MICE Market Poised for Growth in Emerging Markets and Developing

When the metaverse, which connects people around the globe virtually, is integrated into Meetings, Incentives, Conferences, and Exhibitions (MICE), it prospects incredible real-time interactive experiences for audiences and businesses.  However, the advent of artificial intelligence, virtual reality, and augmented reality are changing this area in the most unexpected ways, making it a game changer for the MICE industry.  

“Imagine you are sitting in a comfortable place at home and still able to attend an event with global leaders, explore the various exhibitions or conferences, and converse with peers through a virtual platform.”

   – Doesn’t it sound futuristic? Not anymore.

Metaverse is turning this into reality, offering limitless opportunities in MICE. Along with that, artificial intelligence, virtual reality, and augmented reality are attracting businesses to explore the growth opportunities in the MICE market, which is likely to produce USD 1,466.94 billion by 2030.  As this 3D technology is everywhere, spanning the digital world with its applications, various companies are adopting this technology into conferences and exhibitions. This trend is anticipated to boost the metaverse industry with a CAGR of 46.4% in the coming years.

Metaverse in the MICE Industry: Perks for Businesses

• Supports Virtual and Hybrid Event Settings: Earlier physical presence in events or conferences was considered a sign of engagement for business events. This is not a mandate now due to the rise of the metaverse, allowing event planners to host conferences, trade shows, exhibitions, and meetings in a virtual environment without any geographical barriers.
• Propels Virtual Collaboration and Engagement: Metaverse improves networking by serving customizable avatars, interactive discussion forums, and virtual reality-based conferences, leading to more audience engagement as well as global business collaboration.
• Prioritizes Sustainability and Eco-friendly Aspects: Environment safety has become a priority for businesses, inclining them more toward sustainable options. Offline events often lead to a carbon footprint due to travel, energy consumption, and printed materials, causing harm to ecology. However, metaverse-enabled events offer sustainability, decreasing waste and emissions.
• Enhances Scalability and Affordability: Metaverse-powered events/conferences/ meetings eliminate the expenses required for venue bookings, logistics, travel, and accommodations costs associated with physical event hosting., making them budget-friendly and scalable approaches for businesses.
• Utilizes AI and Analytics: Integration of AI in Metaverse helps in tracking event attendees, automates tasks, and gives data-driven analysis for participants. This helps in refining future event strategies for businesses.

Now, it’s very important to know which organizations are adopting immersive metaverse technology in the MICE arena.

Insights on Popular Real-World Metaverse Adoptors in MICE:

• Meta (Horizon Workrooms)

Meta has stepped into the metaverse sector and is serving a platform based on Virtual Reality (VR) to enable business collaboration and meetings to enhance connectivity among individuals globally and uplift business avenues. To support this, the company has been investing in Horizon workrooms to achieve their future endeavors.

• Accenture (Nth Floor Metaverse)

This company moved into the metaverse by advancing itself in the metaverse space and integrated it into the workspace for conferences and onboarding, intent to transform the future. This offers a virtual medium to connect, collaborate, and gain knowledge. Additionally, the company came up with digital twin settings where they created virtual offices, an interesting advancement contributing to digitalization.

• Microsoft (Mesh for Teams)

This focuses on hosting hybrid meetings using 3D technologies to enable collaboration in immersive virtual space. Moreover, it provides various avatars in Teams meetings to make the interaction more immersive and productive for individuals. Also, it offers enterprise-level security to make it a reliable option for businesses.

With evolving technology, more businesses will opt for metaverse-powered events, and it will become standard to sustain in virtual-friendly spaces in the future. 

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