Insights from CEO of RX The World’s Leading Events Organizer
The MICE industry is one of the industries that could produce substantial revenue for a country, and exhibitions are catalysts for the industry to achieve the fastest growth. This is because exhibitions not only attract entrepreneurs from all over the world and facilitate trade negotiations but also help bring income to other related businesses, such as hotels, restaurants, transportation, and tourism. As for Thailand, when speaking about exhibition business, we often think of RX Tradex, ASEAN’s leading exhibition organizer, which is a member of RX, the world’s leading events organizer.
Mr. Hugh M. Jones, Chief Executive Officer (CEO) of RX, the parent company of RX Tradex, said during citing a report by Research Dive, that the global MICE industry is anticipated to garner $1.6 trillion in the 2021-2028 timeframe, growing from $1 trillion in 2020 at a CAGR of 5.9%. Partnerships and technological advancements among market players are expected to drive the growth of the MICE industry.
The Asia-Pacific MICE industry is anticipated to grow at a CAGR of 7% by generating a revenue of $500 billion during the forecast period. This growth is attributed to variousfactors, including infrastructure development, relaxation of COVID-19 measures, and ease of visa procedures that makes international travel more convenient. Although China, which was once a major market, has not yet relaxed its COVID-19 measures, it is expected to reopen to travelers soon. Regarding the direction and future of the MICE industry in the global and Thai markets, Jones said that Thailand has been affected by the COVID-19 pandemic like other countries. During the pandemic, RX made great efforts to protect employee health and wellbeing while embracing digital transformation. RX has developed and adopted many digital technologies for its events such as a lead capture technology to collect information of event visitors and business matching technology to recommend exhibitors that match visitors’ interests.
“Thailand is a safe country. There are many factors that make Bangkok a suitable place to host exhibitions, which will help the MICE industry grow, like many other major exhibiting cities such as Cannes and Las Vegas. And exhibition is the sector that will achieve the fastest growth in the MICE industry,” Jones commented. Thailand has high potential, goodmarket prospects, and capable humanresources. There are still many industries for which RX Tradex has yet to organize exhibitions for, such as artificial intelligence and cybersecurity. It is believed that with its global network and long experience, RX will be able to bring new events to Thailand. However, the challenge is that it takes time to promote new events to gain public attention, which will require support from many partners.
As for exhibition innovation and technology, Jones commented that in the future, an exhibition’s success will be measured by the quality ofbusinesses generated in the eventrather than the number of participants.Future exhibitions will embrace more technologies that enable people to visit events online without the need to travel, such as a virtual event system currently being tested by RX overseas and the use of robots to visit events and collect data.
Environmental preservation orcarbon reduction is also important to RX, which has been campaigningaround the world and plans to achieve net zero by 2040. Exhibitionscan also contribute to carbon emissionsreduction. “Imagine if there were 1,000 business matchings in just four days at a trade show. This could reduce travel for business meetings and also carbon footprint from the trips.”
“Joining RX as the CEO at the start of 2020 prior to the COVID-19 pandemic gave me the opportunity to learn many things and apply them to future management, allowing me to better respond to other challenges that may arise in the future. Business agility and technological innovation will enable our company to move forward strongly and with confidence,” Jones concluded.