Travel Industry: Online booking market to grow by 93% in 5 years, reveals study

0
363
Stefano Musso, CEO, Primeur (Image Courtesy: Primeur)

The post-pandemic will be the scene of a real boom in the global online travel market: according to Statista, in fact, by 2025 it will nearly double in value, going from 432 to 833 billion dollars. A positive sign also for the European one, projected to reach 324 billion euros by 2023. For Data Integration experts like Stefano Musso, CEO of Primeur, it is necessary to continue to focus on data integration to improve services and the customer experience, as well as internal operational and decision-making processes.

The theme of digitalization has become more and more incessant over the last few years, specifically affecting the online travel market. Booking hotels and flights, renting cars, everything has become a click away through the management of an increasingly huge amount of data. Just think that, according to what was recently reported by Statista, if in 2020 the global online travel market was worth about 432 billion dollars, in just 5 years by 2025 it will reach 833 billion dollars, with an estimated increase of 93%.

A disruptive trend that is increasingly affecting the choices, strategies and investments of the major players in the tourism sector: according to the same body, 65% of the global turnover of the entire sector comes from operations and transactions on online channels. A fast-growing sector which, according to an American 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, because more than half of Europeans’ travel bookings were made online in the pre-pandemic and platforms in the sector 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 the competitive edge especially in online travel.

The importance of Data Integration is also demonstrated by Italian technological excellences appreciated throughout the world such as Primeur, a multinational company specializing in data integration for over 30 years.

“The platforms of the online travel sector are now an intricate ecosystem, made up of many connections with external add-on services, such as the booking of stays complete with flights, overnight stays, cars and the purchase of services and experiences on site. These platforms then find themselves “talking” to a myriad of different systems, with different functionality and languages, but they must be able to deliver a unique user experience. All the movement of data between one application and another, up to the management of payments, must take place “behind the scenes” of the experience of those who navigate and book: automating and securing operations is essential, especially when there is a large amount of data and sensitive information. This is also what Data Integration is for, to make these data travel between the various management, booking and payment systems, in total security, at the right time and in the right format,” explained Stefano Musso, CEO of Primeur.

“The only way to achieve great results through a system that is sustainable over time is to adopt a flexible data integration strategy supported by specific software. All of this must clearly comply with the GDPR regulations and therefore traceability, masking and immediate control over all personal data. We have been doing this in Italy and worldwide for over 30 years, working with the most important Fortune 500 companies. A great satisfaction for an Italian company that is often preferred to the giants of Silicon Valley,” Musso added.

Using Big Data to help online travel companies improve their services and processes is a method shared by research published in Analytics Insight that found that 60% of those who visit a website tend not to return. Optimizing data management therefore helps build consumer loyalty. Furthermore, according to a survey by StratosJets, around 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 each year there are estimated to be over 148 million bookings and 70% of consumers want to do their research using smartphones. According to experts, in fact, a better integration of data would help to improve consumers’ online experiences: 99%, in fact, would like to be able to navigate through personalized searches.

Sea News Feature, July 22

Baibhav Mishra
Author: Baibhav Mishra

Associate Editor, Sea News