Travel industry: the online booking market should grow by 93% in 5 years, according to a study
The post-pandemic period will be the scene of a real boom in the global online travel market: according to Statista, in fact, by 2025, it will almost double in value, from 432 to 833 billion dollars. A positive sign also for Europe, which is expected to reach 324 billion euros by 2023. For data integration experts like Stefano Musso, CEO of Primeur, it is necessary to continue focusing on the integration of data to improve services and customer experience, as well as as internal operational and decision-making processes.
The theme of digitalization has become increasingly incessant in recent years, specifically affecting the online travel market. Booking hotels and flights, car rental, everything has become just a click away thanks to the management of an increasingly large volume of data. Just think that, according to what was recently reported by Statista, if in 2020 the global online travel market was worth around $432 billion, in just 5 years by 2025 it will reach $833 billion, with an estimated increase of 93%.
A disruptive trend that is increasingly affecting the choices, strategies and investments of major players in the tourism sector: according to the same organization, 65% of the worldwide turnover of the entire sector comes from operations and transactions on online channels. A fast-growing sector which, according to a US survey by Research And Markets, will have Asia as its most profitable market, with a growth rate of 6.9%, followed by Africa (5.4% ) and the Middle East and North America, which are expected to increase by 4.3% and 4.1% respectively.
There are also positive signs for the European market which, according to PhocusWire, will reach 324 billion euros by 2023. But that’s not all, as more than half of Europeans’ travel bookings were made in online in the pre-pandemic period and on platforms in the pre-pandemic period. will grow by 5% in the coming years. A clear testimony of how data integration represents an indispensable tool to improve services and customer experience as well as internal operational and decision-making processes, increasing competitive advantage, especially in online travel.
The importance of data integration is also demonstrated by Italian technological excellences appreciated worldwide such as Primeur, a multinational specialized in data integration for more than 30 years.
“Online travel industry platforms are now a complex ecosystem, made up of many connections with external complementary services, such as booking complete stays with flights, nights, cars and purchasing services and experiences on site. These platforms then find themselves “talking” to a myriad of different systems, with different functionalities and languages, but they must be able to deliver a unique user experience. All movement of data from one application to another, right up to payment management, must take place “behind the scenes” of the experience of those who browse and book: automating and securing operations is essential, especially when there is a large volume of data and sensitive information. This is also what Data Integration is for, transporting this data between the various management, reservation and payment systems, in complete security, at the right time and in the right format,” explains Stefano Musso, CEO of Primeur.
“The only way to achieve great results from a long-lasting system is to adopt a flexible data integration strategy supported by specific software. All this must clearly respect the GDPR regulations and therefore the traceability, masking and immediate control of all personal data. We have been doing this in Italy and around the world for more than 30 years, working with the most important Fortune 500 companies. A great satisfaction for an Italian company often preferred to the giants of Silicon Valley,” added Musso.
Using Big Data to help online travel agencies improve their services and processes is a method shared by a study published in Analytics Insight which found that 60% of those who visit a website tend not to return. Optimizing data management therefore helps to retain consumers. Additionally, according to a survey by StratosJets, approximately 700 million people will make online reservations by 2023 and 83% of American adults prefer the web to traditional travel agencies. But that’s not all, because every year, more than 148 million reservations are estimated and 70% of consumers want to do their research via their smartphone. According to experts, better data integration would help improve consumers’ online experiences: 99%, in fact, would like to be able to navigate personalized searches.
Sea News report, July 22