The travel & tourism sector is undergoing a transformation through Online Travel technologies, with companies leveraging recent patents to enhance personalization, logistics, and customer satisfaction. Innovations like adaptive route optimization and machine learning-based cost estimation are driving efficiency and loyalty. GlobalData’s online travel market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the travel & tourism industry regarding online travel. It provides an overview of recent developments in online travel-related deals, talent acquisition, and patent filings within the travel & tourism industry.
Diverse applications of online travel in travel & tourism industry
Travel and tourism companies are leveraging innovative technologies to enhance online travel experiences and streamline operations. Recent patents highlight advancements such as Fujitsu's incentive determination method, which calculates user incentives based on congestion levels at various destinations, encouraging visits during less busy times. Toyota's route search device optimizes ride-sharing routes by balancing efficiency and pedestrian encounters, improving safety and user experience. USAA's dynamic insurance adjustment method tailors insurance rates based on user behavior and route changes, enhancing customer service. Additionally, a new budget and vacation planning system simplifies group travel planning, while Airbnb's expandable listings feature allows for personalized accommodation searches. These technologies collectively aim to improve user engagement, safety, and convenience in online travel.
The industry experienced an 8% decline in the number of online travel-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of online travel-related patent applications in the travel & tourism industry witnessed a drop of 26% compared with Q2 2023.
Strategic deal trends in online travel in travel & tourism industry
Travel & Tourism companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in online travel. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of online travel in the travel & tourism industry.
In Q2 2024, the number of online travel-related deals in the travel & tourism industry grew by 20% compared with Q2 2023. On a quarterly basis, there was 85% increase in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the travel & tourism industry experienced a 11% drop compared with the previous quarter. On an annual basis, job postings also grew by 45%. Notably, management occupations, with a share of 25%, emerged as the top online travel-related job roles within the travel & tourism industry in Q2 2024, with new job postings drop by 29% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 17% in Q2 2024, with new job postings rising by 15% over the previous quarter. The other prominent online travel roles include office and administrative support occupations with an 8% share in Q2 2024, and business and financial operations occupations with a 6% share of new job postings.
Expedia Group, Airbnb, Booking, Shangri-La Asia, and Minor Hotels Europe & Americas are among the top companies leading in online travel hiring within the travel & tourism industry.
Countries driving adoption of online travel in travel & tourism industry
The US is the leading country in online travel adoption within the travel & tourism industry, boasting the highest number of online travel-related patents, jobs, and deals. Meanwhile, Australia, the UK, Spain and the Netherlands also maintain significant positions in online travel adoption within the travel & tourism industry.
Online travel technologies are significantly enhancing user experiences and operational efficiency in the Travel & Tourism sector. The US leads in adoption, with notable advancements and increased deals driving industry progress, while global hiring trends continue to influence the sector.
To further understand GlobalData's analysis on online travel in the travel & tourism industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
