The future of the Travel Technology Industry
The future for the travel technology industry looks very promising. The travel and tourism sector generates $7.5 trillion a year worldwide, accounts for 1 in 11 jobs globally, and makes up 9.5 percent of the global GDP. It’s a massive industry and is only getting bigger. A study forecasts that the travel industry will grow 5.4 percent annually over the next 10 years, which is 2 percent higher than how quickly the global GDP is forecasted to grow.
Travelladder is the powerful voice of the travel technology industry and the leading product that promotes innovation in Travel Technology, helps connect consumers and travel providers and eliminate barriers to travel. Travelladder is focused on providing the best in class technology to Travel Agencies worldwide. In just a year, the company has shown exceptional results.
In response to the expansion of travel upstarts, incumbents will be forced to make meaningful moves to protect their businesses. Consumer travel behavior is changing and travel dollars are increasingly moving online and to mobile. Over the next two years, global online bookings will accelerate at twice the pace of overall market growth.
Get TRAVEL LADDER’s stories in your inbox
Join Medium for free to get updates from this writer.
Today’s traveler also has increasingly high expectations when it comes to their travel experiences, including immediate and accurate pricing and availability information, mobile booking, user ratings and reviews, past travel history and preferences, real-time alerts, hassle-free check-ins, online concierge services, and more.
This hyper-competitive environment means that incumbents are also going to look for ways to expand their business. The travel industry is highly fragmented with hundreds of niche travel apps that cover one specific thing, whether that is in-destination activities, dining or reviews.In an effort to capture a greater share of traveler wallets, incumbents are striving to become the go-to digital travel portal for all things related to travel. They are looking for opportunities to move into adjacent segments that allow them to leverage their existing customer base.
Despite challenges that may lie ahead, there has never been a more exciting time to be investing in travel. Marketplaces, mobile devices, a growing global base of travelers, and millennials are all working together to enlarge and transform the industry. Seismic changes are happening and both incumbents and startups will feel the impact. While this changing travel landscape will be increasingly tricky to navigate, it will also prove to be an exciting and potentially lucrative time to be a travel startup or a travel investor.
Travelladder is travel technology platform, enabling the travel agencies, tour operators and holiday companies to leverage the key benefits of OTA platform. Travelladder as a brand, is identified by improved ROI for customers while leveraging using the “Travelladder Technology” and superb client servicing, leading to customer retention and customer base expansion.
