March 1, 2024
Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market

Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Set To Grow On Resurgence Of Business Events Driven By Digitalization

The Meetings, Incentives, Conferences And Exhibitions (MICE) Industry Facilitate Planning Of Business Events That Include Product Launches, Knowledge Sharing Conferences, Corporate Seminars, Incentive Trips And Large Exhibitions. The MICE Products And Services Help Businesses And Organizations In Bringing People Together, Setting The Stage For Idea Generation, Networking And Experience Sharing. They Provide Comprehensive Services Ranging From Venue Booking, Accommodation, Transportation To Catering And Entertainment. The Covid-19 Pandemic Disrupted The MICE Business Globally, However With Vaccine Rollouts And Relaxation Of Travel Rules, The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) MarketIs Witnessing Resurgence. Various MICE Stakeholders In Singapore Such As Suntec Singapore Convention & Exhibition Centre, Malaysia Singapore Cruise Centre And MAX Atria Have Upgraded Their Facilities And Offer Hybrid Event Capabilities.

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 2023-2030, As Highlighted In A New Report Published By Coherent Market Insights.

Market Key Trends:
One Of The Key Trend Witnessed In The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Is Growing Adoption Of Digital Technologies By Event Organizers. The Organizers Are Leveraging Technologies Like Augmented And Virtual Reality, Mobile Apps, And Artificial Intelligence To Enhance Attendee Experience And Drive Higher Engagement In Hybrid Events. For Example, Event Apps Are Used To Provide Scheduled Updates, Host Polling And Feedback Collection. VR And AR Are Employed To Provide Immersive Experience Of Exhibitions To Remote Attendees. Analytics Tools Based On AI Are Utilized To Gain Insights Into Attendee Behavior And Preferences. This Helps MICE Stakeholders Customize Offerings, Target Relevant Audiences And Measure ROI Of Events More Effectively. Such Digitization Of MICE Industry Will Continue To Open New Revenue Streams And Accelerate Growth In The Singapore Market Over The Coming Years.

Porter’s Analysis:
Threat Of New Entrants: Low As The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) MarketIs Quite Mature With Large Established Players Dominating The Industry.

Bargaining Power Of Buyers: High As Buyers Like Corporate Clients And Event Organizers Have Choices Of Hiring Different Event Management Companies.

Bargaining Power Of Suppliers: Average As Key Suppliers Like Venue Providers Have Pricing Power But Established Brand Loyalty Reduces Threat.

Threat Of New Substitutes: Low As There Is No Direct Substitution Available For MICE Activities Or Events.

Competitive Rivalry: High Due To Presence Of Large Number Of Players Providing Similar Services.

Key Takeaways:

The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size Is Expected To Witness Moderate Growth Over The Forecast Period 2023 To 2030. The Global Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) MarketIs 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 2023-2030.

Regional Analysis:

The Asia Pacific Region Is Estimated To Be The Fastest Growing Regional Market Led By Singapore, China, India And Japan. Singapore Dominates The Region Due To Strong Government Support, World-Class Infrastructure And Skilled Talent Pool.

Key Players:

Key Players Operating In The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) MarketAre CWT Meetings & Events, Chan Brothers Travel, The Rezidor Hotel Group, SITE Global, GOT Events, And POT Solutions. CWT Meetings & Events Is One Of The Largest MICE Providers In Singapore While Chan Brothers Travel Specialises In Chinese Outbound Events.

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