TravelTech Show: AI a top priority for travel investment
New data from TravelTech Show has revealed the latest key trends and priorities for travel companies.
Most significantly, 62% of travel buyers said they expect their budgets to increase over the next 12 months with over a quarter (28%) expected to be by as much as 20% more.
Tech leaders will gather next month for the TravelTech Show from 19 – 20 June 2024 at ExCeL, London.
Travel AI looks set to take the lion’s share of those budgets with over half (56%) stating they are planning to invest in it over the next year.
This is followed by booking and reservation systems for 32% of respondents and mobile and apps for 20%.
In a similar vein, 80% also stated they plan to increase their use of AI specifically in the year ahead.
Nearly a third expect to see it having the biggest impact on customer service and customer experience.
Often seen as a key driver for bookings social media looks set to be in potential decline as websites were voted as the best for driving bookings (40%), followed by OTAs at 20%.
Social media shared joint third position for 16% of buyers.
Over two thirds of respondents (68%) stated that technology is helping to mitigate the impact of inflation and staff shortages.
More broadly the main benefits of technology are seen as increased efficiency (32%), followed by increased revenue and profitability.
Nimet Sayeed, Event Manager, TravelTech Show said, “Unquestionably travel companies are keeping a keener eye than ever before on attracting new bookings, response rates and meeting customer needs.”
“New solutions entering the market offer a practical and effective roadmap to achieving these objectives.”
Around 100 travel and travel technology company representatives took part in the survey conducted in April 2024.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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