Are these technologies the beginning of the end for exhibitions and in-person events?
After witnessing the latest presentation of the Vision Pro at Apple's WWDC23, where they seem to reclaim their position as pioneers in technological advancement, I couldn't help but feel that I was witnessing the dawn of a new era for the meetings and exhibitions industry.
"As I sat on a sofa in a private demonstration room on Apple's campus, donning their recently announced Vision Pro mixed reality glasses, I felt like I had glimpsed the future, or at least an early and highly expensive prototype." - Samantha Murphy Kelly, CNN.
It is clear that the events industry has demonstrated remarkable adaptability to change, as evidenced during the lockdown of 2020. Within just a month of its inception, in-person events were temporarily replaced by virtual ones. Personally, I had already established relationships with companies such as Expoplatform and Airmeet, offering all-in-one event solutions for in-person, virtual, or hybrid experiences. These companies received a significant boost from the events of 2020 and made impressive strides in the quality of their products and the market they reached.
However, we all experienced the fatigue of spending extensive amounts of time in front of screens and the lack of genuine human connection. We yearned for the experience of leaving our homes and being pleasantly surprised by chance encounters or conversations that could lead to new business opportunities.
Nonetheless, these platforms managed to thrive even as we returned to a "new normal." They carved out their own niche in the meetings industry and achieved a substantial market share. According to the "Virtual Events Market Size, Share & Trends Analysis" report, the global virtual events market was valued at USD 114.12 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 21.4% from 2022 to 2030.
It has been proven that these platforms can reach larger and broader audiences by employing hybrid models, which reduce costs related to transportation, accommodation, expenses, and environmental impact, among others. Moreover, a virtual event costs over ten times less than an in-person one. Therefore, the emergence of new products enhancing the interactive experience among participants could indeed impact the events industry.
My prediction is that within the next ten years, these devices will become ubiquitous in our offices and homes. They are believed to be the first stepping stones toward replacing our beloved smartphones. Over time, their cost will decrease, while their capabilities will expand exponentially, a pattern we have grown accustomed to from Apple and other tech giants.
However, let me make it clear that I am not suggesting that this will spell the end of in-person events. Exchange markets have existed since the dawn of civilization and will continue to do so because human interaction is an integral part of our societal development. What will change, though, is how these interactions unfold even in the presence of physical events. The era of giant screens and grand architectural structures at every booth may need to yield the spotlight and evolve into canvases where these technologies can enhance and enrich the experience to its fullest potential.
Of course, if the interaction becomes more seamless and "human," a percentage of physical attendees may no longer need to travel to events. Thus, the industry must recognize that hybrid events are not just an alternative but a must in their production.
We are about to witness a transformation akin to the arrival of internet services in events and exhibitions two decades ago. Initially slow, complex, and not particularly useful, internet connectivity has now become an indispensable part of any event. If you are not online, your event and your booth might as well not exist. Similarly, I believe we are about to witness a similar process, where early adopters will have the advantage in embracing a technology that beckons us into the realm of "spatial computing ," where digital content seamlessly merges with our physical space.
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In conclusion, while these technologies may mark the beginning of a new chapter for the events and exhibitions industry, they do not signify the end of in-person experiences. Instead, they present an opportunity for interactions to evolve, even within physical events. The era of massive screens and grandiose architectural structures will give way to a new era where technology enhances every aspect of the experience.
Let us embrace the possibilities brought forth by these innovative devices. Let us reimagine the way we connect, collaborate, and engage. The industry's pioneers, those who seize the potential of this technology, will shape the future of events.
So, let us embark on this journey together, where human ingenuity and technological advancements converge to create unforgettable experiences. The future of events is calling, and it's time to answer.
"Intelligence is the ability to adapt to change." - Stephen Hawking.
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