Kenneth Research added a report on Singapore MICE Tourism Market into the repository of market research reports. The report includes in-depth analysis on the growth drivers, expansion opportunities, restraints and challenges and the recent trends in the market. The market is anticipated to grow at a CAGR of XX.X% during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Singapore MICE Tourism Market products.
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The Report Title Singapore MICE Tourism Market has been added by Kenneth Research, provides detailed insights of the market scenario which is further classified on the basis of market size and market volume, along with the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2021-2027.
The Singapore Meetings, Incentives, Conferences and Exhibitions (MICE) Tourism Market reached USD 2,523.4 Million in 2018 and is expected to attain a market value of USD 5,214.9 Million by the end of 2027 by registering a CAGR of 8.4% across the globe.
“The CAGR value Could change due to COVID-19 Pandemic”
Increasing the number of international visitors due to easy access to the country is projected to propel the demands for the Singapore MICE tourism market across the country.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Additionally, an increasing number of business activities including client meetings, brand promotions, and employee training activities in the country is estimated to foster the market growth in the near future. Further, changing the lifestyle of business travelers, rapid urbanization and industrial growth will add to the market growth.
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“The Final Report will cover the impact analysis of COVID-19 on this industry.”
Rapid infrastructural development in the country and technological advancements in MICE tourism is projected to fuel market growth over the forecast period. Furthermore, rising globalization of businesses and the growing number of small and medium-sized enterprises are also expected to boost the growth of MICE in the country.
The hospitality segment is projected to witness substantial growth in the forthcoming years owing to the increasing adoption of online booking portal trends among the people for easy access to the details of traveling. Further, the increasing trend of hybrid meetings, the use of social media and meeting apps among the working population of the country will provide lucrative opportunities to the market growth in the near future.
BCD Travel Singapore, Carlson Wagonlit Travel, Ace: Daytons Direct Intl Pte Ltd, ATPI (Singapore) Pte. Ltd, are some of the key players in the Singapore MICE Tourism Market.
Key Answers Captured in Report?
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- What are the strategies adopted by big players in the regional market?
- Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
- What is the current & expected market size in the next five years?
- What is the market feasibility for long term investment?
- What opportunity the country would offer for existing and new players in the market?
- What is the risk involved for suppliers in the geography?
- What factors would drive the demand for the product/service in the near future?
- What is the impact analysis of various factors in market growth?
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