LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global travel technologies market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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The top three emerging market trends driving the global travel technologies market according to Technavio ICT research analysts are:
- Emergence of augmented reality
- Rise of Internet of Things (IoT)
- Advent of big data technology and BI solutions
Emergence of augmented reality
Real-time information is crucial for the success of travel industry businesses. Augmented reality helps the travelers to plan their trips with the help of information gathered from online sources. Augmented reality technologies help the travelers to view their lodging and boarding facilities in a hotel in a real-time like environment. Augmented reality has a variety of features that are designed for traveler convenience. Augmented reality technology can be accessed through mobile devices and augmented reality apps.
“The adoption of augmented reality technology in the travel industry is in a nascent stage. Leading vendors are developing travel technology solutions based on augmented reality technology. Leading online travel agencies such as Priceline have also realized that augmented reality enhances the booking experience for travelers,” says Amit Sharma, a lead analyst at Technavio for enterprise application research.
Rise of Internet of Things
The number of smart connected devices is rising worldwide and is expected to reach 21 billion by 2020. As the number of devices increases, it becomes increasingly difficult to manage, monitor, and maintain data in the travel industry. The IoT uses several technologies such as RFID, sensors, barcodes, and GPS. The adoption of IoT solutions is high in the BFSI, healthcare, and telecom sectors. The travel industry is also adopting IoT solutions gradually. The airline industry has implemented IoT solutions to simplify the operational process. In 2015, London City Airport implemented IoT solutions for M2M communication to make the airline operations smoother. Leading IoT solution providers and IT firms such as IBM and Cisco Systems have helped London City Airport to deploy IoT solutions successfully.
Advent of big data technology and BI solutions
IT solutions are helping enterprises by providing important business data and improving business performance. The travel industry has emerged as one of the major end-users of BI solutions. Airlines and OTAs collect and analyze data with business intelligence software to help them get business insights into the market. Also, BI can be integrated with business processes such as expense management, inventory management, human resources management, and marketing and sales.
“BI solutions help in decision-making with automated models and algorithms. For instance, in 2016, BI and predictive analytics helped enhance the travel experience for passengers by providing all the travel-related information via smartphones,” said Amit.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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