About 3.8 billion people traveled by air in 2016 and the number is growing. Not only do most people travel by plane, during covid but the type of travel also changes. Vacation trips are only for a few people. Millions of passengers and thousands and thousands of passengers will also need the international travel experience. Additionally, processes such as shared driving, alternative accommodation, and cell phone use are changing the way people interact and spend money with travel and hospitality (T&H) companies.
The travel supply chain is also volatile due to high imports into the travel environment. In the past 18 months alone, funding for travel initiatives has nearly doubled over the past eleven years.
For traditional and R&D companies, this crisis poses three major challenges:
• Receive new guests and travelers in the face of major demographic changes for the factory’s customers
• Keep guests and travelers ahead of the competition
• Difficult to compete with exciting participants at the start of the journey.
The good news is that modern businesses have many levers they can turn to solve these problems, those levers are getting stronger with new technologies. The challenge for T&H companies is to distinguish between a mix of technologies, including Internet of Things (IoT) answers and research. This ISG white paper examines how research and development companies can find an IoT solution to address today’s challenges and identify new opportunities to connect with customers.