The tourism and travel industry has rapidly evolved over recent years. However, the industry has started slowing down of late. For example, it created 319 million jobs in 2018 and contributed $8.8 trillion to the global economy. Most travel providers face stiff competition from established firms such as Betway. It is important for them to remain relevant to have an edge over their rivals. In this post, we explore how we can bridge the gap between travel and technology and its importance.
What is Travel Tech?
Travel tech is a dynamic industry which is often difficult to make tech start-ups and established corporations to collaborate. Itai Green is a renowned travel tech organization. Itai, who founded Innovate-Israel.com, is an expert in Corporate Open Innovation. He attended The Hellenic Chamber of Hotels (HCH) launch event of Capsule T.
The keynote speaker dwelt on how tech startups and corporations can partner. Most large businesses do not collaborate with niche startups. They face unique problems which such startups can easily solve. Some investments have become obsolete over the years.
The Current State of Travel Tech in the World
Travel tech is rapidly developing worldwide. More investments are currently specializing in this niche. Israeli startups were dominant in the travel niche. However, they are facing competition from other global businesses. It is essential to embed innovation in tourism for it to thrive. Some entrepreneurs partner with third parties to remain competitive.
Some investors think that what they achieved in the recent past will sustain in the future. On the contrary, you need to adopt innovations in your business regularly. Technology develops fast. Itai founded ITTS to make Israel the leading nation in travel tech and assist entrepreneurs to get funds from strategic partners such as airlines, hoteliers and travel agents. He started the organization, as a WhatsApp group comprising of 20 investors. It is an ideal networking platform for upcoming investors.
Why Do Some Startups Focus on Travel Tech?
Companies that solely depend on internal R&D departments lag behind in travel tech. The Israeli ecosystem allows investors to transform their solutions and technology to travel. For instance, most AI investors make final decisions depending on the market which approaches them first. Bookmakers such as Betway88 Thai use AI to offer an enjoyable gaming experience.
Itai has several travel tech startup representatives such as Pruvo. Besides, the startup helps hoteliers sell a wide variety of rooms without relying on intercessors such as Online Travel Agencies.
ITTS links multinationals such as Betway to the Israeli market. They have several travel agents and hoteliers that are willing to collaborate with such firms. It helps ITTS learn about their problems and interests to offer appropriate solutions from the local market. The startup organizes meetups with Google and Visa.
Countries such as Greece offer excellent opportunities for fintech and travel tech startups. You can integrate your technology in a Greek investment, unlike the Israeli market which is quite small. ITTS helps academic institutions and enterprises collaborate with renowned firms to increase their clientele. The travel industry has increased demand and stiff competition.