A couple weeks ago we covered the meetings and events industry and how COVID really changed the way events were being help and how technology really helped shape the industry going forward. This week we will explore some of the trends that have been reshaping the travel and tourism industry, the last sector that makes up the hospitality industry.
The travel industry is undergoing a transformation. It’s already moving from a linear to an exponential phase, as new technologies and digital platforms are being developed at lightning speed. Industries are going through rapid change due to the emergence of disruptive and emerging trends. These changes are making it easier than ever for small businesses with niche expertise to reach a global market, while also making it less profitable for large companies that rely on expensive advertising and mass marketing.
However, this doesn’t mean that the entire industry is dying out. On the contrary, it’s going through enormous growth and will continue to do so in the foreseeable future. Even though there are many challenges facing the industry right now, they can be overcome with time and dedication.
Here’s what you need to know about emerging trends in the travel industry as well as some of its greatest opportunities:
What are emerging trends?
If you’re like many business owners, you might ask yourself what are emerging trends? As the name suggests, these are trends that are just beginning to emerge. They’re still at the beginning of their growth, but they’re showing great potential and have the potential to reshape industries in the near future. The travel industry is going through a huge transformation as it transitions from a linear to an exponential phase.
New technologies and digital platforms are being developed at lightning speed, making it easier than ever for small businesses with niche expertise to reach a global market, while also making it less profitable for large companies that rely on expensive advertising and mass marketing.
Why Are Emerging Trends Important in the Travel Industry?
The travel industry is undergoing a transformation. It’s already moving from a linear to an exponential phase, as new technologies and digital platforms are being developed at lightning speed. Industries are going through rapid change due to the emergence of disruptive and emerging trends.
These changes are making it easier than ever for small businesses with niche expertise to reach a global market, while also making it less profitable for large companies that rely on expensive advertising and mass marketing.
Key growth opportunities for travelers and tourism businesses
The travel and tourism industry has gigantic growth potential as a result of the increasing population, rising middle class, increasing disposable income, and the rise of new technologies. With travel demand increasing, tourism businesses will be able to reach their target customers more effectively. As more and more people are traveling, there is an increase in opportunities for travel service providers, such as hotels, airlines, tours, and attractions.
Mobile technology, virtual reality, and drones are changing how people experience travel and are making it more convenient and accessible. With a broad range of tourism products and services available, the market is an excellent investment opportunity for investors.
Disruptive technologies that will reshape the travel industry in the next 5 years
These technologies are expected to transform the travel industry and make traveling easier and more accessible than ever before.
They are:
- Autonomous driving: The global autonomous driving market is expected to grow at a CAGR of 42% during the forecast period. Rising demand for mobility services, favorable regulatory conditions, and increasing adoption of autonomous driving across all industry verticals are some factors driving this market.
- Artificial intelligence: The travel industry is expected to witness the highest growth in the next 5 years owing to the rise of autonomous and smart devices, which will be powered by artificial intelligence. Natural language processing will be used to make travel more accessible, and data analysis will help in planning and booking future travel.
Bottom line
The travel and tourism industry is experiencing rapid change as more and more people are choosing to travel. New technologies and digital platforms are being developed at lightning speed, making it easier than ever for small businesses with niche expertise to reach a global market, while also making it less profitable for large companies that rely on expensive advertising and mass marketing.
Artificial intelligence and autonomous driving are the disruptive technologies that are reshaping the travel industry in the next 5 years. Autonomous driving, for example, is expected to make travel safer, easier, and more accessible than ever before. The key growth opportunities for travelers and tourism businesses include the growth in the passenger traffic and the growing middle class, as well as the increasing adoption of autonomous driving.
Emerging Trends within the Meetings and Events Industry
How Technology is Changing the Recreation & Entertainment Industry
The Intertwined Intricacies of the Hospitality Industry
Kiosk Technology in the Food & Beverage Industry
Driving Change in the Lodging Industry with Technology
EZ-Chow has solutions such as an Online Ordering, Self-Ordering Kiosks and Rewards/Loyalty Solutions that integrate into your existing POS systems. To learn how EZ-Chow can help you with these initiatives and more, get started by contacting us here.
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Author
Click to learn more about Brian Moore
