Online travel technologies are reshaping the travel & tourism industry, with recent patents driving innovation and efficiency. From misconnect management systems to casual driver ride sharing, these advancements aim to enhance user experiences and streamline operations. Despite a slight decline in deals, the industry experiences significant growth in job postings, particularly in management and technical roles, reflecting the ongoing demand for skilled professionals in the online travel sector. GlobalData’s online travel market report provides comprehensive analysis of the market. Buy the report here.
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 & tourism companies are leveraging new online travel technologies to innovate and improve their businesses. Recent patents in the field include systems for misconnect management, casual driver ride sharing, and enhanced intermediate servers. For example, American Airlines Group Inc's patent on suggested gate pushback time aims to reduce misconnected passenger numbers and improve organizational efficiency. Lyft Inc's patent on casual driver ride sharing offers a system to match users with compatible drivers based on GPS information. These technologies offer benefits such as reducing missed connections, providing personalized travel options, and enhancing user experience. Acquirers of these patents, such as Amgine Technologies (US), Inc., stand to benefit from improved operational efficiency, enhanced customer satisfaction, and competitive advantage in the online travel industry.
The industry experienced a 1% growth in the number of online travel-related patent applications in Q1 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 rise of 11% compared with Q1 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 Q1 2024, the number of online travel-related deals in the travel & tourism industry declined by 20% compared with Q1 2023. On a quarterly basis, the number of deals in Q1 2024 compared to the previous quarter, remained flat.
Impact on hiring
In terms of new job posting, in Q1 2024, the travel & tourism industry experienced a 66% growth compared with the previous quarter. On an annual basis, job postings also grew by 7%. Notably, management occupations, with a share of 32%, emerged as the top online travel-related job roles within the travel & tourism industry in Q1 2024, with new job postings rising by 38% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 14% in Q1 2024, with new job postings rising by 85% over the previous quarter. The other prominent online travel roles include office and administrative support occupations with a 9% share in Q1 2024, and business and financial operations occupations with a 6% share of new job postings.
Expedia Group, Shangri-La Asia, Booking, TripAdvisor, and Airbnb 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, South Korea, Germany, China and the UK also maintain significant positions in online travel adoption within the travel & tourism industry.
In conclusion, innovations in online travel are revolutionizing the tourism industry, fueled by advancements such as misconnect management systems and casual driver ride sharing. Despite a slight decline in deals, the sector sees robust growth in job postings, underscoring the increasing demand for talent in this rapidly evolving field.
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.
