Market Overview:
The Singapore MICE market refers to the business events industry in Singapore which includes meetings, incentives, conferences and exhibitions. Key venues for MICE activities in Singapore include 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 among others. These venues offer conferencing facilities, exhibition spaces and accommodation options to host both domestic and international events.

Market Dynamics:
The growth of the Singapore MICE market is attributed to growing MICE tourism and continuous development of entertainment and convention venues in Singapore. Singapore has emerged as a preferred destination for global conferences and exhibitions due to its world-class infrastructure and facilities. For instance, the expansion of Marina Bay Sands integrated resort which added 2000 new hotel rooms and 40,000 sqm of MICE space has boosted the country's appeal. Furthermore, the government is investing heavily in venues like Singapore EXPO and Jewel Changi Airport to drive more MICE events. These factors are expected to fuel the demand for MICE activities over the forecast period.

SWOT Analysis
Strength: The Singapore MICE market benefits from strong government support, world-class infrastructure and venues, and a reputation as a global business hub. It has a highly-skilled multilingual workforce and is a technologically advanced country.
Weakness: The costs associated with hosting MICE events in Singapore are relatively high compared to other regional destinations. It also faces intense competition from other Asian cities.
Opportunity: Growing demand from Southeast Asian countries provides an opportunity to attract regional associations and corporate meetings. The development of integrated resorts further enhances Singapore's appeal as a premier MICE destination.
Threats: Political and economic instability or public health issues in key source markets like China could negatively impact visitor arrivals. Natural disasters or terror attacks remain potential threats that are outside of Singapore's control.

Key Takeaways

The Singapore Meetings, Incentives, Conferences And Exhibitions (MICE) Market Share  is expected to witness high growth, exhibiting CAGR of 9% over the forecast period, due to increasing business events and conferences. Strong economic growth and emergence of Southeast Asian countries as preferred outsourcing hubs are driving demand for professional events in Singapore.

Regional analysis
Singapore dominates the MICE market in Southeast Asia, accounting for over 30% revenue share in 2023. The country benefits from its strategic location at the crossroads of Asia and developed infrastructure. Suntec Singapore and Marina Bay Sands are pioneering integrated resorts that host some of the largest conventions annually.

Key players
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.

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