Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market is Estimated To Witness High Growth Owing To Digital Transformation

Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market

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 MICE industry refers to tourism for large events such as conferences, congresses, product launches, incentive travel, exhibitions, awards shows and corporate events. It facilitates businesses and associations to organize functions in specially-designed MICE facilities for networking, knowledge sharing and experience/product promotion. MICE offers economic benefits to host cities/countries by generating revenue and new job opportunities.

Market key trends:
One of the key trends driving growth in the Singapore MICE market is the increasing adoption of digital technologies. The COVID-19 pandemic accelerated digital transformation of MICE events with adoption of virtual and hybrid event formats. Leading Singapore MICE venues like Suntec Singapore, Resorts World Convention Centre etc. have enhanced their digital infrastructure and virtual event capabilities. They offer interactive online platforms, AI-based systems and varied digitally immersive experiences to engage attendees from anywhere in the world. This is helping Singapore capture a larger share of the global MICE industry.

Porter’s Analysis
Threat of new entrants: The Singapore MICE market has low threat of new entrants due to high financial investments required to compete with established convention centres and hotels.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes in nearby Asia Pacific countries. However, Singapore is a top Asia Pacific destination.
Bargaining power of suppliers: Suppliers of venues and services have moderate to high bargaining power given the capacity constraints and limited alternatives.
Threat of new substitutes: There is moderate threat from substitute destinations in Asia Pacific region like Malaysia and Thailand that offer lower costs.
Competitive rivalry: The market has high competition as top MICE players fiercely compete for conventions and events business.

SWOT Analysis
Strengths: Singapore is known for its political stability, strong infrastructure, and global connectivity which makes it an ideal MICE destination. It offers world-class facilities and venues.
Weaknesses: Singapore faces constraints on land availability which limits expansion of convention centres and hotels. Labor costs are also on the higher side compared to other countries.
Opportunities: Developing niche market segments like medical conferences and young delegates present opportunities for growth. Partnerships with other Asian cities can boost business further.
Threats: Economic slowdowns can negatively impact travel and events budgets. Natural calamities can disrupt planned events in the country.

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 2023 to 2030, due to increasing investments in infrastructure development and venue expansion. The market was valued at US$ 3.82 Billion in 2023.

Regional analysis: The Asia Pacific region dominates the Singapore MICE market. Emerging economies like China, India, Indonesia are fastest growing meeting destinations. Singapore is the largest MICE market in the Southeast Asian region supported by world-class infrastructure and being a global financial hub.

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.

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https://www.newsstatix.com/singapore-meetings-incentives-trends-size-and-share-analysis/