The travel & tourism industry is undergoing changes with dynamic developments in online travel, influenced by key deals that shape the industry landscape, alongside innovations driven by patents. These impactful deals and patents affect various aspects of the sector. Meanwhile, there’s a noticeable evolution in the job market, reflecting the ongoing transformation in this era. GlobalData’s online travel market report offers comprehensive market sizing, in-depth segmentation and competitive profiling. It includes insights on growth trends and detailed value chain analysis. 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 in the field of online travel are leveraging new technologies and applications to innovate and improve their businesses. One such technology is the system and method for parking space selection and navigation based on weighted parameter comparison. This patent allows computing devices to receive search requests from users and secure parking spaces based on listing parameters. It also enables the transmission of prompts to users to exchange parking spaces with incentives. Another patent is for an operation system and control method that allows flexibility in changing routes for vehicles operating along predefined routes. Additionally, there is a patent for route optimization for vehicles, which determines routes based on passenger and operator preferences to ensure timely arrival at venues. Furthermore, a computer network architecture with machine learning and artificial intelligence is patented, which updates forecasts of patient outcomes and costs using various databases. Lastly, a system and method for monitoring former convicts of intoxication-related offenses prevents restricted individuals from operating motor vehicles by monitoring their speed and accessing data from ride applications. Acquiring these patents will benefit the acquirer in terms of improving their online travel technologies and applications, allowing for better parking space selection and navigation, route optimization, and monitoring of restricted individuals.
The industry experienced an 11% decline in the number of online travel-related patent applications in Q3 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 10% compared with Q3 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 Q3 2023, the number of online travel-related deals in the travel & tourism industry declined by 39% compared with Q3 2022. On a quarterly basis, there was 39% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the travel & tourism industry experienced a 15% drop compared with the previous quarter. On an annual basis, job postings also declined by 37%. Notably, management occupations, with a share of 33%, emerged as the top online travel-related job roles within the travel & tourism industry in Q3 2023, with new job postings drop by 10% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 15% in Q3 2023, with new job postings rising by 6% over the previous quarter. The other prominent online travel roles include business and financial operations occupations with a 6% share in Q3 2023, and office and administrative support occupations with a 6% share of new job postings.
Countries driving adoption of online travel in travel & tourism industry
The UK 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, the Netherlands, the US, India and South Korea also maintain significant positions in online travel adoption within the travel & tourism industry.
In conclusion, the travel & tourism industry showcases a shift towards online travel, marked by advancements in patents, strategic deals, and evolving job trends. With the UK at the forefront of adoption, this transformative journey underscores the industry's reliance on technology and collaborations for shaping its future trajectory.
To further understand GlobalData's analysis on online travel in the travel & tourism industry, buy the report here.