The travel industry took a major hit during the global pandemic when the world suffered lockdown. While this was also a time when slow travel became more popular, the overall impact of Covid on the travel industry was severe. With hotel bookings canceled, and flights grounded, the travel and tourism industry hung for survival.
However, post-covid things are looking bright with new-age tech-driven travel startups. These tech-driven travel startups are moving away from traditional travel agencies and offering their customers a unique, tailor-made personalized experience through disruptive tech-based applications and algorithms.
The new-age tech-driven travel startups offer travelers ease of planning their entire trip by making all the required reservations like hotel bookings, flights, sightseeing excursions, and other activities on their smartphones.
According to the global travel technology glory bay market’s prediction, travel will cross the $12 billion mark by 2026, escalating at an anticipated CAGR of more than 7.7% from 2021 to 2026. Now, that’s quite a number!
Seeing the benefits in the travel industry, some inspired minds invested in a business in the industry — thus paving the way for new-age tech-driven travel startups.
Changing preferences of travelers and the advent of new tech-driven travel startups are set to bolster the travel and tourism market, which is expected to reach $9 billion by 2025.
What extra do they bring to the table that the earlier travel companies could not give?
These new-age travel entrepreneurs help customers with customized itineraries to make their vacation bookings hassle-free. They also offer exciting offers and deals to their regular customers based on their previous preferences, choices, search intent, and budget.
Tech Innovations in Travel Startups to Watch Out
Contemporary travel startups are going all out to use the latest technology to create a customized and unique experience for their customers. Whether AI-based hotel bookings or machine learning algorithms to understand the pattern of their customers’ behaviors, the new-age startups are leaving no stone unturned to bridge the gap between travelers and locals.
Following are the important innovations new-age startups are embracing to offer an exhilarating experience to their customers.
Virtual guided tours
There was a time we Googled everything about a tourist destination before booking a hotel or thinking about going to the place. With the advancement in technology and the placement of AI and augmented reality, today, tech-based travel startups are helping you visit the place and get a first-hand feel of the popular spots before you reach there.
Virtual guided tours enable travelers to experience their would-be surroundings before they get there. Yes, this is one of the innovations the new-age travel startups have embraced. It offers a unique personalized experience to each traveler. Something that traditional guided tours or brochures were not able to offer.
Digitalizing the local communities
Considering a typical tourism industry scenario — we see about 80% of the travel and tourism industry comprises small or medium-sized businesses. The new-age travel startups are bringing the local communities on digital platforms, teaching them how to leverage the new technology. They have wider access to the global travel industry.
These tech-driven startups want to involve the local community through digital platforms. And the result is a more authentic and localized travel experience for weary travelers.
Travel bookings through AI Assistants and Chatbots
Based on your travel and stay preferences, AI Assistants and Chatbots guide you through booking your travel experience online. They answer all your queries and provide you with options to make your travel bookings easier.
For example, Hopper, based in Boston and Montreal, helps purchase flight tickets and book hotels by analyzing your preferences.
Analyzing customer behavior through data analytics
You would love a personalized recommendation based on our preferences. Today travel tech startups are disrupting the space by using traveler data points such as budget, must-see places, interests, and much more to present a more structured and planned travel itinerary.
For example, Utrip in Seattle, Washington, used big data and analytics to analyze customer behavior and suggest travel plans per their preferences. It eliminates the wastage of time, resources, and money.
And it is just the beginning…
Robots at the concierge desks and hotel receptions, flight forecasting through AI-driven apps, virtual queues, etc., are examples of how AI-based applications are driving the travel industry. Technology has paved its way into the travel industry and will stay a win-win situation for travel entrepreneurs and tourists.
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