How Predictive Analytics Is Disrupting the Travel Industry

| October 24, 2017

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Disruptive Forces and New Technologies are Changing the Game: The travel industry is undergoing constant change and innovation. Suppliers seek to take advantage of new technologies that can increase their brand value and pricing power in a changing, largely price-driven market where travel consumers are beginning to focus more on unique travel experiences. The market is also experiencing the strong influence of disruptive forces from new business models enabled by new technologies.

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How Corporate Travel and Expense Management Is Evolving Post-pandemic

Article | December 3, 2020

The travel industry is getting back to business, and demand has skyrocketed for travel technologies that make interactions possible between companies and corporate travelers. A recent Gartner survey reveals how 2020 affected CFOs with their corporate travel and expense management tasks globally. How will finance teams report and forecast expenses? How can corporate travel costs be managed? How to manage travel expense management processes effortlessly? Does this sound familiar to you? These were a few valid questions that kept companies engaged in finding answers during the pandemic. Many finance leaders want to implement proper corporate travel and expense management services and find solutions to bring consistency and clarity to their financial processes. While switching from manual processes to automated management systems can be difficult post-pandemic, with an efficient travel and expense management tool or software, your company can gain optimum benefits and stay productive in the future. This article will show you how it evolved through the coronavirus phase efficiently. Adoption of T&E Management Process for Seamless Work Experience An American Express survey found that 55% of the chief executives and senior financial managers ranked rising travel and expense costs as a top concern during the peak pandemic phase. Digital transformation of your processes is a critical strategy for spend management, and it ensures that employees are using the right product to get the best value. By adopting an efficient travel and expense management tool, your company can gain stellar benefits for your finance team to cater varied requirements, and keep a rigorous control over corporate travel spend. Before looking into how travel expense management processes are evolving post-pandemic, here are the benefits and value travel and expense management solutions offer. Also, this will further facilitate your finance team to manage the current corporate travel scenario effectively. Benefits of Travel and Expense Management Solutions The travel and expense management didn’t disappear during the pandemic. Instead, it accelerated its core value. The idea of integrating travel and expense management services with the help of big data in the travel industry is to leverage best practices for travel expense management that can help analyze and extract key information to diverse corporate travel finance functions. Travel industry leaders who are integrating effective travel expense management services in their corporate travel system have experienced the following benefits: Automatic processes of expenditure Data-driven decisions are smarter Time-saving mechanism Simplifies budgeting Ability to forecast more accurately Delivers better user experience Quick access to integrated data from expenditures Gain deep data visibility Higher rate of compliance with corporate policies in finance These significant upticks will benefit your company and will simultaneously improve your corporate travel policies. Understanding these benefits will help you identify how travel technology can help your company manage complex financial tasks that arose during the pandemic. According to a Gartner survey, a travel expense management system is essential as a key solution to manage the corporate travel economy. Any company, big or small, needs to control its expenditure to recover during the pandemic. Complex Forms of T&E Management Are Gone Legacy processes may get a job done, but they are more time consuming, error-prone, and do not provide visibility into travel spend. And when your travel and expense management process is slow and cumbersome, it can slow down the growth trajectory of your business. Corporate travel and expense management automation and its associated features like corporate travel policy, quick and easy booking, automated expense and reimbursement solutions, live credit card feeds, backup analytics capabilities, and more have taken precedence post-pandemic. These services offer more visibility into the travel spend of your employees. With top travel and expense management solutions, your finance teams can monitor and control costs and expenses in the long run. While many corporate travelers have started researching and organizing trips online, you need to add value to financial services by adopting automated travel and expense management solutions that work effortlessly. Core Focus Areas of Travel and Expense Management The post-pandemic era has seen a lot of companies embracing new and updated travel and expense management solutions to drive cost savings, and enable finance teams to have a better control over their road warriors. Here are some: Contactless Data Record Is the next Big Thing Travel and expense management systems allow employees to record all corporate travel bills and receipts through mobile apps and create expense reports immediately. Big data in the travel industry has played a significant role during the pandemic. Technology leaders have already experienced the benefits of travel and expense management. For example, TripActions’ travel and expense management platform uses data to learn about business travelers’ preferences, and predicts within 30 seconds what travelers are going to book with 90% accuracy. The advantage of big data to travel and expense management has already organized several effortless finance processes for corporate travelers to experience seamless budgets. Automation Is Crucial Integrating travel and expense management solutions could easily add to the unimaginable overheads that companies are experiencing. Automation is one of these solutions. Its integration in the travel and expense management system will give rise to a paperless world that will facilitate finance functions to build an audit trail. With this, it also ensures total compliance to keep the organization and its process fast. Agile Technology Is the Enabler Critically for the travel industry, agile technology has allowed multiple methodologies for incremental development in corporate travels, which has transformed the processes from rigid to flexible. The agile process in corporate travel and expense management allows analyzing tangible results on expense. The approach also provides the potential to change plans according to the requirements. For example, Lola.com, the agile travel management company is helping corporate travelers book, re-book, and take the task of expense reports off the table easily. Finance teams arrange travel policies in minutes and equally manage, control, and view expenditure effortlessly. In short, agile technology is making it much easier for travelers and companies all round. To address the use of agile technology in travel and expense management, Jeanne Hopkins, former CMO at Lola.com, the agile travel management company shares “Finance teams at Lola.com have tried managing, controlling, and got visibility into expenditures efficiently by implementing travel and expense management. Small and mid-sized businesses have to be fast and dynamic in the changing scenario of travel, so that actions like booking, re-booking, and managing corporate travel could be performed with efficiency and results in high productivity.” A Hassle-free Expense Management System Expense has been one common challenge with corporate travel programs. Integrating travel and expense management in your company can eventually introduce you to a hassle-free work solution. As the process involves collecting receipts from multiple sources, either from hotels, flights, or car rentals, travel and expense management solutions make it easier for a manager to look at all corporate travel costs at once. Also, in terms of future travel spend and potential savings, the capability of this management remains exceptional. Modern travel and expense management solutions also include self-service, real time, and easy navigation. For example, for travelers, Lola.com has a large inventory of flights and hotels that allow users to avoid going to various sites to compare fares, and save preferences, loyalty programs, and provides payment options in one place. Traveler profiles are automatically stored so that users can book with one click. The 24/7 support team then ensures easy booking and re-booking for its users without any delay. End-to-End Integration Is the New Order of Workforce End-to-end integrated systems in your company will help your finance team implement best practices for travel expense management. This will make it easier for your employees to initiate, approve, and pay each transaction out of hundreds within minutes, thereby creating a seamless task without any manual involvement. Travel and Expense Management Trends When you automate your travel and expense process, it will not only maximize your returns but, at the same time, it will minimize your spending. This will save you both time and money. Below are the reasons you will want to consider making a switch to automate from a manual process. Remove Guess Work from Expense Process For finance personnel in your company, the new travel and expense management system can be set up in five minutes. One of the travel and expense management tools, like Expensify, helps with easy expense tracking and reporting. Similar to this, SpendCatcher – a mobile application of MobileXpense.com that is infused with AI and deep machine learning extracts payment information with just one tap. Supplier-direct Bookings Companies whose employees use a corporate travel and expense management system can receive reports according to department, employee, direct travel supplier, hotel, or car rental company. This information helps managers analyze spending patterns by actively monitoring it with up-to-date information in one flow from various travel suppliers. In this case, Concur TripLink connects to corporate travelers for direct bookings across the borders. It gives visibility of bookings no matter where it is booked. True Visibility into Spending The corporate travel and expense report management system automatically flags and creates analyses of dashboards highlight hidden expenditure. This can be helpful to know: How much expenditure is going in personal corporate travel cards, and why Find expense categories easily Find out why expense is falling short and ask for details In this context, MasterCard International is rapidly approaching towards a smart, web-based expense management system to control spending, generate comprehensive spending reports, and accurately integrate purchase data. Thus, delivering business efficiently, quickly, and easily. Rise of Bleisure Travel Corporate travel and expense management also includes ‘bleisure travel’ for corporate travelers, those looking to combine business travel with leisure time. With agile travel and expense management tools, you can make quick changes in plans to keep your employees and finance team happy and productive while mapping the budget. In this case, Lola.com has made travel and expense management real by providing an effortless way to manage, book, and report on business plus leisure travel, by encouraging its employers to save most of their time and money. Travel technology offers a deserving platform with travel and expense management to companies for added efficiency and visibility over travel spend. As corporate travel businesses are returning rapidly towards their regular work scenarios, the travel industry will see a rise in revenue. Travel and expense management system will be one of the powerful remedies to the travel industry and will increase its scope to drive growth post-pandemic. According to the new Skift report, 88% of corporate travelers will drive travel technology company growth. 86% of corporate travel managers believe it. Put an end to complex budget management and legacy processes; it is time to know how to manage travel expenses in corporate. Frequently Asked Questions What is travel and expense process? The aim of the travel and expense process is the complete administration of travel expenses, including the recording of expenses, posting in Financial Accounting (FI), and allocation in Controlling (CO) and Funds Management (FI-FM). The process also involves the valuation of costs associated with business-related activities. Why is expense management important? Expense management is important for businesses because it helps employees to keep an accurate track of expenses. This caters to them to plan financial aspects for the future with more clarity and confidence. Capital flow is a daily process in any business, so to manage some significant amounts could get efficiently done through expense management and generate a profit. What is travel and expense management? Travel and expense management is a process that includes finance management by the employee when on a business trip or any expense is made for business goals. Each travel and expense management consists of detailed records of costs, expenditure, budgeting, and report submission.

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Top 5 Ways Big Data is Transforming the Travel Industry Businesses

Article | December 16, 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? Data capture Unorganized structure of data Speed Privacy and security Data ownership Data handling Data storage 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. Greater Personalization 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. Pricing strategies 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. Security Enhancements 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. Revenue Management 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. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How is big in the travel industry being used?", "acceptedAnswer": { "@type": "Answer", "text": "Big data in the travel industry is being used with intent 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." } },{ "@type": "Question", "name": "What is the future of big data in travel industry?", "acceptedAnswer": { "@type": "Answer", "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." } },{ "@type": "Question", "name": "How is big data in the travel industry helping?", "acceptedAnswer": { "@type": "Answer", "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. 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Top 5 Ways Travel and Expense Management Solutions Can Help Companies

Article | December 23, 2020

A recent study stated that the travel industry faced an estimated $519 billion loss in 2020 due to the pandemic. Some of the challenges that most companies came across are managing travel expenses, maintaining travel and expense process flow, using the right expense management solutions, and more. As the travel industry is getting back in business, it is overcoming challenges sturdily. To simplify travel and expenses process flow, managers need instant and effective travel and expense management solutions to organize travel plans, submit expense reports, and control overspending on their travels. Before you dive into details about solutions that can improve the travel and expenses process flow and logistics of your company, here is a brief about travel and expense management solutions. An Overview: Travel and Expense Management Solutions Travel and expense management solutions are only relevant businesses that need to control the travel-related expenses of their employees. These solutions help you in understating the integrated spend data and deliver a better user experience. Other than this, these solutions can also help with: Making clearer and smarter data-driven decisions Encouraging policy compliance automatically into travel and expense process flow Saving time to collect data from expense reports automatically Simplifying budgeting Forecasting a more accurate data of the spend How Can You Streamline Your Travel and Expense Management Process? Automated travel management software can help your employees and finance team use the travel and expense management solutions for their benefit. But how? Here are the reasons to support: Employees could: Effortlessly manage receipts and submits the details of corporate travel Submit digital travel and expenses report instantly using a centralized travel and expense software Maintain compliance with the existing reimbursement policy for corporate travel and expenses in your company Finance teams could: They can create transparency in corporate spending reports by using travel management software and its automatic function. They can have better control over their travel expenses. 5 Ways Travel and Expense Management Solutions Can Help Companies Travel and expense management solutions give all travel and expense management services easy access to align in one place. By doing this, you will be able to gain more control over services and enforce compliance. Here are five ways your business can effortlessly adopt new travel and expense management solutions and help you win challenges faced during the pandemic. Review the Selected Solutions Before you implement a travel and expense management system, it is vital to review preferred travel and expense management solutions that your business requires. This will help the travel expenses workflow align seamlessly and make employees understand what it takes to manage the entire travel expense scenario accurately. Conduct Surveys If you are going to switch the old travel expenses method and adapting advanced travel and expense management solutions, it is crucial to survey the users who have used the solution and know its performance. This survey will help your employees to know if the chosen travel management software suits your requirements. The next step is to keep an eye on the most frequent and critical users, which will help you to have a clear insight into new trends that are being followed in terms of managing the workflow efficiently. By this, you can also implement it in your company. It also helps identify where your process needs refinement to facilitate efficiency in the expense management system. Prioritize the Must-haves The next step should include the collected input from the survey for setting up the foundation of priority of needs. In this case, creating a checklist is an ideal option. Prioritizing the best travel management software with apt travel and expense management solutions according to your workflow can help you select the right travel expense software for your organization. You can select travel and expense management solutions that consist of: Report building automation Auto fill options Remote access User-friendly interface Helpful support Mobile functionality Quick international payment Introduce Demo Sessions If you use an advanced global travel and expense management system, it is recommended to provide demo sessions of the preferred travel and expense management solutions to your team. The demo sessions could be an opportunity for your team to witness travel and expense management services created from reputable travel management software in action. With this, you can know about a host of details about the implementation of travel expense software, integrations, user training, travel and expense process, and its flow. This contributes towards the successful adoption of a travel expense system and proves the abilities of the travel and expense management solutions selected by you to scale your business as it grows. Choose a Solution Once you have organized multiple demo sessions of various global travel and expense management solutions, it's time to choose the best travel expenses management software that fits your company's culture and requirements. Take a good look at the pros and cons of the final travel expense planner you consider for integrated expense management solutions to combat your existing challenges. Being cautious while choosing the right global travel and expense management solutions will benefit your employees, and they will be able to use it for the company's advantage at a much faster pace. Frequently Asked Questions What you should know about expense management software? Here are some benefits of an expense management software: Ease of access Minimum manual intervention Higher cost savings Faster reimbursements Eco-friendly process (no paperwork) A simple process that simplifies workflow Encourages errorless work and delays Your employees can find the best travel and expense management solutions using various expense travel management software. How to manage travel expenses? There are several travel and expense management solutions to manage travel expenses. Here are some ways in which you can manage your travel expenses: Keep a track of expense details Plan ahead before setting a policy Stay aware of the policies Have an effective approval process of expense Organize spend data Why use an expense management software? An expense management software helps a business ease expense reporting, manage other aspects, and deliver the right travel and expense management solutions. It offers efficient workflow to the finance teams while recording expenses, data, approvals, controlling costs, and more. What are the most crucial features to manage expenses? The most crucial features to manage expenses are: Real-time policy checks The seamless expense reporting process Digital audits Advanced level of data analyses Easy approval process { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What you should know about expense management software?", "acceptedAnswer": { "@type": "Answer", "text": "Here are some benefits of an expense management software: Ease of access Minimum manual intervention Higher cost savings Faster reimbursements Eco-friendly process (no paperwork) A simple process that simplifies workflow Encourages errorless work and delays Your employees can find the best travel and expense management solutions using various expense travel management software." } },{ "@type": "Question", "name": "How to manage travel expenses?", "acceptedAnswer": { "@type": "Answer", "text": "There are several travel and expense management solutions to manage travel expenses. Here are some ways in which you can manage your travel expenses: Keep a track of expense details Plan ahead before setting a policy Stay aware of the policies Have an effective approval process of expense Organize spend data" } },{ "@type": "Question", "name": "Why use an expense management software?", "acceptedAnswer": { "@type": "Answer", "text": "An expense management software helps a business ease expense reporting, manage other aspects, and deliver the right travel and expense management solutions. It offers efficient workflow to the finance teams while recording expenses, data, approvals, controlling costs, and more." } },{ "@type": "Question", "name": "What are the most crucial features to manage expenses?", "acceptedAnswer": { "@type": "Answer", "text": "The most crucial features to manage expenses are: Real-time policy checks The seamless expense reporting process Digital audits Advanced level of data analyses Easy approval process" } }] }

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Top 9 Opportunities in the Travel Industry to Enter in 2021

Article | December 29, 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. 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 { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the opportunities in tourism industry?", "acceptedAnswer": { "@type": "Answer", "text": "The opportunities in the travel industry range broadly in sectors like transportation services, tour operation services, accommodation, travel agencies, tour operation services, and hospitality." } },{ "@type": "Question", "name": "How are trends changing the travel industry?", "acceptedAnswer": { "@type": "Answer", "text": "The latest trends that are changing the travel industry are majorly in terms of technology and the high involvement of the internet. 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