MainInsights & AnalyticsTourism. Post-COVID-19 Industry Outlook

Tourism. Post-COVID-19 Industry Outlook

140

In August 2020 Moscow Agency of Innovations has prepared an overview of how the tourism industry will change after the COVID-19 pandemic.

Key findings: 

  • The peak of venture investments in TravelTech came in 2018. Although the volume of investments in 2019 fell by 30% compared to the previous year, in general, the positive trend of 2010–2017 continues.
  • If until 2014 the TravelTech market was dominated by investments in American companies, then in 2019 56% of investments fell on Asian countries (China - 44%, Singapore - 7%, the rest in small shares falls on India, Hong Kong, Indonesia). Corporations, primarily airlines and hotel chains, are becoming active investors.
  • In January - April 2020, the bulk of investments in TravelTech fell on business travel platforms (over 30% of the total volume of transactions) and the sector of alternative accommodation (18%).
  • Solutions that allow automating the work of companies will also become more relevant under the influence of the pandemic, as they make it possible to make the work of airlines, hotels, tour operators more efficient. They account for 38% of the total number of transactions and 11% of the total investment in TravelTech.
  • Various participants in the tourism industry agree on the choice of the most promising technologies that will be in demand in the next five years - these are big data and analytics, technologies to reduce the negative impact on the environment (natural and cultural), various mobile applications and platforms.
  • The pandemic will increase the demand for technologies that create a "safe" environment. The organisation of processes and spaces in hotels, transport hubs - airports, railway and bus stations - will be completely rebuilt in such a way as to avoid person-to-person contact.
Read more

Share:

Added:07.17.2020
Latest update:
12.16.2020

Share:

Subscribe to get updates

By clicking the button you agree to Privacy Policy

Add your research

Unless otherwise stated, the content is available under Creative Commons BY 4.0 license

Supported by the Moscow Government