Travel and tourism is one of the world’s largest industries with a combined economic contribution to the tune of $7.5 trillion. It is a burgeoning industry that has a heavy dependence on technology for functioning- right from marketing and promotions, sales and reservations. Travel and tourism includes Accommodation, transportation and tourism and involves functions like flight/train/bus booking, car rentals, hotel and home stay booking, sight-seeing packages etc. Technology is heavily intertwined into each of these functions with travel companies leveraging technology to enhance travel experience right from planning a vacation, to booking and the actual vacation.
The penetration of technology in the travel and tourism industry is extremely high. Around 97% of the total flight bookings and about 65% of all hotel bookings are done online. This is only testimony to the fact that technology in travel is not new and to grow or even stay in this business, travel companies need to keep up with new technological trends and ensure that their product not only caters to the market needs but also creates value for its customers.