Singapore MICE Market to reach 6.97 Billion USD by 2030

Friday, 08.12.2023
Coherent Market Insights Pvt. Ltd. has published a report according to which Singapore's MICE segment will grow significantly in the coming years.
Photo: Unsplash

Photo: Unsplash

According to the forecast, the Singapore MICE Market size was valued at 3.82 Billion USD in 2023 and is expected to reach 6.97 Billion USD by 2030, grow at a compound annual growth rate of 9% from 2023 to 2030.

These are the Key points that are mentioned as Singapores MICE Market Drivers:

  • Growth of Corporate Travel and Events: 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: 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.
  • 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.
  • Strong International Connectivity: 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.

You can read the full report here.