According to a KPMG and FICCI report in order to improve customer experience the travel and hospitality industries are on a spree in embracing new technologies, different tools and digital platforms.
The report reveals that India was projected to have accounted for 3.7 per cent of the global digital travel sales making it the third-largest market by value in the Asia-Pacific (APAC) region. The online sales of travel booking is likely to increase at 14.8 per cent annually during 2017-21 and in India it is expected to increase at a healthy rate of 14.8 per cent annually from Rs 151.27 crore (USD 22.3 billion) in 2017 to Rs 262.57 crore (USD 38.7 billion) by 2021.
The report says, the proliferation of smartphones, internet and technology-driven tools and platforms is acting as a catalyst for speedy digitisation of the travel and hospitality sector.
While the adoption of these tools, technologies and platforms is rising across the travel and hospitality sector, it may not be considered to be directly correlated with innovation, as innovation is also about the minor tweaks in the ways these tools are utilised to add more value for customers, it added.
As per the report India has got a plenty of technology-driven start-ups in the travel space. And these start-ups are influencing the industry with their niche offerings complementing the traditional players in some ways and disrupting them in others.
Author: Sathish Kumar .S
Sathish works as Project Manager in Teknokraaft and heads our OTA team