Singapore Meetings Incentive Conferencing Exhibitions (MICE) Tourism Market To Expand With Rapid Growth In Travel & Tourism Industry By A CAGR of 8.4% Throughout 2019-2027
The World Bank, in one of its statistics, stated that the number of arrivals of international tourism in Singapore reached to 13903 (000’s numbers) in the year 2017 from 11864 (000’s numbers) in the year 2014. Additionally, the Singapore Tourism Board (STB), in one of its statistics, stated that international visitor arrivals (IVA) in Singapore in the year 2019 was recorded at 9.3 million visitors, whereas overall visitor arrivals (VA) was recorded at 18.5 million visitors in the year 2018. Furthermore, gazette hotel room revenues in the nation during the year 2018 recorded to USD 2.94 billion which grew with a Y-o-Y growth rate of 7.5% when compared to previous year. The report also stated that average occupancy rate (AOR) of these hotels reached to 86.2% in the year 2018, increasing by 1.4 percentage points from the previous year.
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The statistics portray the growing travel and tourism industry on the back of rising inflow of tourists in the nation from around the world. Favorable initiatives of the government of the region which has helped the nation to form a preferred business and leisure destination amongst business enthusiasts on the back of customized experiences offered by the wide range of hotels present in the nation, coupled with the growing infrastructure that provides a hub to numerous multinational companies headquartered in the region, all of these factors are anticipated to promote significantly towards the growth of the Singapore MICE tourism market.
The market is anticipated to record a CAGR of 8.4% during the forecast period, i.e. 2019-2027. And is anticipated to reach USD 5214.9 million from USD 2332.1 million in-between 2017-2027 by achieving a Y-o-Y growth rate of 8.56% in 2027 as compared to the previous year. The Singapore MICE tourism market is segmented by industry into retail, hospitality, transportation, entertainment and others. Among these segments, hospitality segment is anticipated to hold the largest market share of around 38.10% in the year 2027. The segment is further anticipated to achieve a Y-o-Y growth rate of 7.85% in 2027 as compared to the previous year and reach a CAGR of 7.7% during the forecast period. Factors such as the nation having a state-of-the-art infrastructure for conducting large meetings and conferences, presence of best meeting hotels, and the developments in pre-booking to post-day booking technology of rooms via online digital platforms, are estimated to drive the growth of the segment in the Singapore MICE tourism market.
However, concerns for high operational costs of MICE events as the event locations are equipped with highly priced technical infrastructure that provides tourists enhanced experience of the meetings is estimated to act as a barrier to the growth of the Singapore MICE tourism market over the forecast period.
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This report also studies existing competitive scenario of some of the key players of the Singapore MICE tourism market, which includes 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 comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Singapore Meetings Incentive Conferencing Exhibitions (MICE) Tourism Market – Regional Demand Analysis & Opportunity Outlook2027”, analyses the overall Singapore MICE tourism industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the Singapore MICE tourism market in the near future.
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