MICE Industry Insights 2020 

The MICE industry which is short for Meetings, Incentives, Conferences & Exhibitions represents a sector of tourism travel which includes mainly business events and activities. MICE travel is definitely a huge moneymaker in the tourism industry which boosts the local economy through economic growth and provides tourism prominence to the destination. It is definitely without a doubt one of the most affected industries due to the COVID-19 pandemic. 

According to a research, the global MICE industry is projected to reach USD$1.44 trillion in 2025, registering a CAGR (compound annual growth rate) of 7.6% from 2018 to 2025. In Singapore, the industry reached USD$2.52 billion in 2018 and is expected to attain a market value of USD$5.22 billion by the end of 2027, registering a CAGR of 8.4%. This astounding growth rate just shows how lucrative and beneficial the MICE industry is to the economy. 

From venue operators (Marina Bay Sands) to event organizers and event technology suppliers, the supply chain for MICE events is truly a comprehensive one. Singapore’s standing as a premier business hub and MICE destination is further strengthened as it continues to host major regional and international events in 2020, including Singapore Airshow 2020, Food & Hotel Asia, Super Computing Asia and ConnecTechAsia. 

Singapore as a country will need to constantly strive to keep with digital trends and technology to maintain its position as a regional hub and preferred business destination. MICE tourism extends beyond just meetings and conventions in a formal setting. To be an attractive MICE destination, Singapore aims to provide a holistic experience for business travellers, combining the elements of business and leisure together.

With COVID-19 pandemic pushing for faster globalisation and digitalisation innovations, there is a growing trend towards virtual and hybrid business events in the MICE industry. Stakeholders and organizations will need to actively seek ways to leverage on the evolving industry trends in order to stay ahead of their competition. 

Today, more effort needs to be invested through integrated marketing campaigns using mobile applications and social media to create the best delegate experience. We are also seeing the industry propelling towards immersive visual experiences and virtual engagement for attendees attending the event online. Since the start of the year, our team at APEX is focused on integrating these key areas to enhance your MICE event experience and we have since expanded our talents to include digital marketers, developers and virtual technicians. 

If you are planning on an upcoming event and need help with event solutions such as

event production, multimedia services or AVL equipment and event technology, feel

free to email us at enquiry@apexhibitors.com

We are more than happy to provide a complimentary consultation with regards to your business event!