, reward employees, launch new products or services, and more. Singapore is a key destination for international MICE events due to its world-class infrastructure including convention centers, hotels, transportation links and technical capabilities. The country also offers a mix of urban sophistication and natural attractions that delight leisure travelers accompanying MICE delegates.
Market key trends:
One of the key trends driving growth in the Singapore MICE market is the recovery of international business travel post pandemic restrictions. As global economies reopen borders and relax quarantine rules, international conferences and exhibitions are resuming in Singapore. Major venues like the Suntec Singapore, Marina Bay Sands, and Singapore EXPO are witnessing higher bookings from 2023 onwards. Furthermore, the government is investing heavily through the Singapore Tourism Board to bid for and attract MICE events. Large scale international conventions covering sectors like FinTech, Healthcare and Cybersecurity are increasingly choosing Singapore over other regional hubs. This is expected to aid the market expansion through the forecast period.
Porter’s Analysis
Threat of new entrants: The MICE sector in Singapore has high barriers to entry with stringent regulations. This acts as a deterrent for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several MICE venues in Singapore providing buyers with alternatives.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of alternative suppliers and raw materials in Singapore.
Threat of new substitutes: There is low threat from substitutes as MICE events provide unique benefits that cannot be substituted.
Competitive rivalry: The competition is intense among existing MICE venues to attract events due to their proximity.
Key Takeaways
The Singapore Meetings, Incentives, Conferences And Exhibitions (MICE) Market Share is expected to witness high growth, exhibiting a CAGR of 9% over the forecast period of 2023 to 2030, due to increasing investments by the government to promote Singapore as a global MICE destination. The market was valued at US$ 3.82 Billion in 2023.
Regional analysis: Singapore dominates the Southeast Asia MICE market due to world-class infrastructure and government support. It has over 20 integrated resorts and an international airport connecting over 100 cities globally. The country is also offering attractive MICE incentives and customised support.
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
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
