The future of Travel & Tourism: Technology is driving significant change growth is on the horizon
Table of Contents
Executive summary 2
Airline industry is striving for innovation amid difficult trading conditions 2
Hotel market not changing as dramatically as once thought 2
People are going on different types of vacation, changing the market 2
The business of selling holidays is changing 2
The Travel insurance industry has many options for innovation 3
Airline industry is striving for innovation amid difficult trading conditions 8
Sustainable airlines are minority in industry where margins are thin 8
Consolidation is reaching logical limits in United States - Europe will likely follow 9
Ancillary and additional charge revenue becoming more important to airline balance sheets 10
Online platforms now attracting large investments from leading players 11
Airlines are harnessing social media in bid to attract larger audience 12
Hotel market not changing as dramatically as once thought 14
The global hotels market is growing quite well driven by key trends in technology 14
Global occupancy rates are good particularly in Europe and Asia 15
The UK is about to experience a large spike in room numbers 15
Airbnb is a popular phenomenon, but hotels are strong regardless 16
Airbnb can never standardize its service the way hotels can 17
Airbnb is trying to move into the enormously lucrative business space 18
Airbnb might need to consider a substantial rewards system 19
There has been a boom in hotel booking websites, who have considerable power 19
Attracting millennials to hotels is entirely possible with some changes 20
People are going on different types of vacation, changing the market 22
Helped by growing interest from new markets, cruises are attracting enough attention for the fleet to expand 22
Prone to fluctuations caused by outside influences, package vacations are here to stay 23
More people are choosing to travel alone, changing the focus of travel and tourism market 24
City trips are set to dominate travel and tourism for a long time to come 25
The business of selling holidays is changing 27
Online is now the dominant method of buying and selling holidays 27
Tourist boards and travel companies now increasingly use Instagram to reach customers 28
Holidays with millennials are less traditional and tend to favor "instagramable" experiences 29
Prices are now similar for Instagram posts and for TV advert buys 30
Deploying technology to help improve and sell the holiday experience 31
Deploying AR and VR as a method of selling holidays and showcasing the experience 32
Using the Internet of things to customize and sell 32
The Travel insurance industry has many options for innovation 34
The insurance industry has been slow to evolve but is now changing significantly due to disruptors 34
Personalized products and increased connectivity are a boost to convenience 34
Full automation is a prime example of how costs savings can be made 34
Big data is changing how insurers do business, allowing better fraud detection and tailoring policies to individual consumers 35
The development of flight delay policies is a major benefit 37
The nature of the travel insurer is going to change 38
Key Findings 40
Appendix 41
Sources 41
Further Reading 41
Ask the analyst 42
About MarketLine 42
Disclaimer 42
List of Figures
Figure 1: Air-France KLM net income 2005 to 2017 (EURm) 8
Figure 2: Air Berlin 10
Figure 3: Ryanair net income 2007 to 2016 (EURm) 11
Figure 4: MyRyanair App 12
Figure 5: Emirates Instagram page 13
Figure 6: Global hotels and motels market 2012-2016 15
Figure 7: Hotel chains and Airbnb valuation compared Sept 2017 $bn 16
Figure 8: Airbnb and hotel prices compared in US cities $ 17
Figure 9: Net income of the top public hotel chains ($m) 18
Figure 10: Hotel chains and Airbnb total room listings millions 19
Figure 11: Hilton Canopy hotel room, Reykjavik 21
Figure 12: Fincantieri shipyard, Trieste 22
Figure 13: Global hotels and motels value ($bn) 2010 to 2016 24
Figure 14: Traveling alone growing in popularity 25
Figure 15: Seville, Spain 26
Figure 16: Survey, customers that booked a holiday through channel in 2017 27
Figure 17: Age groups and their preferred methods of booking holidays 28
Figure 18: Survey asking 1000 millennials the most important factors when booking holidays 29
Figure 19: Travelling focused on social media content 30
Figure 20: Instagram holiday destination content and products 31
Figure 21: AliveCor Kardia EKG analysis app for i-watch 36
Figure 22: Allianz travel smart app 38
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