The Singapore Meetings, Incentives, Conferences, and Exhibitions (MICE) market size was valued at $3.82 billion in 2023 and is projected to grow to $6.97 billion by 2030, as reported by Coherent Market Insights, a global market intelligence and consulting firm.
In this context, the Singapore MICE market is anticipated to experience a compound annual growth rate (CAGR) of 9 percent from 2023 to 2030.
Regarding event types, the consultancy notes that conferences dominate the Singaporean market, accounting for over 35 percent of the overall market. The growth of conference events is attributed to the increasing trends in business travel and corporate activities in Singapore.
Simultaneously, the report highlights various factors driving the industry’s growth, including the expansion of corporate travel and events, infrastructure for hosting large events, government support and initiatives, and robust international connectivity.
Singapore maintains a casino duopoly until 2030, with both gaming operators, Marina Bay Sands (MBS), and Resorts World Sentosa, investing heavily in MICE.
MBS unveiled its expansion plan in 2019, which includes a fourth hotel tower, adding 1,000 suites to the existing inventory of 2,561 rooms and suites, a 15,000-seat entertainment arena, and additional MICE space.
Genting Singapore’s Resorts World Sentosa (RWS) recently approved a $5 billion investment plan, aiming to position the property as the most sought-after tourism destination in Asia.
