In the rapidly evolving landscape of the travel & tourism industry, the applications of online travel technologies are reshaping user experiences and operational efficiency, as evident from patent trends, strategic deals, and hiring patterns. This dynamic sector is marked by a surge in innovation, strategic partnerships, and job opportunities, with the United States leading the charge in online travel adoption. GlobalData’s online travel market report provides comprehensive analysis of the online travel 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 through recent patents to enhance user experiences and streamline operations. For instance, State Farm Mutual Automobile Insurance Co's patent focuses on adaptive route optimization for task planning, while ENSEO, LLC's patent improves reservation processes in hospitality establishments. Toyota Motor Corp's patent offers a unique souvenir supply service based on user sightseeing plans. Mercari Inc's patent utilizes machine learning to estimate shipping costs for online purchases, and NEC Corp's patent enhances passenger experiences at airports. These patents showcase innovative ways for companies to personalize travel experiences, optimize logistics, and improve customer satisfaction. Acquirers of these patents stand to benefit from enhanced efficiency, cost savings, and increased customer loyalty in the competitive online travel industry.
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The industry experienced an 11% growth in the number of online travel-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of online travel-related patent applications in the travel & tourism industry witnessed a drop of 21% compared with Q4 2022.
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 Q4 2023, the number of online travel-related deals in the travel & tourism industry declined by 40% compared with Q4 2022. On a quarterly basis, there was 9% increase in the number of deals in Q4 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q4 2023, the travel & tourism industry experienced a 7% growth compared with the previous quarter. On an annual basis, job postings also declined by 40%. Notably, management occupations, with a share of 37%, emerged as the top online travel-related job roles within the travel & tourism industry in Q4 2023, with new job postings rising by 18% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 13% in Q4 2023, with new job postings dropping by 8% over the previous quarter. The other prominent online travel roles include office and administrative support occupations with a 9% share in Q4 2023, and business and financial operations occupations with a 7% share of new job postings.
Expedia Group, Booking, Trip Group, TripAdvisor, and Shangri-La Asia 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, India, the UK, Spain and Hong Kong (China SAR) also maintain significant positions in online travel adoption within the travel & tourism industry.
In conclusion, the online travel sector of the travel & tourism industry continues to witness robust innovation, strategic partnerships, and job opportunities, with the United States leading the charge in adoption. Despite fluctuations in patent applications and deal trends, the focus remains on enhancing user experiences, optimizing operations, and fostering customer loyalty through cutting-edge technologies.
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.
