In the travel and tourism industry, online travel is evolving with cutting-edge technologies. Companies are strategically patenting innovations to enhance the online travel experience and actively engaging in deals to secure partnerships. Simultaneously, hiring trends are adapting to this dynamic landscape. GlobalData’s Online Travel – Thematic Research report provides an in-depth look at the impact of online travel on the travel and tourism industry by analysing the key trends, and its effect on the value chain and leading companies. 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. These companies have recently acquired patents that will benefit them in terms of online travel technologies and applications. One patent focuses on context-sensitive presentation of content, allowing for the dynamic evaluation of widgets based on conditions such as time and location. Another patent involves determining road work zone travel time reliability using vehicle sensor data, providing valuable information for travelers. Additionally, there is a patent for generating on-demand insurance policies based on contextual data and risk assessment. Another patent involves controlling the operation of a client device via an intermediation server, streamlining communication with provider systems. Lastly, there is a patent for an information processing system that incentivizes users to purchase real travel services based on their virtual travel experiences. These patents will enable the acquirer to enhance their online travel offerings and provide a more personalized and efficient experience for travelers.
The industry experienced a 4% growth in the number of online travel-related patent applications in Q2 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 rise of 16% compared with Q2 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 Q2 2023, the number of online travel-related deals in the travel & tourism industry declined by 19% compared with Q2 2022. On a quarterly basis, there was 13% increase in the number of deals in Q2 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2023, the travel & tourism industry experienced a 32% drop compared with the previous quarter. On an annual basis, job postings also declined by 52%. Notably, management occupations, with a share of 31%, emerged as the top online travel-related job roles within the travel & tourism industry in Q2 2023, with new job postings drop by 24% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 12% in Q2 2023, with new job postings dropping by 58% over the previous quarter. The other prominent online travel roles include office and administrative support occupations with a 6% share in Q2 2023, and business and financial operations occupations with a 6% share of new job postings.
Booking, Expedia Group, TripAdvisor, Trip Group, and Hotelbeds S.L.U. 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, the UK, Germany, Brazil and Australia also maintain significant positions in online travel adoption within the travel & tourism industry.
In conclusion, the online travel sector in the travel & tourism industry is experiencing growth in patent applications and strategic deals. However, there has been a decline in job postings. The US, UK, Germany, Brazil, and Australia are leading in online travel adoption.
To further understand GlobalData's analysis on online travel in the travel & tourism industry, buy the report here.