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

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

The Singapore Meetings, Incentives, Conferences, and Exhibitions (MICE) market size is estimated at US$ 3.82 Billion in 2023 and is expected to reach US$ 6.97 Billion by 2030, growing at a compound annual growth rate (CAGR) of 9% from 2023 to 2030. The Singapore Meetings, Incentives, Conferences, and Exhibitions (MICE) market 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 Singapore Meetings, Incentives, Conferences, and Exhibitions (MICE) market is driven by the country’s reputation as a safe and stable destination along with world-class infrastructure and seamless connectivity.

The Singapore Meetings, Incentives, Conferences, and Exhibitions (MICE) market is segmented based on 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 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. As per the Public Sector Sustainability Plan released by the Singapore government in 2022, all public sector events and conferences in Singapore will have to meet sustainability criteria and reduce emissions by 30% by 2030 from 2019 levels.
• Use of Advanced Technology: The use of advanced technologies like Artificial Intelligence (AI), Virtual Reality (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. As virtual capabilities continue developing rapidly, the Tourism Board of Singapore reported that 72% of business event organizers in 2022 plan to offer a hybrid component post-pandemic, up from just 21% in 2020. This reflects how technology is changing attendee expectations and business models within the local MICE industry.
• Experiential Events: Modern audiences seek engagement, customizationm 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. According to the Singapore Association of Convention and Exhibition Organizers and Suppliers whitepaper 2022, 83% of their members saw an increase in demand for customized experiential activities in the past year.
• 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. Recent data from the Singapore Tourism Board event calendar shows over 60% of upcoming 2023 conferences will span only one day, up from less than 30% in the pre-pandemic period of 2019.