RevUp Hospitality · 23 Jul
Travel and Tourism accounted for approximately $8 Trillion of the world economy in 2018 and 10% of the worlds work force a 6% increase from 2017 and no foreseeable signs of slowing. The travel industry is directly tied to global consumption growth and as wealth and populations continue to grow, demand for travel products will continue to expand. With statistics like this it should come as no supersize that there is a rush to jump into the market, the industry has a long history of failing to drive change and transform internally. "The travel and hospitality industry as a whole has taken a lot of criticism for its inability to drive innovation from within," — Lio Chen Managing Director of Plug and Play Travel. But this may be about to change, many of the major players have begun taking notice and since 2008 the "travel-tech" sector has attracted over $19B+ in investments and with Amazon and Google both deciding to step back into the industry these numbers are only going to grow. While it's been slow moving Travel Tech is likely on the verge of bringing T&T into the modern era. Plug and Play has a vertical dedicated to travel startups, Airbnb is only the first in a series of tech companies to start disrupting the status quo. The market is prime for disruption as personalization, AI and Blockchain are all integrated into what will be a new era of tech innovation.