The travel and tourism industry continues to be a hotbed of innovation, with business driven by greater consumer desire for personalized offers that enhance the traveler experience, as well as an increased focus on value among a shrinking traveler base. The growing importance of technologies such as machine learning, big data analytics, cloud solutions and cybersecurity is evident. In the past three years alone, more than 15,000 patents have been filed and granted in the travel and tourism industry, according to GlobalData’s Travel Innovation Report: Real-Time Ticket Inventory Management.
However, not all innovations are created equal, nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that mirrors their typical life cycle, from early emergence to accelerated adoption, before finally leveling off and reaching maturity.
Identifying where a particular innovation is on this journey, especially those in the emerging and accelerating phases, is critical to understanding their current level of adoption and the likely future trajectory and impact that ‘they will have.
More than 20 innovations will shape the travel and tourism industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the travel and tourism industry using innovation intensity models based on over 21,000 patents, there are over 20 areas of innovation that will shape the future of the industry.
Within the emerging innovation phase, optimized recharging of travel plans and robot taxis are disruptive technologies that are in the early stages of application and must be closely monitored. Real-time ticket inventory management, LBS social networking and smart route planners are some of the accelerating areas of innovation, where adoption has steadily increased. Among maturation areas of innovation are virtual tour interfaces, which are now well established in the industry.
S-curve of innovation for the travel and tourism industry
Real-time ticket inventory management is a key area of innovation in travel and tourism
Real-time inventory management is an automated process of recording sales, purchases, and inventory through the use of various technologies that help process this data in real-time to provide an up-to-the-minute picture of inventory levels. stocks. In travel and tourism, this technology is used by hotels, airlines, as well as venues and attractions to efficiently manage visitor volumes and improve customer experience.
GlobalData’s analysis also reveals which companies are at the forefront of each area of innovation and assesses the potential reach and impact of their patenting activity in different applications and geographies. According to GlobalData, there are more than 50 companies, spanning technology providers, established travel and tourism companies, and emerging start-ups engaged in the development and application of real-time ticket inventory management.
Key players in real-time ticket inventory management – a disruptive innovation in travel and tourism industry
“Application diversity” measures the number of different applications identified for each relevant patent and broadly divides companies into “niche” or “diversified” innovators.
“Geographical scope” refers to the number of different countries in which each relevant patent is registered and reflects the scope of intended geographical application, ranging from “global” to “local”.
Automaker Toyota is the leading patent filer in this area, as its technologies help fleet-operating companies track inventory on hand versus what’s on the road. For similar reasons, ride-sharing provider Uber is also a major assignee. Entertainment company Live Nation is also very active as one of the world’s leading event organizers and, therefore, ticket sellers. This technology is notable for the lack of travel and tourism companies filing patents. In addition to the companies above, specialist technology firms such as Oracle, Alphabet and SITA are active, suggesting this is an area where travel and tourism operators would prefer to partner with a specialized supplier rather than developing solutions in-house.
To better understand the key themes and technologies disrupting the travel and tourism industry, access GlobalData’s latest thematic research report on key travel and tourism themes for 2022.
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