Research Nester has released a report titled “Singapore Meetings Incentive Conferencing Exhibitions (MICE) Tourism Market – Regional Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the Singapore meetings incentive conferencing exhibitions (MICE) tourism market in terms of market segmentation by type and by industry.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Singapore meetings incentive conferencing exhibitions (MICE) tourism market is segmented by industry into retail, hospitality, transportation, entertainment and others, out of which, hospitality segment is anticipated to hold the largest market share of around 38.10% in the year 2027 with a market valuation of USD 1986.9 million in the same year. The market was valued at USD 947.3 million in the year 2017 and is anticipated to achieve a CAGR of 7.7% during the forecast period 2019-2027 on the back of presence of best meeting hotels in the nation, presence of state-of-the-art infrastructure for conducting large meetings and conferences, along with developments in pre-booking to post-day booking technology of rooms via online digital platforms. Moreover, the hospitality segment in the Singapore MICE tourism market is anticipated to possess a Y-o-Y growth rate of 7.85% in 2027 as compared to previous year.
The Singapore MICE tourism market was valued at USD 2332.1 million in the year 2017 and is anticipated to record a CAGR of 8.4% during the forecast period, i.e. 2019-2027. The market is further expected to reach a market size of USD 5214.9 million by 2027 with a Y-o-Y growth rate of 8.56% in 2027 as compared to the previous year. Factors such as increasing advancements in technologies which is promoting effective communication in terms of onsite social media networking, group announcements, creating appointments and convenient business contact exchange among others, coupled with the rising development of sharing business economy across nations and the upsurge in the international visitors in the country, along with growth in the number of business activities in the nation, all of these factors together are anticipated to promote significantly towards the growth of the Singapore MICE tourism market over the forecast period.
Rapid Growth in Travel & Tourism Industry
In the statistics by the World Bank, number of arrivals of international tourism in Singapore peaked to 13903 (000’s numbers) from 11864 (000’s numbers) in-between 2014-2017.
Various premier business and leisure destinations that are offered in terms of customized experiences in Singapore by both public and private entities, coupled with the nation’s favorable initiatives to promote the travel and tourism industry across the region are considered to be the key economic pillar for the growth of the country’s GDP. Increasing flow of tourists to the nation from around the globe, which is also impacting the revenues of hotels and other associated industries, are some of the factors that are expected to drive the growth of the Singapore MICE tourism market. In the statistics by Singapore Tourism Board (STB), international visitor arrivals (IVA) in the nation peaked to 9.3 million visitors in the year 2019, whereas overall visitor arrivals (VA) was recorded at 18.5 million in the year 2018. Apparently, gazette hotel room revenues in the nation peaked to USD 2.94 billion in the year 2018 and Y-o-Y growth rate observed in the period constituted to 7.5% as compared to the previous year.
However, concerns regarding high operational costs of MICE events impacted by high price of technical infrastructure equipped in the meeting rooms for greater tourist experiences are anticipated to hamper the growth of the Singapore meetings incentive conferencing exhibitions MICE tourism market.
This report also provides the existing competitive scenario of some of the key players of the Singapore MICE tourism market, which include company profiling of ATPI Ltd., BCD Travel, BI WORLDWIDE™, Carlson Wagonlit Travel, Ace:Daytons Direct (international) Pte Ltd, EXO Travel, World Express Pte Ltd, 1 M.I.C.E. LLP, Freeman Company, Adrenalin Group Pte. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Singapore meetings incentive conferencing exhibitions MICE tourism market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.