The global smart travel market is projected to reach a valuation of US$ 25 Bn in 2022. Sales are projected to increase at a 18.10% CAGR, with the market size reaching US$ 112.4 Bn by 2032.
"Smart" has been a catchphrase in technology over the past ten years, being used to describe anything from TVs and factories to mobile phones and industrial facilities. Using information and communication technology (ICT) in a creative way to change business models, make hospitality more accessible, and create new revenue streams is known as smart tourism.
As more nations engage extensively in this industry and use it as a competitive advantage, smart tourism is now gaining momentum throughout the globe. Having said that, smart tourism depends on the idea of smart cities as a whole, which offer the tools and resources required to attract visitors who are tech aware.
Running a smart tourism strategy requires public-private partnership. A long-term agreement to collaborate between two or more public and private groups is a public-private partnership. In other words, corporations and governments collaborate to finish a project or offer services to the locals.
The project Clever city worked on with the Lübeck Bay tourist office is an excellent illustration of a public-private relationship. Smart parking sensors were installed close to the neighbourhood beaches to track occupancy and availability and direct visitors to the closest open space. The German Tourism Prize 2020 was given to this effort.
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Key Take Away in Global Smart Travel Sector Industry
- In major tourist hotspots, wearable technology is improving the visitor experience. Smartwatches and tech wristbands may do various tasks, such as voice-activating local instructions or unlocking your cabin door on a cruise.
- Smart strategies, like smart garbage collection or smart parking, can be applied to the subject of sustainable transport. Cities are developing mobility hubs outside of the city centre that have strong linkages to the inner city's public transportation system and/or rental bike or e-scooter stations.
- In terms of tour type, it is predicted that package visitors would make up the relatively largest value portion of the Smart Travel industry.
- According to the prediction, middle-aged people between the ages of 26 and 35 will continue to make up the majority of travellers.
"Technology investments and destination quality are frequently so interconnected in places where tourism and events are thought to be important components that Smart Tourism becomes a part of the city planning that benefits both tourists and locals." Says an FMI Analyst
Impact of Covid-19 on the industry
One of the sectors most impacted by the global coronavirus-19 (COVID-19) outbreak is tourism. Local communities were worst hit by the crisis because tourism contributes the most to any nation's gross domestic product of any business. The Smart Travel Sector market fell by 56% during the epidemic.
But the outbreak of COVID-19, which the World Health Organization declared to be a pandemic on March 11, 2020, has made this need for innovation in the tourism sector even more urgent. The biggest innovations that can be used in this sector are either new technologies being developed or new ways of using information and communication technologies.
Who is winning?
To encourage the use of online smart tourism portals, key companies are offering travellers discounts and enticing, seasonally appropriate trip packages. Additionally, strategic alliances between tour operators and lodging establishments, eateries, and other businesses aid in the upgradation and expansion of the tourist industry.
Leading players operating in the Global Smart Travel Sector market are - InnoQuant Strategic Analytics, S.L, Booking Holdings Inc., TripAdvisor LLC, AudioConexus Inc., Expedia Inc, Kayak, QUNR, Ctrip, Orbitz, MakeMyTrip, TravelZoo, Sabre, etc. are among others.
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Global Smart Travel Sector Market by Category
By Solution Type, The Global Smart Travel Sector Market is segmented as -
- Smart Ticketing
- Smart Security Services
- Smart City Bots
- Smart Parking
- Others (Audio Guidance, Intelligent Traffic Management, Linguistic Services, etc.)
By Booking Channel, The Global Smart Travel Sector Market is segmented as:
- Phone Booking
- Online Booking
- In-Person Booking
By Tourism Type, The Global Smart Travel Sector Market is segmented as:
By Tourist Type, The Global Smart Travel Sector Market is segmented as:
- Independent Traveller
- Tour Group
- Package Traveller
Consumer Orientation, The Global Smart Travel Sector Market is segmented as:
By Age Group, The Global Smart Travel Sector Market is segmented as:
- 15-25 Years
- 26-35 Years
- 36-45 Years
- 46-55 Years
- 66-75 Years
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