Article | February 28, 2020
According to the latest Bond Brand Loyalty Report, memberships across industries continue to rise and now average 14.8 per person. But - considering total global spend on loyalty programs is estimated to be $323 billion in 2019 – a more critical statistic is: on average people are active in less than half (6.7) of the programs they belong too. More often than not, loyalty programs do not drive loyal behavior. The travel sector has some of the lowest satisfaction rates, according to Bond’s survey of 55,000 consumers in more than 20 markets around the world. Only 37% of hotel loyalty members and 38% of car rental members say they are satisfied with their programs; airlines, meanwhile, fare slightly better at 42%.
Article | February 28, 2020
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.
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 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.
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.
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:
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"name": "How are trends changing the travel industry?",
"text": "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."
"name": "What are the six segments of the travel industry?",
"text": "The six segments of the travel industry include:
Article | February 28, 2020
Data science has lead to marvelous opportunities for many industries. Like so many other industries, the travel industry would greatly benefit from knowing future travel information in advance. Fortunately, there is no need to rely on some fortunetellers anymore, but take advantage of Big Data.
Big Data in the travel industry is driving in the right direction, especially after the pandemic, as companies had to be more technologically advanced to cater to their regular operations effortlessly. And big data is now transforming the way businesses used to conduct their operations. It has started taking care of everything that a traveler expects from the traveling organizations in terms of personalized offers to products and more. In this digital period, where everything is hyperconnected, new technologies and big data analysis have become essential for the travel industry to adopt new consumption models and improve the decision-making process.
Many industry leaders are already using big data in the travel industry. Still, but you may not understand the real value it can provide for your business or how is big data being used in the travel industry. With a closer look at the ways big data is transforming the travel industry, you can determine how your business can benefit from its use. Before you reach this point, a brief about significant big data challenges in the travel industry can help you understand how you can improve your company.
What were Big Data Challenges?
Unorganized structure of data
Privacy and security
5 Ways Big Data is being Used in Travel Industry Businesses
So how exactly is big data going to affect your company? Amadeus's research study identifies two segments of change, one is the operations, and the other is marketing strategies.
Companies in the travel industry, such as car rental companies, tour operators, airlines, and more, must find a way to improve their overall functionalities to meet goals. To stand out, you must have a unique approach to market your products. Using big data, you can easily pinpoint exactly what employees are looking for and then establish a concrete base right out of the gate. When it comes to greater personalization offerings, effective uses of big data analytics help making well-informed decisions. By using big data analytics, the applications provide wide-ranging personalization offerings such as promotions, deals, referrals, and more, keeping an aim to generate revenue.
Identification of Potential Risks
Currently, businesses are struggling to deal with high-risk environments, where a proper risk management process is the need of the hour. Big data in the travel industry has been instrumental in developing new risk management solutions and can enhance the effectiveness of risk management models and build intelligent strategies. This is one potential power of big data is transforming the travel industry.
Price is a critical component to set under marketing strategies. Big data used by travel companies can easily track, analyze, and file the competitors’ prices to get a clear picture of what’s trending. This real-time analytics can help your company track pricing changes and build a consistent pricing strategy for a better workflow for employees. Price strategies can turn into a game-changer for your business goals in the future. Through a transparent idea of what competitors are implementing in their process, your business can execute optimum pricing strategies that would considerably benefit your company by predicting future demand.
As the amount of online transactions has amplified steadily over the years, the rate of fraud has also increased simultaneously. Losing customer data can destroy your business’s reputation. Big data in the travel industry allows companies to plan and implement software that would increase safeguards on sensitive information by leveraging types of technologies, including natural language processing, video recognition, speech recognition, machine learning engines, and automation. This is considered one of the best solutions for how big data is helping the travel industry.
Travel businesses use big data analysis to manage their revenue. Big data in the travel industry has become one essential part of companies that effectively maximizes financial aspects. If you have set a goal in your company to achieve specific revenue, then it is crucial to define a market strategy to offer corporate travelers the right services through the right channel. Because of this, you can manage the prices to maximize the revenue of your company.
Benefits of Big data
From a humble beginning of big data in tourism before the pandemic, it has become a mainstay in the business world. Big data solutions and big data analytics will not only foster taking data-driven decision, but also empower your workforce that add value to your business. According to Harvard Business Review, 99% of companies surveyed reported that they intend to implement big data analytics and AI in the near future. What are other significant big data benefits that you should inculcate it in your business? Here are some of these:
Big data benefits for the travel industry by offering real-time monitoring, forecasting of business, and the market.
Unlock the true potential of data-driven marketing.
Facilitate faster delivery of services and products that meet and exceed the client’s expectation.
How Businesses can Analyze Big Data?
To understand big data, you firstly need to know the points that need solutions. Then, attempt to identify the answer to your questions such as, ‘how can I get the data to solve it?’ or ‘what can big data do for my business?’ Your big data solutions need to be effortless. It is important to match what you had in mind for pricing and make it flexible to serve your business in the future.
Research the most reliable big data tool so that it can serve to provide you the right solution. For example, if you want to introduce more effective promotions and marketing campaigns, you can use Canopy Labs, to predict big data travel behavior and sales trends.
The travel and tourism industry uses big data with the help of several tools that are inexpensive or even free to use. Google also has user-friendly tools like Google Adwords and Google BigQuery. So, don’t feel overwhelmed by all the data that’s out there. With the right tools, you can separate the data to find what you need to start growing your business today!
Some Success Stories
KAYAK sets an example of using big data in the travel industry by innovation and spearheads the technological revolution. It has developed a new benchmark in the travel industry using big data for travel management and operations.
United Airlines embraced a “collect and analyze” approach to their big data for travel planning. The company tracks all information using real-time data, including individual and general historical data.
The Schiphol Group, which operates the airport, has reportedly invested in data science packages. A team of big data analysts easily analyze, report, and visualize the constant influx of data of employees on corporate trips.
These developments are reflective of the growing big data analytical trends in the travel and tourism industry. Following the steps of industry leaders, a lot of companies have started the adoption of big data for travel management and improvising their analytical tools to make more informed decisions for future travel mechanism. You can get more interesting and updated news to rely on how big data in the travel industry is transforming.
Future Outlook of Big Data in Travel Industry
Many industry leaders are talking about big data in the travel industry, its evolving benefits and the future of big data within the tourism industry. With the effective uses of big data, your company can use information about employees catering to corporate business services to understand the workflow.
Hadoop, one of the big data applications in the travel industry, provide suffecient data storage space and presents information from a wide range of sources in a structured manner. It enables tourism companies to take immediate decisions as per requirements. Big Data applications in the travel industry help companies introduce new products to have predictive analysis and critical insights about corporate travelers.
What could be anticipated from the future of big data is that travel industry professionals will progressively utilize big data to facilitate their potential benefit. This will genuinely modify what companies would offer corporate travelers equally in the future. With such activities to cater the markets worldwide, big data in the travel industry has formed a clear map.
Frequently Asked Questions
How is big data being used in the travel industry?
Big data in the travel industry is used to observe various marketing strategies and some customer-related patterns and trends. Following these is important to create loyalty among employees as well as customers also. Therefore, the more data a business collects, the more it will understand ways to generate revenue.
What is the future of big data in travel industry?
The future of big data in the travel industry stays impressive as the market leaders can make decisions that are more informed based on analytics and number-driven data. Big data in the future will boost the efficiency of the services and the quality at the same time.
How big data is helping the travel industry?
Big data is helping the travel industry in many ways. It is allowing businesses to make more evidence-driven decisions for revenue. These include the ability to anticipate customers' future demands accurately, re-structure pricing, target more marketing strategies, and improve real marketing tricks.
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"name": "What is the future of big data in travel industry?",
"text": "The future of big data in the travel industry stays impressive as the market leaders can make decisions that are more informed based on analytics and number-driven data. Big data in the future will boost the efficiency of the services and the quality at the same time."
"name": "How is big data in the travel industry helping?",
"text": "Big data in the travel industry is helping in many ways. It is allowing businesses to make more evidence-driven decisions to generate revenue. These include the ability to anticipate customers' future demands accurately, re-structure pricing, target more marketing strategies, and improve real marketing tricks."
Article | February 28, 2020
With the travel and tourism sector having taken a gut punch this year amid coronavirus concerns, many business groups and professionals are seeking new and innovative ways to enjoy memorable team events, proffer inspiring staff incentives and have some impactful one-on-one with customers and clients particularly those activities that inherently facilitate large crowd avoidance. With that, I’ve found a fabulous option in the BMW Performance Center West. This permanent performance driver training facility, located in Thermal, California near Palm Springs, offers one-of-a-kind experiences for both business groups and individuals that are taught by BMW professional driving instructors on a private course.
With up to 5.1 miles of expansive track layouts, the facility offers various driving programs and schools allowing participants to get behind the wheel of “the Ultimate Driving Machine” and learn key skills. Things like proper vision, basic car control, panic braking, handling, last-minute emergency lane changing, distracted driving, high-speed control and precision driving are all taught. Plus, it’s just plain old adrenaline-inducing fun.
The facility, which opened in 2015, offers various driving solutions for people of all ages and capabilities, and they also have special programs and meeting space for private and corporate groups. So, your entire department or company at large can get in on the action! There are multiple one- and two-day driving schools and experiences, private instruction, customizable events and the opportunity to experience the expansive, luxurious facility in either BMW or MINI vehicles.
Here are my top five reasons why this facility is a must-visit vacation destination, with the finer details courtesy of the BMW Performance Center West:
1. Private Instruction in the latest and greatest models
Instruction at the facility encompasses the full line of the newest BMW and MINI vehicles. In fact, there are reportedly over 100 new models available for activities at the BMW Performance Center West.
Also notable is the fact that all BMW driving experiences and schools are taught by professional BMW Driving Instructors, many of whom are professional race car drivers with dozens of wins. They even hold two world records: Longest Drift in eight hours (232.5 miles) and Longest Tandem Drift (39.25 miles).
These BMW Professional Driving instructors teach you how to handle your vehicle in challenging situations and conditions including accident avoidance, cornering, drifting, car control, braking and more. A skidpad allows drivers to feel oversteer and understeer, simulating hydroplaning or driving on black ice and providing the opportunity to learn how to handle those situations. The skidpad also provides advanced drivers with the thrilling experience of drifting. The tight performance track offers plenty of opportunity to learn how to control a vehicle at various speeds and cornering situations. Drivers can definitely satisfy their need for speed and excitement on one of the four tracks and experience driving scenarios they’ve only ever seen in the movies.
2. A variety of track experiences are available
In addition to BMW-dedicated tracks and a polished wet skidpad, some classes take advantage of the FIA certified race tracks of The Thermal Club. There are three tracks there with a combined length of 5.1 miles. The North Palm track is 1.2 miles long, the Desert Palm track is 1.8 miles long, and the South Palm track is also 1.8 miles long. Their newly-opened Off-Road Track allows drivers to experience extreme angles in the BMW X-series vehicles, splashing through water obstacles, driving over bumpy off-road trails and more. The vertical angles are literally steeper than any street in San Francisco and the visual sensation is amazing. Drivers often say, “I didn’t know a car could do that!”
3. A range of performance driving experiences are offered
Each BMW Performance Center West’s fun and action-packed driving programs delivers a robust experience that you’re sure not to forget. These include:
-- BMW Performance Center Drive: This option packs a real punch with two intense and exhilarating driving sessions capped off with a Hot Lap by a Certified BMW instructor.
-- M Track Drive: This is the perfect combination of machine and track with six hard-charging laps on one of the tracks of The Thermal Club pushing a BMW M3 or M4 to its limits. Featuring the facility’s most powerful and responsive vehicles, the M Track Drive will put you behind the wheel of an M car for six exhilarating laps on an FIA Certified racetrack. You’ll follow an instructor’s car for a warm-up lap and also learn the proper line for achieving the best time. Then, try to keep their car in your sights as speeds and g-forces increase, pushing your M car to its considerable limits.
-- The Ultimate BMW Mixer / The Track Meet: This is a unique driving and dining experience that elevates gift-giving, business networking and client entertaining to a whole new level. It’s a great way to get a taste of what the group events can offer. The mixer is a half-day experience that includes a delicious chef-prepared lunch, three exhilarating driving sessions in a fleet of brand-new BMWs and a Hot Lap around the track with a BMW pro at the wheel. The afternoon is capped off at a private reception with hors d’oeuvres and beverages at the BMW Performance Center. If you do have business needs, the facility has meeting spaces with multimedia capabilities, site-wide Wi-Fi and both indoor and outdoor dining with a delicious catering menu.
4. Both one- and two-day car control schools are available
Engage your senses and push through your comfort zone by learning vehicle handling, quick judgment and accident avoidance skills—all developed in a controlled environment with a BMW-certified instructor observing and coaching via radio. These include real-world driving conditions and scenarios—wet pavement, emergency braking and lane changes, distracted driving and more.
For the two-day options, participants will build on and reinforce the skills and techniques learned on day one. More seat time and real-time feedback takes driving abilities to the next level. Day two is when things really “click” and safe driving instincts kick in. This is also the day participants will experience an Instructor Hot Lap.
There are a wide range of driving school options at the BMW Performance Driving Center that are available to individuals and groups, alike. Below is a brief synopsis of each:
-- Car Control School: Take the wheel of a BMW and head out to the track, where professional instructors will hone your driving skills. Understanding stability control, knowing what to do when a vehicle starts to slide on the wet skid-pad and practicing proper vision through the lane-change course will allow you to anticipate situations on a real road. Available as a one-day, or for even more in-depth instruction, two-day course.
-- M School: Take the wheel of a high-performance BMW M vehicle and experience the power of M firsthand. Accelerate, corner and brake faster than you ever have before, then learn to maintain control in low traction conditions on the facility’s wet skidpad and keep 400 horsepower under control. End the day with a hot lap in an instructor-driven M vehicle. Available as a one-day, or for even more pulse-pounding excitement, a full two-day course.
-- One-Day M School: Learn the theory, physics and mechanics of performance driving. M School builds confidence and consistency while perfecting control, handling, acceleration and braking techniques.
-- Two-Day M School: Take everything you learned on day one and push “GO.” Slaloms, drifting, braking, cornering at optimum slip, full- and modified-time laps at speeds you’ve only dreamed of.
-- Advanced M School: Game on. M School graduates are an elite class of driver. They’ve proven that they’ve got what it takes to handle the ultimate challenge: BMW’s Advanced M School, held for two full days at road course tracks with pro Instructors, is the closest you can get to a racing experience.
-- MINI Motoring School: Take a John Cooper Works MINI Cooper and run it through an autocross course, lead/follow session and some stunt driving techniques, all under the watchful eye of a professional instructor. The mighty MINI will have you grinning from ear to ear all day long.
-- MINI Tricks and Stunts School - The first half of the day gets you intimately familiar with the MINI’s handling and capabilities, but the fun meter gets cranked to 11 in the afternoon. They’ll cover silky smooth reverse donuts on the skidpad, J-turns and reverse turns.
-- Teen School: There’s a lot for brand-new drivers to keep in mind and the BMW Teen School will allow them to experience how a vehicle feels at the limit in the safety of a closed environment. From wet skidpad exercises and panic braking to performing a double lane change, teens will leave with a solid foundation of vehicle control and a big smile. This option is available as either a one or two-day curriculum.
5. Amenities abound
Set against a backdrop of breathtaking mountain views, the BMW Performance Center not only boasts a private course where only you can experience the Ultimate Driving Machine, but also a luxurious modern building, gourmet café, coffee bar and gift shop with exclusive merchandise that you cannot buy anywhere else.
Customized corporate retreats and group events held at the BMW Performance Center are a refreshing change from the cliché team-building sessions. All programs are designed to improve dynamics, build trust and facilitate group communication. They have meeting spaces with Multimedia capabilities, site-wide Wi-Fi and indoor and outdoor dining space.
In all, this is an unforgettable experience that also makes a great gift idea. With stay at home orders having been lifted, getting behind the wheel of a new BMW at the BMW Performance Center West is a “bucket list” excursion sure to leave you longing for more.