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

Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Is Estimated To Witness High Growth Owing To Increasing Business And Tourist Activities

Postado 2024-01-10 11:10:08

The Meetings, Incentives, Conferences And Exhibitions (MICE) Industry Refers To A Sector That Encompasses Organizations Of All Types That Bring Together Groups Of Individuals For Professional Or Academic Reasons. Singapore Has Emerged As A Desirable Destination For MICE Events Owing To Its World-Class Infrastructure Including Hotels, Convention Centers And Transportation Facilities. The Country Offers State-Of-The-Art Venues For Hosting Seminars, Product Launches, Corporate Team Building Activities And Leisure Gatherings.

The Global 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 4.6% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.

Market Dynamics:

Increasing Business And Tourist Activities (One Driver From Heading): Singapore Has Witnessed Strong Growth In Business And Tourism Activities Over The Past Few Years Owing To Strategic Initiatives Undertaken By The Government And Tourism Board To Promote The Country As A Global Business Hub. Various Tradeshows, International Conventions And Cultural Festivals Held In The Country Have Attracted Foreign Investments And Visitors. This Has Generated Demand For MICE Venues Including Integrated Resorts, Convention Centers And Meeting Rooms Among Corporates As Well As Individual Travelers. Moreover, Large Scale Events Hosted By Singapore Boost The Overall Economy By Increasing Spending On Accommodation, Food, Entertainment And Shopping.

The Other Driver That Promotes The Growth Of MICE Industry Is Growing Interest Of Millennials In Hybrid Conference Events. Young Professionals And Entrepreneurs Now Prefer Participating In Conferences That Offer Both Online And Offline Engagement Opportunities Through Digital/Virtual Platforms Along With Networking Sessions. This Evolving Preference Towards Hybrid/Blended Model Of Hosting Events Is Prompting Organizers To Invest In Advanced Audio-Visual And Virtual Technology Solutions.

SWOT Analysis

Strength:
- Singapore Is A Global Business And Financial Hub And Well-Connected Internationally Which Attracts Many MICE Events From Around The World.
- Strong Government Support Through Initiatives Like Singapore Convention And Exhibition Bureau Which Works To Promote Singapore As A MICE Destination.
- World Class Infrastructure And Facilities For Hosting All Types Of MICE Events Ranging From Small Meetings To Large Exhibitions And Conventions.

Weakness:
- Heavy Reliance On International Participants As Local Population Is Small Which Makes The Market Vulnerable To External Factors.
- High Operating Costs Due To Land And Infrastructure Constraints On The Island.

Opportunity:
- Growing Southeast Asian Markets Like Malaysia, Indonesia And Vietnam As Their Economies Grow Which Will Drive Regional MICE Opportunities For Singapore.
- Develop Niche Areas And Special Interest Events To Diversify From Traditional MICE Sectors.

Threats:
- Increased Regional Competition From Other Asian Cities Promoting Themselves Aggressively For MICE Business.
- Global Economic Uncertainties Could Impact Participation From Overseas Markets.

Key Takeaways
Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size Is Expected To Witness High Growth. The Global 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 4.6% Over The Forecast Period 2023 To 2030.

Southeast Asian Region Is Projected To Be The Fastest Growing Market For The Singapore MICE Industry Driven By Strong Economic Growth In Countries Like Malaysia, Indonesia And Vietnam. This Will Translate To Higher Delegation Travel From These Markets To Singapore For MICE Events.

Key Players Related Content Comprises Key Players Operating In The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) MarketAre Cerner Corporation, Epic Systems Corporation, GE Healthcare, Siemens Healthineers, Drchrono, Kareo, Advancedmd, Athenahealth, Eclinicalworks, Allscripts Healthcare Solutions. Singapore Aims To Develop Niche Events And Segments Like Medical Tourism Conventions To Diversify From Traditional Sectors. Local Smaller Players Also Collaborate With Major Foreign Players To Leverage Their Global Expertise And Networks.

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