As part of Singapore Tourism Board’s (STB) long term vision, STB projects that by 2040, tourism receipts will reach between S$47 and S$50 billion (about US$37 billion), which is 1.7 times of Singapore’s tourism receipts today.
To cultivate future demand, high-growth and quality visitor segments will be pursued. One such visitor segment is MICE. As part of this futuristic plan, STB aims to grow MICE tourism receipts three-fold by 2040.
On average, a MICE visitor spends two times as much as a leisure visitor, making it an exceptionally valuable segment for Singapore.
MICE market size
The MICE market size in Singapore is estimated at US$4.8 billion in 2025 and is expected to reach US$8.89 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.2% from 2025 to 2032. This is according to research by Coherent Market Insights.
With the global MICE sector expected to double in value over the coming decade, and Asia Pacific being one of the fastest growing markets, Singapore is well-positioned to capture a larger share of MICE visitors.
Singapore already has the infrastructure in place such as the award-winning Changi Airport that provide connectivity to global source markets as well as advanced state-of-the-art facilities catering to MICE events such as the Sands Expo and Convention Center at Marina Bay Sands, Resorts World Convention Centre, Singapore EXPO and Suntec Singapore.
Singapore also secured second place globally on the International Congress and Convention (ICCA) Worldwide City Rankings, achieving its best ranking ever. Paris is the world’s number one MICE destination, according to the ICCA City Rankings 2023. Paris hosted 156 meetings, closely followed by Singapore (152) in second place, with Lisbon (151) in third.
Upcoming MICE events
To realise this ambition of continuing to attract world-class MICE events and to increase MICE revenue, Singapore has secured a pipeline of significant events.
Upcoming major events that will be held in Singapore include the LSI Asia 2025, the first edition of this medtech conference in Asia; ICMF International Insurance Culture Festival and World Sleep Congress 2025.
The Passenger Terminal Expo Asia 2026, the first Asia-Pacific edition of the world’s leading passenger terminal exhibition and conference, will bring together over 3,500 aviation leaders. SIBOS 2027, one of the largest conferences in the Banking and Finance sector, will attract 7,000 delegates from the global financial community.
In February 2024, the biennial Singapore Airshow attracted almost 60,000 trade attendees. This eclipsed the previous record set in 2018 by 10 per cent. The next Singapore Airshow will be held in February 2026.
New MICE Hub
To boost Singapore’s global competitiveness, Singapore is also studying the development of a new MICE Hub in the downtown area of Singapore that can leverage the synergies of existing MICE venues and attractions located in the city.
STB will also continue to anchor the regional headquarters of global professional event organisers in Singapore, to drive high-impact events and create job opportunities for Singaporeans.
One such example is Messe Berlin, a leading trade fair organiser that has established its Asia Pacific Headquarters in Singapore since 2007. Over the years, it has transformed ITB Asia into a premier travel trade event, drawing top industry leaders to Singapore. Messe Berlin will also launch the new Smart Health Asia 2026 that will draw health and tech executives seeking to revolutionise healthcare through digital innovation.
Sustainability roadmap
Singapore’s MICE and Hotels’ sustainability roadmaps have been adopted by 100% of all purpose-built MICE venues as well as 80% of members in the Singapore Association of Convention and Exhibition Organizers and Suppliers (SACEOS). In addition, 60% of hotel rooms in Singapore are on track to attain sustainability certifications by the end of 2025.
As part of its efforts to achieve net-zero emissions by 2050, STB pioneered a MICE Venue Carbon Baseline in 2024 to minimise carbon emissions for business events. A Decarbonisation Playbook for Tourism Businesses was also introduced in March 2025 to support industries making this green transition.
