%20Market.jpg "Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size Is") |
| Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size |
The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) MarketEncompasses
Businesses Involved In Organizing And Hosting Meetings, Incentives,
Conferences, And Exhibitions In Singapore. MICE Events Provide A Platform For
Organizations In Various Industries To Network, Launch New Products And
Services, Share Knowledge, And Recognize Achievements Through Conventions And
Trade Shows. Singapore Has Emerged As A Global Hub For MICE Activities Owing To
Its World-Class Infrastructure, Political Stability, Diverse Culture, And Safe
Environment. The City-State Offers State-Of-The-Art Convention Centers, Hotels,
And Venues Customized To Meet Every Event Requirement.
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 To 2030, As Highlighted In A New Report Published By Coherent
Market Insights.
Market Opportunity:
The Opportunity Of Increased Foreign Visitor Influx Is Expected To Drive
Significant Growth Of The Singapore Meetings, Incentives, Conferences and
Exhibitions (MICE) MarketOver The Forecast Period. Singapore Has Positioned
Itself As A Top MICE Destination In Asia Pacific Due To Strategic Government
Initiatives. The Country Is Witnessing A Rise In The Number Of Foreign Visitors
Arriving For MICE Events Each Year. Initiatives Like Boosting Air Connectivity
Through Open Sky Policies And Investing In Infrastructure Upgrades Are Helping
Attract More International Delegates. As Singapore Gains Global Recognition As
A Hub For Business Events, The Influx Of Foreign Participants At Meetings,
Trade Shows, And Exhibitions Is Likely To Rise Substantially. This Will
Translate Into Increased Spending On MICE Activities, Thereby Accelerating
Revenue Streams For Market Players.
Porter's Analysis
Threat Of New Entrants: Low Threat Due To Large Capital Requirements And
Presence Of Established Players.
Bargaining Power
Of Buyers: High Bargaining Power Of Buyers Due To Availability Of Alternatives
And Transparency In Pricing.
Bargaining Power
Of Suppliers: Moderate Bargaining Power Of Suppliers As Buyers Have
Alternatives And Suppliers Rely On Demand From Buyers.
Threat Of
New Substitutes: Low Threat As There Are Limited Substitutes For MICE Market.
Competitive Rivalry:
High Rivalry Among Existing Players To Gain More Market Share.
SWOT Analysis
Strengths: Strong Brand Recognition Of Singapore As A MICE Hub, High Growth Of MICE
Industry In Asia Pacific Region.
Weaknesses: Seasonal
Nature Of MICE Business, High Dependency On Global Economic Conditions.
Opportunities:
Emerging Niche Segments Like Medical And Pharmaceutical Conventions, Rising
Incentives And Loyalty Programs.
Threats: Outbreak
Of Pandemics, Political Instability And Terrorism, Stringent Regulations.
Key Takeaways
Singapore
Meetings, Incentives, Conferences and Exhibitions (MICE) Market Size 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 To 2030.
Regional Analysis: The Asia Pacific Region Dominates The Global MICE Market
With More Than 35% Share Due To High Business Tourism And Congresses. China, India,
Singapore, Australia And Thailand Are Major Hubs For MICE Activities In Asia
Pacific.
Key Players: Key Players Operating In The Singapore Meetings, Incentives,
Conferences and Exhibitions (MICE) MarketAre Cerner Corporation, Epic Systems
Corporation, GE Healthcare, Siemens Healthineers, Drchrono, Kareo, Advancedmd,
Athenahealth, Eclinicalworks, Allscripts Healthcare Solutions.
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