Logo
Monday, 01 June 2020
Logo
The News and Media Division of The Insight Partners
Wednesday, 13 May 2020 11:00 am

Eyeing Travel Industry Trends Beyond COVID-19

The travel industry is one of the major sufferers amid the COVID-19 crisis, with international borders been sealed. Coronavirus pandemic has not only separated people from the outer world but has made the businesses suffer mostly hugely. But this will not continue for a very long time if businesses start working on some of the latest trends and technologies considering the new normal definition of world post-pandemic.

newsImage
 

The past few months have been very difficult for the entire travel industry with cancellations happening followed by major refunds resulting at the major financial crisis. However, to get back in track and attract customers the companies in this highly competitive landscape need to start implementing the latest innovations to stay ahead. As the market post-COVID-19 is expected to offer equal offer opportunities to almost all the players regardless of what their past ranking.

Below are a few of such trends been identified that might perhaps benefit the travel business in upcoming days:

  • Recognition technology:

With the help of recognition technology players across the industry will be able to identify individual identities not only using their fingerprints but also with the individual’s voice and face recognition.

  • Artificial intelligence (AI) and Machine Learning (ML):

AI has made customer services as well as sales easier than before with the help of chatbots. Chatbots have not only enabled automation but has to streamline the entire business that is further aided by the ML technology. ML lets continuous learning of chatbots possible with every new interaction.

Therefore, AI and ML are two significant technologies that every travel industry player needs to consider as a vital tool for their business.

  • Internet of things (IoT):

Internet-connected & smart devices have now become increasingly widespread for every industry including the travel industry.

  • Virtual reality:

VR is no more a just a leisure activity but has become an essential tool for travelers especially while a long journey when it offers fun and immersive gaming experiences. Also, virtual 360 maps enable exploring place or hotel before even physically visiting. Also, the traditional technique of uploading photos over online travel websites has now been replaced by virtual maps on the website resulting in attracting more and more customers.  

  • Augmented reality:

When virtual reality enables customers to connect virtually then comes the augmented reality technology combining the virtual elements with real-time experiences. Moreover, a report by The Insight Partners suggests together AR and VR market will be rising at a CAGR of 41.2% in forthcoming years owing to the rising adoption in every single sector aimed at offering the best in class service to their customers.

  • Robots:

Robotics is taking over every business and now is not a new concept but an easily be explained as automation. This is expected to be a key to growth where bots will not only assist over the phone but will be assisting while flying or serving in hotels or even at hotel receptions. This is important because new normal will supposedly be no-touch economy beyond pandemics.

Tags Travel Industry Augmented reality Online Travel Artificial Intelligence Virtual Reality Machine Learning Recognition technology COVID-19 crisis Pandemic

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


Smarter Decisions with Smart News

Smart Market News is committed to getting its readers the latest updates and insights on industries that help in making “smarter” business decisions. With insights and inputs from corporate decision makers, we bring you the stories of adopting innovative solutions and strategies that have been changing the world. Our editorial insights on products, solutions, companies, and adoption of best practices not only help in understanding the markets better, but also prove to be a complete package for your information needs.

media@smartmarketnews.com | sales@smartmarketnews.com

Contact Us
Subscribe to our newsletter
Get the latest in your inbox weekly Sign up for the fully charged newsletter
Follow Us:
© The News and Media Division of The Insight Partners 2019 | All Rights Reserved | Privacy Policy