by Meetings, Incentives, Conferences And Exhibitions (MICE) Play A Pivotal Role In Promoting Singapore As A Business Destination. MICE Activities Bring Together People From Around The World For Exhibitions, Conventions, Conferences, And Incentive Trips. This Industry Helps Clients Build Relationships And Networks Through Various Business Events. Singapore’s Integrated Resorts And State-Of-The-Art Infrastructure Provide World-Class Facilities To Host Different Types Of MICE Activities. The Growing Ease Of Travel And Seamless Visa Policies Have Enhanced Singapore’s Appeal As A MICE Destination. Event Organizers Are Increasingly Choosing Singapore For International Conventions, Trade Shows, And Incentive Trips Due To Its Excellent Business Environment And Diverse Offerings.
The Global 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 4.6% Over The Forecast Period 2023 To 2030, As Highlighted In A New Report Published By Coherent Market Insights.
Market Dynamics:
One Of The Key Drivers For The Growth Of The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) MarketIs The Rising Demand For Business Events From Various Industries. Singapore’s Economy Is Heavily Dependent On Trade And International Business. As A Result, Industry Associations, Multinational Corporations, And Other Professional Networks Frequently Organize Conferences, Seminars, Exhibitions, And Workshops In Singapore To Facilitate Collaboration And Networking. Singapore Tourism Board Actively Promotes The Country As A Global MICE Destination Through International Roadshows And Partnerships. Their Initiatives Are Fueling More Corporations And Event Organizers To Leverage Singapore’s Infrastructure And Hold Strategic Meetings, Incentive Trips, And Conferences. Rapid Digitization In The Event Management Space Has Also Enabled Hassle-Free Planning And Execution Of Large MICE Activities In Singapore. Streamlined Visa Policies, Advanced Transport Connectivity To Key Global Markets, And A Multicultural Workforce Further Support Singapore’s Growth As A Premier Asian Business Events Hub.
Segment Analysis
The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) MarketIs Dominated By The Meetings Segment Which Accounts For Nearly 50% Of The Total Market Revenue. The Meetings Segment Is The Largest As Singapore Is A Preferred Destination For Corporate Meetings, Seminars And Conventions Due To Its World-Class Infrastructure, Political And Economic Stability. The Incentives Segment Is The Second Largest And Is Growing At A Faster Pace Due To Increasing Focus Of Companies To Reward And Recognize Top Performing Employees Through Motivational Trips And Team Outings.
PEST Analysis
Political: Singapore Is A Politically And Economically Stable Country Which Makes It An Attractive Destination For Large Scale International Events. The Government Promotes MICE Tourism Through Various Initiatives.
Economic: A Strong Economy, Low Taxes And Being A Global Financial Hub Drives The Growth Of The Singapore MICE Market. Many Multinational Companies Base Their Regional Offices In Singapore.
Social: Changing Work Culture Where Team Building And Recognition Is Important Drives The Incentives Segment. Social Media Exposure Of Exotic Destination Further Boosts Tourism.
Technological: Advanced IT Infrastructure And Universal Internet And Mobile Connectivity Helps Stakeholders Efficiently Plan And Execute Events Leveraging Digital Technologies. Online Bookings And Virtual/Hybrid Events Are Becoming Popular.
Key Takeaways
The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size Is Expected To Witness High Growth Over The Forecast Period Supported By Robust Economic Growth And Government Initiatives To Promote Business Tourism. The Meetings Segment Dominates Currently Due To The Large Number Of International Corporate Meetings And Seminars Held In The Country. The Global Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) MarketIs Estimated To Be Valued At US$ 3.82 Billion In 2023 And Is Expected To Exhibit A CAGR Of 4.6% Over The Forecast Period 2023 To 2030.
Regional Analysis :
The Domestic Singapore Market Contributes Over 70% Of The Revenue Currently Due To Presence Of Many Multinational Headquarters. However, The International Market Is Growing Faster Led By Countries In Southeast Asia, India And China As Singapore Has Emerged As A Preferred Regional MICE Hub. Countries Like Malaysia, Indonesia And Thailand Are Other Fast Growing Markets In The Region.
Key Players
Key Players Operating In The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Are Cerner Corporation, Epic Systems Corporation, GE Healthcare, Siemens Healthineers, Drchrono, Kareo, Advancedmd, Athenahealth, Eclinicalworks, Allscripts Healthcare Solutions. Cerner Corporation And GE Healthcare Have A Significant Market Share Currently Due To Their Extensive Experience And Established Clientele Of Corporate Customers In Singapore.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
