April 20, 2024
Singapore (MICE) Market

The Singapore Meetings, Incentives, Conferences And Exhibitions (MICE) Market Is Driving Growth Through Digital Transformation

The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) market provides essential services facilitating business networking through corporate events which include meetings, incentives, conferences and exhibitions. The market plays a pivotal role in promoting tourism and international trade by aiding business negotiations and deals. Key value propositions of MICE events include enhanced customer bonding, branding opportunities, and knowledge sharing. The global Singapore MICE market is estimated to be valued at US$ 4.41 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Singapore MICE market are Cerner Corporation, Epic Systems Corporation, GE Healthcare, Siemens Healthineers, Drchrono, Kareo, AdvancedMD, athenahealth, eClinicalWorks, Allscripts Healthcare Solutions. The key players are investing heavily in digital technologies to enhance collaboration, networking and engagement at MICE events.

There is a growing demand for hybrid and virtual Singapore Meetings, Incentives, Conferences And Exhibitions (MICE) Market events with technological advancements allowing for immersive and engaging digital experiences. This is enabling businesses to reach a larger audience while reducing costs. Several Singaporean cities like Singapore, Changi and Sentosa are emerging as preferred MICE destinations in Asia Pacific owing to world-class infrastructure and convenient connectivity.

The global MICE market is witnessing rapid expansion into new geographical regions and industry verticals. Southeast Asian countries offer immense untapped potential and are increasingly hosting international MICE events. Major industry exhibitions are also diversifying into specialized niche segments to target specific professional communities.

Market key trends

One of the major trends in the Singapore MICE market is the rise of digital transformation. Event organizers are leveraging technologies like augmented and virtual reality, artificial intelligence, analytics and cloud to enhance attendee experience. This allows networking and collaborating in virtual spaces through interactive solutions. Digital solutions are helping MICE players operate hybrid events, gather real-time insights and measure ROI of events more effectively. Such technological innovations are supporting the continued growth of the MICE industry in Singapore.

Porter’s Analysis

Threat of new entrants: Low costs for entering as events management doesn’t require high investments but high switching costs for existing customers and established networks by existing players.
Bargaining power of buyers: Buyers have high bargaining power as they can choose from a wide range of options and demands lower pricing and additional value adding services.
Bargaining power of suppliers: Event organizers have moderate bargaining power over suppliers of venue, food & beverage and décor as switching to other suppliers is easy but suppliers hold pricing power due to inelastic demand.
Threat of new substitutes: Low threat as there are no close substitutes for face-to-face interactions at MICE events, though online/virtual events are emerging as substitutes.
Competitive rivalry: High as the industry is fragmented with many local and international players competing on experience, network and customization.

The geographical region where Singapore MICE market is concentrated in terms of value is the Asia Pacific region. Countries like China, India, Indonesia and Malaysia are major source markets for Singapore due to proximity. Another fast growing region for Singapore MICE market is Middle East with countries diversifying their economies and attracting foreign investments and conferences.

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