Business Travel
Article | May 17, 2023
2020 flatlined travel opportunities, opportunities of the tourism industry and hit the global travel industry due to the pandemic. Due to this, many changes in the travel and tourism industry are witnessed today and shall be so in the upcoming years. Many travel industry leaders faced hardship in navigating through the crisis. For them, it was like sailing through a hurricane. As the pandemic's effect hasn't completely faded, the businesses in the tourism sector are trying harder to keep their companies above the water. They have maintained a positive approach to surviving this tough phase and focused on long-term growth.
On the other hand, some businesses responded optimistically to the damage caused by the pandemic. They have positively adapted to new opportunities that emerged in the travel industry and experienced success. Such an incident illustrates the travel industry's potential. Yet, the industry has to chart many ways to overcome this challenging time.
The emerging tourism trends have created a ton of opportunities for travel businesses to reshape. Nevertheless, some travel and tourism industry changes have evolved because of a shift in operational dynamics due to the pandemic's effect. It also changed several tourism events worldwide. Many business travel trends, which received attention before the pandemic, are being less considered now. In contrast, some business travel trends have become vital on the corporate travel businesses' end. Therefore, whatever aspect of the tourism sector your business is involved in, you need to keep your finger on the pulse. The current opportunities in the travel industry can be beneficial for your business. It is all because of technology and its advantages. To learn about it, this article provides a list of the latest opportunities in the travel industry for 2021.
Artificial Intelligence (AI)
AI is one technological advancement that has increased opportunities in the travel industry, mainly travel for business opportunities. Today, businesses in the tourism sector are using many technology devices and tools. One of them is chatbots, which use AI to automate and streamline all sales and marketing tasks. Chatbots provide a wealth of information about monitoring data analytics, lead generation, bookings, automated travel assistance, and more.
AI algorithms are a crucial aspect of maintaining efficiency in the future of the travel industry. Sophisticated AI is becoming vital for airports. With such development, airports will use visually enabled analysis supported by AI-based recommendations. It will improve operational efficiency for all businesses in the tourism sector to work effortlessly. With such developments, AI is gaining prominence under the current trends in the global tourism industry.
Internet of Things (IoT)
As IoT has already gained recognition in the technology world, it is becoming one of the emerging trends in the tourism industry by bringing in various travel opportunities. In 2021, businesses in the tourism market will see the potential of IoT as it will mature the existing network of data-producing devices. Examples of IoT technologies are robotics, autonomous vehicles, virtual agents, and machine learning. Since the pandemic addressed immediate needs like sanitization, social distancing, and automation, IoT gave rise to several opportunities in the travel industry simultaneously.
IoT initiated the concept of contactless travel. This provides travelers with all the booking information in a single click and offers automated accommodations with controlled systems, voice commands, and more. In the case of point, Amazon introduced a hospitality-oriented version of Alexa virtual assistant. The addition of Alexa will continue to be an important travel industry trend. It has introduced many business opportunities in the travel industry; some are instant booking services and travel assistance. These gained immense prominence when the travel industry resumed its operations after less impact of the pandemic. This trend is set to fetch more and more opportunities in the travel industry in 2021.
Virtual Reality (VR)
Virtual reality has been a useful tool for many businesses in the tourism sector. Virtual reality offered unique types of tourism events worldwide with virtual tours of accommodation to business travelers from their homes. In this way, it gave transparency to the accommodation and its look before arriving. A host of low-cost VR devices such as the Google Cardboard and Samsung Gear headset were used in the initial stage when the travel industry was still resuming from the global pandemic and travel business opportunities were rising.
VR technology benefits businesses as one of the most desired business travel trends during the decision-making phase, especially during a pandemic like COVID-19. It will ensure all the travel processes to take place safely and in smarter ways in the future of the travel industry. While many promising opportunities in the travel industry are emerging, it’s already speculated that businesses in the tourism sector will set VR as one of the most used travel industry trends for 2021.
Augmented Reality (AR)
AR is also becoming one of the most influential technologies in the travel industry. It opens several doors of opportunities in the travel industry. It offers a convenient way for marketers to give business travelers a taste of what they can expect. The technology highlights a digital version of accommodations, videos, 360-degree views of locations, vehicles, and more. During the pandemic, some travel companies took a step further by offering exceptional booking process through AR technology to their employees. A growing number of companies are at an experimental stage with AR headsets and finding them useful. Using this, companies have started offering many travel opportunities, making it more advanced and safer than what was before the pandemic. The technology is offering many opportunities in the travel industry, along with applications.
Personalization
The concept of personalization is also one of the growing travel industry trends. Today, many travel businesses are offering personalized options for making travel plans as per personal preferences. It includes accommodations, flight booking, car rentals, and other such amenities. Personalization introduced many opportunities in the travel industry for marketing as well. It uses data of travelers to promote and advertise personally and shows information about a prior purchase or a list that you checked out at a particular time.
For example, bd4travel is providing an AI platform to transform travel websites. Using artificial intelligence with machine learning, bd4travel works with online travel companies. They deliver individual buying experiences in real-time. All these were possible because bd4travel adapted the latest opportunities of personalization. This became relevant in the travel industry during this pandemic. Personalization also brought several travel business opportunities and gained prominence. Thus, it is predicted to spread in the future, like other opportunities in the travel industry.
Recognition Systems
Recognition technology has also brought some vital opportunities in the travel industry. It introduced some of the best high-tech identification tools such as face recognition, fingerprint, and other biometric methods. Face recognition technology is currently being used to identify potential threats. Its usage in the tourism business has improved security systems and increased reliability. In November 2020, SITA announced a trial with Etihad. The employees completed all check-in procedures for corporate travelers within minutes and conducted security processes through their mobile devices. It replaced in-person check-ins with identity cards as a form of authentication.
The recognition technology also introduced voice control opportunities in the travel industry. Voice control technology initiates spoken commands services in airports as well as hotel rooms.
Robots
The future of the travel industry will soar because of emerging self-service opportunities. Corporate travel companies will offer contactless, faster, easier, and flexible services. In this case, robotic technology will become the center stage of the latest travel business opportunities and trends. Various accommodations, check-in, and check-out services at airports will witness extensive use of robotic technology. Business travelers will also find the optimum use of this technology during their stays. Robot technology has made an important way for businesses in the tourism sector as it introduced many new travel opportunities that never existed (not even before the pandemic).
Cyber Security Enhancement
Cybersecurity is one of the emerging travel industry trends and introduced the most demanding opportunities in the travel industry. The pandemic increased the risks of cyberattacks. Due to this, data have become vulnerable and can cause damage to tourism events worldwide. As travel companies employ many people and may have access to plenty of data, the marketers will have to enhance cybersecurity measures.
Some of the biggest threats in this area include phishing attacks and ransomware attacks. To prevent these types of threats, you will have to invest in cybersecurity training, include various hardware and software solutions to keep your business safe. Cybersecurity has brought many promising opportunities in the travel industry. So, the opportunities in the travel industry for cybersecurity will uncover its potential and help companies work efficiently.
Big Data
Travel opportunities, along with big data, are evolving and will triumph in the future of the travel industry. In a modern business model in the tourism market, big data has played a pivotal role. One of the biggest uses for this data is to improve personalization. As more travel business opportunities have evolved, it has helped employees gather information about corporate travel within minutes. In this way, big data boosted many other opportunities in the travel industry. It will prosper through the pandemic scenario and the future of the travel industry.
Another valuable use of big data has helped to analyze current business performance. For example, hotel owners can use big data for revenue management purposes and expect travelers' demand. So, a predictable demand can optimize pricing and promotional strategies.
Embracing the latest travel trends is vital for companies to be successful in the travel and tourism sector. Adopting some of these travel trends as a part of your business model can open more doors of opportunities in the travel industry in 2021.
Frequently Asked Questions
What are the opportunities in tourism industry?
The opportunities in the travel industry range broadly in sectors like transportation services, tour operation services, accommodation, travel agencies, tour operation services, and hospitality.
How are trends changing the travel industry?
The latest trends that are changing the travel industry are majorly in terms of technology and the high involvement of the internet. Along with that, the proliferation of budget airlines and affordability are also other trends changing the travel industry.
What are the six segments of the travel industry?
The six segments of the travel industry include:
Airlines
Hospitality
Corporate travel
Transportation
Logistics
Lodging
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Hospitality Management
Article | June 29, 2023
Aviation security gets a new face with an AI-driven accessible screening solution that is a part of Project Dartmouth, a collaboration between tech company Pangiam and Google Cloud. This solution uses artificial intelligence and pattern analysis technologies to analyze vast amounts of data. All this analysis happens in real-time to identify potentially prohibited items in carry-on baggage to prevent coordinated terrorist attacks so that security agencies can take swift action against perpetrators. The Transportation Security Administration (TSA) is currently using this solution on a trial basis.
Threat Detection with Project Dartmouth
Pangiam uses state-of-the-art edge computing with Google Cloud’s AI and ML at the frontline. These cloud-trained AI models run at the edge to speed up the process of threat detection. In addition, using edge computing ensures that there is no concern around network latency and that the solution functions when a network is disconnected.
Achieving aviation security becomes easy with this solution because it uses specialized algorithms to analyze data and patterns within the data. It replicates human intuition to detect items that may look suspicious to a human.
The solution harnesses Aggregated Threat Detection (ATD) software that detects coordinated threats spread across multiple checkpoints, bags, and lanes. For example, the threat could be a weapon that needs assembling with its parts spread across multiple points. In this case, the solution offers a national protective security capability to alert security agencies. Pangiam’s platform collates data from any OEM anywhere using its API approach.
What does Project Dartmouth Mean for Aviation Security?
Safer and Improved Passenger Experiences Dartmouth’s AI and ML capabilities deliver the changed security measures to travelers seamlessly, so their travel experience is not disturbed, nor is their security jeopardized.
Enhanced Security Measures Using this AI and ML-based solution that replicates human intuition, no item that looks suspicious passes the security check. The aggregated threat detection software enhances the ability to detect complex, coordinated attempts to breach security.
Refined Operational Efficiency Automated threat detection software lightens the load on security officers so they can focus on examining baggage alerts. Additionally, airports can utilize their real estate for something more constructive.
Future of Aviation Security with AI and ML
AI and ML enabled tools can streamline some of the security processes and ensure that passengers safely pass through each security checkpoint. Agencies and security personnel can also handle traveler load without breaking any protocols. AI-enabled security systems continually learn, evolve, and make aviation security robust. They will continue to be an important part of the security process.
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Hospitality Management
Article | June 20, 2023
Learn how adopting advanced travel technology services can improve your operations in the digital age and evade business complexities. Embrace these technologies for better business growth.
Contents
1. Overview of Travel Technology
2. Importance of Technology in Travel Management
2.1 Artificial Intelligence and Machine Learning
2.2 Virtual and Augmented Reality
2.3 Software and Its Application
2.4 Automation, Analysis and Reporting
2.5 GPS Tracking and Emergency Assistance
2.6 Expense Tracking and Management Tools
2.7 Mobile Wallets and Digital Payments
3. Challenges and Considerations
3.1 Privacy and Data Security Concerns
3.2 Integration with Legacy Systems
3.3 Employee Adoption and Training
4. Conclusion
1. Overview of Travel Technology
Technology has not only influenced the lifestyles of human civilization but also completed them to live with it. With proper technology integration in business travel, they can thrive in today's digital world. The travel technology serviceslike artificial intelligence, machine learning, virtual and augmented reality, software applications, automation, GPS tracking, emergency services, expense tracking, and digital payments enhance travel management.
This article evaluates the importance of technology in the travel management sector. Using artificial intelligence, software tools, and digital channels is vital for travel business growth. With advanced technology, businesses enhance customer experience, convenience, support, and retention. For example, the technology-based 24/7 customer support and risk management services for an emergency can respond even when the employee is absent. Such automation is the future of travel management services.
2. Importance of Technology in Travel Management
2.1 Artificial Intelligence and Machine Learning
Upgrading artificial intelligence solutions increase the reliability and effectiveness of the travel management company's services. There is a vast implementation of AI and machine learning in the tourism sector. Corporate travel technology assists businesses with administrative tasks and customer services. It provides enhanced personalization, valuable advice, and speedy response in the employees' absence. In addition, many hotels and resorts use these tools for better services and brand awareness.
2.2 Virtual and Augmented Reality
Virtual and augmented reality enables hotels and travel-related businesses to enhance the physical environments to encourage customer engagement in local sights and hotel rooms. Customers highly research travel purchases as they require detailed information before arrival, and even after their arrival, it renders relevant information 24/7. Therefore, adopting AR and virtual reality in the travel industry is a must to cope with changing customer lifestyles and behavior toward technology trends. Modern customers often use smartphones, so using augmented reality apps is easy to use.
2.3 Software and Its Application
Travel management software provides users with a platform for planning, purchasing, and recording travel expenses. Travel agency uses this software to simplify purchasing decisions, centralize records of employee travel expenses, and control travel budgets with digital transformation.
2.4 Automation, Analysis, and Reporting
Automation optimizes travel routes according to the choices of the customers. It manages the inventory and analyzes the business travel, maintains the travel reports, and predicts the increase in demand for a particular period. Even with the latest innovation in business travel technology, artificial intelligence like ChatGPT can integrate seamlessly to automate different tasks of businesses from applications like chatbots and others.
2.5 GPS Tracking Its Emergency Assistance
The technology-based solutions for travel businesses ensure the workforce's well-being, safety, and security. With constantly evolving travel risks, enterprises need a permanent solution that can adapt to changing travel circumstances and customize to the needs of companies and customers. It provides not only updated information, location, and incident monitoring during travel but also critical event response for safety, as well as suggesting alternatives to the traveler's existing plan.
2.6 Expense Tracking and Management Tools
Travel businesses generate a vast amount of data on financial transactions, which can become tedious to manage. To address this issue, travel tech companies offer solutions to organize, monitor, and analyze travel expenses while ensuring compliance with policies. In addition, based on past travel experience, it predicts future travel of business travelers.
2.7 Mobile Wallets and Digital Payments
Mobile wallets and digital payments are influencing the growth of travel businesses. The leading travel technology company provides a profitable, convenient, and secure experience to customers. Many use mobile devices for payment using different applications, making it easy to purchase through a simple scan or click.
3. Challenges and Considerations
3.1 Privacy and Data Security Concerns
With the increasing amount of sensitive information being collected and shared, travel management companies must follow all applicable privacy laws and regulations. In addition, they must take precision to protect data from unauthorized access, breaches, and cyber-attacks. It can involve implementing strong data encryption and access controls, monitoring systems for suspicious activity, and ensuring that all employees get training in best practices for data security.
3.2 Integration with Legacy Systems
Many travel companies have invested heavily in legacy systems, which are difficult to replace or upgrade. However, failing to integrate new technologies can lead to inefficiencies, huge data collection, and missed opportunities. Incorporating new technologies involves developing new APIs, migrating data to new systems, or adopting new technologies that work alongside legacy systems.
3.3 Employee Adoption and Training
Employees must get training on using new technologies and learn the resources they need to succeed. It can involve providing ongoing training and support, establishing clear communication channels, and developing incentives for adoption. Travel managers must address any concerns or resistance from employees and work to build excitement for new technologies. Technology and travel are reliant on each other for their business growth and enhancement.
4. Conclusion
The usage of the advanced latest technology in the travel management industry is evolving rapidly. Travel businesses integrate the travel technology company to enhance responses and customer experience and stand out. Modern customers demand personalized travel experiences with 24/7 support of GPS tracking, travel monitoring, optimized travel routes, and quick alerts in emergencies.
Techno-savvy customers rely more on digital payments and prefer mobile wallets for travel booking. Travel businesses must integrate digital channels to retain and attract these customers. There are particular challenges while using advanced travel technology, like privacy and data security and aligning with legacy systems. In addition, travel managers must encourage employee adoption and training for new technologies.
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Business Travel
Article | June 3, 2021
Despite the global pandemic controlling business travel headlines for the past twelve months, there are quite a few other topics top of mind for travel managers today in North America.
Egencia has taken a dive into the other important topics that are weighing on the minds of travel managers, and we’ve taken a look at what’s creating a buzz in the industry and within the Egencia travel manager Connect Community.
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