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Posted at: Aug 7, 2019, 9:11 AM; last updated: Aug 7, 2019, 9:11 AM (IST)FUTURE READY: (V) TRAVEL AND TOURISM

A lucrative destination

A lucrative destination

In 2018, the travel and tourism sector added $8.8 trillion to the global economy. This was an $8.3 trillion rise from 2017. This boom helped in creating 319 million new jobs across the world. Tourism is now considered the corner stone of the global economy. This can be attributed to various factors like the socio-economic growth of the middleclass. Business travel is on the rise and is expected to contribute $1.7 trillion by 2022, with China and U.S as major contributors. There is also a dermographic shift and millenials have emerged as the new-age travelers. 

While these aspects have changed the face of the industry, technology has given a new impetus to its future. Travellers now use online bookings/ apps for hotels, tickets, etc. which has reduced middlemen agents fees. It is nowpossible to get a real-world feel of your preferred destination with augmented and virtual reality (AR & VR) one can get real-life of what a particular destination has to offer.

Current market scenario

International tourism segment saw a spike of 28.8 percent in 2018, up from 27.3 percent in 2017. In the last 5 years, this sector has created one out of every five jobs globally. In 2018, leisure spending went up 78.5 percent - a decent increase from 2017 which is a good indicator of the acceptance of tech-based travel and tourism services. 

The Oceania sector (which comprises Australia, Malaysia, Indonesia, and the Southwest Pacific islands), Southeast Asia, India, and China has seen an enormous spike. North America, along with tourism to Canada, Mexico, and the USA, is the third-largest market with a contributing share of $1.9 trillion in 2017. Europe remains the most significant region in terms of popularity and generated $2.2 trillion worth economic activity for this industry. The quickest growing market is the Caribbean region, which generated $62 billion in 2017.

Innovations

On a global scale, traveler requirements and expectations have changed. Innovations driving the market growth rapidly. Personalisation and a unique travel experience are what 90 per cent of travelers expect. For example, major American airline Delta has a Guest Service Tool through which travelers can personalise their travel via mobile phones or handheld devices.

Recognition technology is focussed on minimising the hassles of carrying too many documents. Biometrics like fingerprint scan, retina scanning, etc. are used to authenticate identity. Your credit/ debit cards can be linked to biometrics. How cool would it be to check-in using a thumb impression or facial scan!

As much as 40 per cent of travel business models are expected to use chatbots and Artificial Intelligence for reservations, customer care to drive better and on time service quality. 

Future trends

The travel and tourism market is expected to grow across the globe. Though geopolitical situations and the economy will play a vital role, the more aware traveler is now scrutinising options beyond the ordinary thanks to technology that is making a host of travel and tourism services available at one's fingertips. This sector offers a lot of opportunities for new job seekers.

          — Inputs courtesy Hexgn.com

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