Cutting-edge tech leads a new wave of MICE innovation
Chairman, Pico Group

The importance of the meetings, incentives, conferences and exhibitions (MICE) industry to the global economy cannot be underestimated. According to research by Custom Market Insights, the global MICE market’s value is expected to soar to US$1.62 trillion by 2032, with an annual compound growth rate of 18.2%, underscoring its vast potential.

As society gradually returns to post-pandemic normality, governments and enterprises around the world have accelerating the industry’s development. To capitalise on these opportunities, industry leaders must ride the wave of digital transformation, leveraging cutting-edge technologies such as AI, data analytics and VR, to create more immersive and effective experiences.

Internationally, various flagship projects have led the way into the digital domain. One example was Pico’s activation of the Sibos (Swift International Banker's Operation Seminar) in Toronto, which used state-of-the-art technology to integrate media production, data analytics and machine learning. By tracking and analysis of audience behaviours, the team could tailor personalised conference experiences and enhance content interactivity for attendees. The success of the event led to Pico being tasked with activating the next Sibos in Beijing with the aim of creating an intelligent conference that connects communities.

Another notable example is the Smart City Exhibition at the Taipei Pavilion. Seamlessly integrating virtual tours, 3D imaging and NFT applications, it showcased Taiwan’s innovations in eight key areas of smart city development. A virtual guide with Microsoft and OpenAI's ChatGPT technology was capable of voice interaction and provided visitors with an immersive exploration experience. Visitors could also exchange NFTs for beverages, adding to the exhibition’s interactivity.

As an international metropolis, Hong Kong has actively incorporated digital technologies into government-sponsored events. One of them, INNOEX, featured the Click2Match smart business-matching platform and hybrid online-offline seminars and forums. INNOEX also leveraged the HKTDC's extensive database resources in combination with AI and big data analysis to cultivate business opportunities and select partners for exhibitors.

These examples show that intelligent and effective exhibition experiences are becoming the norm in the market. While accurately understanding audience needs, it is also strategically necessary to choose the right innovative technologies to stand out in this competitive landscape.

The full article was originally published in Headline Finance on 15 April 2024 (in Chinese only).

Source: Headline Finance (web version), 15 April 2024