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Singapore Meetings, Incentives, Conventions, Exhibitions (MICE) Tourism Market Trends : Global Industry Analysis, Size, Share, Growth and Forecast

01-20-2020 10:27 AM CET | Tourism, Cars, Traffic

Press release from: Kenneth Research

Singapore Meetings, Incentives, Conventions, Exhibitions

Singapore MICE tourism market is projected to reach nearly US$ 2.5 Billion across the 20 countries covered in this report by the year end of 2021.

Singapore is one of the world’s top MICE (Meetings, Incentives, Conventions & Exhibitions) destination. Singapore is a stellar MICE city, maintaining a perfect tourism impression among world-wide travelers with its stable and conducive business environment, convenient transportation, pleasant environment and well-appointed facilities.

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These factors tend to attract international organizations to base their regional offices in the city. Singapore has always been a magnetic venue for business and leisure. Sightseeing, catering, entertainment, business events and exhibitions together create an integrated tourism chain in this country.

Facilities for both business and leisure such as World Resort Sentosa, Universal Studios Singapore, Merlion’s Park, Suntec Singapore and Singapore EXPO ensure Singapore’s position as a prime MICE destination. Singapore provides a conducive platform for MICE travelers to achieve their success in Singapore through a dynamic environment underpinned by vibrant knowledge, wide networks, ease of doing business and a sense of fun.

Singapore MICE Travelers Insights

China and Indonesia will be the major source market for Singapore MICE tourism by the year end of 2021. India will be the third leading source market for Singapore MICE tourism by 2021. Japan stand at the fourth spot with XX% share of the Singapore MICE tourist arrivals. South Korea and Thailand holds the fifth and sixth highest share of the Singapore MICE tourist arrivals, being followed by United States by the year end of 2021.

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Singapore MICE Tourism Market Revenue Insights

Japan MICE travelers has enjoyed a significant role in contributing revenue to the Singapore economy in 2015. Japan contributed 18.1% share in 2015 but Japan will not retain its #1 position in the revenue generator due to the fall in the MICE travelers’ in Singapore. It is predicted that China, India and Indonesia will be leading revenue generators by the year end of 2021. Other countries such as South Korea, United States and Thailand will also be the major revenue generators by the year end of 2021.

The Singapore MICE Tourism Market report analyses the Market size, volume and growth rate based on the recent developments in the industry at a global scale.

This exhaustive study covers an overview of various aspects of the Market including geographical outlook, recent Market trends and growth opportunities during the forecast period. Along with this, an in-depth analysis of each section of the report is also provided in the report that consist of the strategies adopted by the key players, challenges and threats as well as advancements in the industry.

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In 2018, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2018 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Singapore MICE Tourism Market over the period 2016-2026.

In U.S., the GDP per capital was valued at USD 62,606 in 2018 as compared to USD 59,895 marked in 2017, observed a growth of 4.53% in 2018 over previous year. Rise in GDP per capital has intensified the growth of this Singapore MICE Tourism Market in the country.

The business intelligence report also covers the challenges which may impact the growth of this Singapore MICE Tourism Market in the long-run. Several prevailing trends have been analysed in this report which have strengthened the growth of Market all across the globe.

This Singapore MICE Tourism Market study is definitely going to be useful and can be utilized as a valuable source of assistance for the investors, manufacturers related to the product, suppliers, distributors, investment banks, management consulting companies, regulatory and government bodies, research organizations, and forums.

The report offers detailed and accurate assessment of the Market and takes into consideration various aspects of the industry including the Market revenue, production, product prices and consumption analysis, company profiling, growth drivers and restraints through primary and secondary research methodologies.

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About Kenneth Research:
Kenneth Research is a reselling agency which focuses on multi-client market research database. The primary goal of the agency is to help industry professionals including various individuals and organizations gain an extra edge of competitiveness and help them identify the market trends and scope. The quality reports provided by the agency aims to make decision making easier for industry professionals and take firm decisions which helps them to form strategies after complete assessment of the market. Some of the industries under focus include healthcare & pharmaceuticals, ICT & Telecom, automotive and transportation, energy and power, chemicals, FMCG, food and beverages, aerospace and defense and others. Kenneth Research also focuses on strategic business consultancy services and offers a single platform for the best industry market research reports.

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