SINGAPORE MEETINGS, INCENTIVES, CONFERENCES AND EXHIBITIONS (MICE) MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market size was valued at US$ 3.82 Billion in 2023 and is expected to reach US$ 6.97 Billion by 2030, grow at a compound annual growth rate (CAGR) of 9% from 2023 to 2030. The MICE industry comprises events like business meetings, seminars, corporate training programs, exhibitions, product launches, and incentives programs. It provides integrated solutions combining venue, accommodation, food, transportation, entertainment, and other related services. The growth of the Singapore MICE industry is driven by the country’s reputation as a safe and stable destination along with world-class infrastructure and seamless connectivity.

The Singapore MICE Market is segmented by event type, facility size, venue type, attendee origin, and revenue source. By event type, the market is dominated by conferences that account for over 35% of the overall market. Conference events are growing due to rising business travel and corporate activities in Singapore.

Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Drivers:

• Growth of Corporate Travel and Events: The growth of corporate travel and rising number of corporate events and trade fairs is a major driver for the Singapore MICE industry. Companies are increasingly investing in face-to-face meetings, conferences and exhibitions to launch new products, generate leads and build relations with clients. The trend is likely to continue with more product launches, sales conferences and team building events.
• Infrastructure for Hosting Large Events: Singapore has established state-of-the-art infrastructure comprising convention centers, venues and hotels that can host large-scale international MICE events seamlessly. Locations like the Sands Expo and Convention Center at Marina Bay, Singapore EXPO and MAX Atria convention center offer huge capacity and customizable options. Supporting transport infrastructure and connectivity within Singapore enables participants to travel efficiently. Such advanced infrastructure will enable Singapore to host more global events and conferences in the coming years.
• Government Support and Initiatives: Singapore government has recognized MICE industry as a key economic pillar and provides substantial policy support. It has set up the Singapore Tourism Board (STB) which provides funding, assistance and incentives to attract major events and exhibitions. For instance, STB provides the BEI grant which co-funds up to 50% of costs for approved MICE events in Singapore. There are also bespoke incentives, subsidies and tax exemptions offered to MICE event organizers which lower overall costs. Such government aid will boost growth.
• Strong International Connectivity: Singapore's connectivity to global source markets via air transport is a major advantage for MICE tourism. Changi Airport serves over 100 international airlines and provides direct connections to key regions worldwide. The frequency of flights from cities like New Delhi, Dubai, London, Sydney and others lowers cost and duration of travel for MICE participants. Singapore's global connectivity will drive rising inflow of business travelers and MICE visitors in the future.

Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Opportunities:

• Niche Offerings: Singapore can offer differentiated and niche offerings within the MICE segment to gain competitive advantage. This includes promoting local themes, unique venues, customized dining options and team engagement activities. For instance, choosing colonial sites for product launches or local food for conference lunches. Rope courses, ethnic arts and culture sessions can be offered as engagement activities. Such localization and personalization will attract more events.
• Hybrid Events: Hybrid events which combine physical venues and virtual broadcast offer huge potential for Singapore. Investments into broadcasting and streaming facilities at key convention centers can help attract organizers to host hybrid international conferences, sales meetups and exhibitions in Singapore. Options like virtual booths, online attendee registration and e-payments can be offered. This will increase Singapore's appeal for global events.
• Regional Markets: Singapore can strategically promote its offerings and provide competitive packages to target growing Asian markets like India, China, and Indonesia for MICE tourism. Rising business investments and corporate travel from these countries present an opportunity for Singapore to host more regional MICE events catering to APAC audiences in the coming decade. Focused marketing is needed to tap these markets.
• Sectoral Diversification: Currently, most MICE events in Singapore are concentrated in the technology, pharma and financial sectors. Singapore can diversify into other high potential sectors like manufacturing, healthcare, education and defense. STB can create sector-specific offerings like site visits, dedicated venues and customized activities. This sectoral diversification can open up new segmentation for Singapore.

Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Trends:

• Sustainability: Sustainability is an emerging trend within the MICE industry with venue operators focusing on environment friendly practices like waste and energy management. Singapore operators are also adopting green building infrastructure, energy efficient systems and eco-friendly materials. Likewise, event planners are offering sustainable food, transportation and accommodation options to attendees. Such practices will be vital for Singapore to project itself as a sustainable destination.
• Use of Advanced Technology: The use of advanced technologies like AI, VR and Big Data is rising within the MICE segment for better audience engagement and management. Singapore venues can incorporate such technologies to provide interactive sessions, virtual tours and data driven attendee tracking. 5G infrastructure, AI-powered concierge services and venue apps are also being adopted in Singapore. Technology adoption will be a differentiator.
• Experiential Events: Modern audiences seek engagement, customization and experiences from events rather than passive participation. Hence experiential events through gamification, immersive formats and workshops are a growing trend. Singapore event organizers need to provide hands-on sessions, contests, behind-the-scene tours and local culture integration for more unique and memorable events.
• Shorter Events: Shorter and compact events are becoming popular globally due to time constraints and shorter attention spans. Micro-conferences, half-day workshops and corporate meetings are gaining prominence. Singapore can tap this by offering specially curated half-day or one-day MICE experiences combining the best venues, activities and hospitality. Pre-planned bite-sized MICE events will attract new audiences.

Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Restraints:

• Budget Constraints: High costs of venues, F&B, accommodation and logistics in Singapore makes it an expensive choice for event organizers, especially for small and medium scale events. Furthermore, corporate budget cuts on travel, venue and activities post COVID-19 has impacted MICE spending. Cost advantage of other Asian destinations like Bangkok, Hong Kong relative to Singapore is a restraint. Providing affordable MICE packages is needed to overcome this.
• Geopolitical Uncertainties: Being an international business hub, uncertainties like trade tensions, health advisories or travel restrictions can negatively impact future MICE tourism in Singapore. For instance, the ongoing geopolitical issues between China and Taiwan or potential health risks can alter corporate travel or cause event cancellations. Managing such external risks through planning and coordination will be vital.
• Rising Competition: Intensifying competition from other established and upcoming MICE destinations in Asia like Seoul, Macau, Kuala Lumpur, Bangkok and Shenzhen poses a threat to Singapore's market share. Many destinations are offering competitive costs, bespoke services and destinations incentives to attract events. Singapore needs to actively promote its differentiators through marketing and new offerings to tackle competition.

Recent Developments

New product launches

• In March 2022, Resorts World Convention Centre launched its mobile app allowing attendees access event schedules and personalized itineraries. The app provides seamless event experience.
• In January 2021, Suntec Singapore launched HybriDome, a modular hybrid event space equipped with virtual event facilities. It allows hosting of hybrid physical-virtual events.
• In September 2020, Capella Singapore partnered with Fender to offer guests complimentary use of Fender guitars and ukuleles during their stay. This enhanced entertainment options.

Acquisition and partnerships

• In October 2021, Capella Hotel Group partnered with Reynard to launch bespoke culinary experiences for guests. The partnership aims to provide unique dining options.
• In April 2020, Suntec Singapore partnered with software firm GES to launch the NeoSpace event management platform. The platform provides enhanced event planning and management tools.
• In June 2019, Resorts World Convention Centre partnered with Singapore Tourism Board and Infocomm Media Development Authority to offer tech-enabled business event solutions. The partnership aims to promote technology adoption.

Figure 1. Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Share (%), By Attendee Origin, 2023

Top companies in Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market

• 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
• The Ritz-Carlton, Millenia Singapore
• Sofitel Singapore City Centre
• The St. Regis Singapore

Definition: The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) market refers to the ecosystem supporting business events like meetings, corporate training programs, conferences, exhibitions, trade shows, product launches, and incentive trips in Singapore. It comprises venues like convention centers, hotels, event management companies, transportation, catering, production, and other related services that enable hosting of international corporate events and exhibitions. Singapore has established itself as a leading MICE tourism destination given its advanced infrastructure, connectivity, safety, and government support policies. The Singapore MICE industry provides an integrated platform for global businesses to host large-scale events and contributes significantly to the country's tourism sector revenue and employment.

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