Ahead of this year’s TravelTech Show, recent data has highlighted significant trends within the travel industry.
Notably, 62% of travel company respondents anticipate an increase in their budgets over the next year, with 28% expecting rises of up to 20%.
AI Dominates Upcoming Tech Investments in Travel
Artificial Intelligence (AI) is poised to dominate future investments, as 56% of respondents plan to allocate funds to AI technologies.
Additionally, 32% will focus on booking and reservation systems, while 20% aim to enhance mobile applications. A strong 80% of companies also plan to expand their use of AI, particularly in improving customer service and experiences.
Shifts in Booking Platforms: Social Media in Decline
Despite the influence of social media, industry insights show a shift towards websites and online travel agencies (OTAs) as primary booking drivers.
Websites lead with 40% preference, followed by OTAs at 20%, and search engines and social media tie for third at 16%.
The survey reveals that 68% of operators find technology crucial in mitigating inflation and staff shortages. The most celebrated benefits include enhanced efficiency (32%), increased revenue, better guest relations, personalization, and streamlined booking management.
Nimet Sayeed, Event Manager at TravelTech Show, emphasized the critical role of technology in driving bookings, responding to customer needs, and maintaining profitability amidst market changes. Sayeed highlighted the importance of understanding business challenges to effectively integrate new technologies into operations.
Online Interaction and AI: Shaping the Future of Travel
The ongoing shift towards online interactions affects every stage of the customer journey, making technology a cornerstone of success for travel operators. The upcoming TravelTech Show will further explore how AI and other technologies can address industry challenges through a program filled with exhibitors, panels, and networking opportunities.
The TravelTech Show is scheduled for June 19-20, 2024, at ExCeL, London. The event is open to travel technology professionals at no cost, although suppliers must purchase a visitor pass. The organizers retain the right to accept or deny registrations. https://traveltech-show.com/
