Presents Technology and global travel market: an overview
Introduction Technology is the lifeblood that keeps the travel industry growing worldwide. In the last two decades, the global travel industry has witnessed a rapid expansion; the exponential growth in the number of internet enabled devices is said to be one of the major drivers to increase the demand for efficient travel technology worldwide. This resulted in the emergence of numerous countries and destinations as potential travel destinations. Unites States, Europe, Asia Pacific and Latin America are the major beneficiaries of the travel technology developments.
Travel Technology: Three Major Domains Source: PhoCusWright Inc.
Online Travel Penetration Chart by Market Source: PhoCusWright Inc.
Business Penetration by Market: 1992 - 2012 From 0% in 1992 to around 45% in 2012, the travel industry has witnessed a great leap in online leisure/unmanaged business travel penetration in the last two decades. Following is a growth chart by market: Source: PhoCusWright Inc.
Online Travel Penetration by Market: 2008 - 2012 Source: PhoCusWright Inc.
How People know about Destinations Source: PhoCusWright Inc.
Online Resources Used for Destination Selection Source: PhoCusWright Inc.
Mobile Devices: Facilitating Positive Travel Experience It is becoming extremely complex to find out factors influencing travelers’ behavior and which specific technology facilitates positive travel experience for consumers and generates profit for travel companies. However, it’s been found that mobile technology has become an integral part of travel industry impacting different phases of travel lifecycle. Source: Freeborders
U.S. Smartphone Penetration and Projection Source: The Nielsen Company
PC Vs Smartphone: What Travel Marketers Predict for the Future Source: BIA Kelsey
Technology Trends for Always-Connected Travelers The above ratings show the constant evolution of the travel tourism business in last two decades. The introduction of internet changed the entire market scenario where physical marketing started becoming obsolete and digital marketing models start penetrating the business. As a result, many 2nd and 3rd world countries came to the global limelight as potential travel markets. Internet along with mobile devices has transformed the entire travel experience. From destination search, hotel bookings, flight bookings to getting a customized travel plan, people now do everything over the internet using their mobile devices. The technology serves to the needs of today’s always-connected travelers who expect and demand information and services that simplify the planning, booking and overall travel experience.
Social Networking Channels Along with internet and mobile devices, social networking channels also influence the purchasing decision of consumers Source: PhoCusWright Inc.
Conclusion Researches and market evaluation reports show that the explosion in internet technology has opened up new horizons for travel business professionals as well as travel consumers. People want convenient ways to search for their perfect destination and book their travel; mobile devices represent a new converged computing platform, perfect for people on the go. Considering the changed scenario in travel business, the technology providers are now transforming their ways to cater the customers. Mobile friendly technologies are entering the market, creating a perfect base for businesses to reach their niche markets.
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