Generative AI still dominates headlines and conference discussions. However, it’s not the only travel-related technology influencing business operations today – or likely to affect them in the near future.
There are a couple of straight-forward trends in the travel industry. – one, the travel demand is very resilient, proving that it can and will bounce back from critical situations, like it did post the Coronavirus pandemic, and second, travel businesses that don’t adopt emerging technologies don’t go very far in the race.
Generative AI is clearly one of the biggest emerging technologies to pay attention to in the travel industry. However, there are other developments in travel tech that influence how businesses in the industry will operate in the coming years.
For today’s topic, we will discuss the rising use of emerging tech in the travel industry, and the trends to watch out for in 2024 and beyond. Let’s get started!
Also Read: How AI is Changing Recruitment; And Why You Need the Right Partner for Your Recruitment Efforts
Generative AI was driving efforts to optimize everything, from customer interfaces to back-end operations in 2023. This year has been all about efforts from businesses to start operationalizing.
Emerging technology comes with a lot of hype and hyperbole. Most businesses have been focused on integrating GenAI into their own assets. This led to common themes in applications travel companies have used, including chatbots, virtual assistants, and review summaries from the customer aspect, help for CX agents and text translation.
As far as the results are concerned, the results are mixed so far. Travel companies have indicated that GenAI-powered products with a few benefits save customers time, getting them deeper into the funnel quickly, while also driving engagement and, in certain cases, revenue.
That being said, Expedia, a renowned travel company, says its ChatGPT integration has had minimal impact on either their conversion or revenue. In fact, it was quite interesting to hear Expedia’s former CEO Peter Kern mention last year that the opportunity for AI to plan an entire trip is quite exaggerated.
There are a few technologies, like VR/AR, Web3, IoT, etc., that go under-appreciated. On the flip-side they have a huge capability to be leveraged in a better and more lucrative way for the travel industry.
One reason behind this could be the fear of new technology disrupting the already-established human touch. There’s probably very few industries that have more access to consumers and data points; but the problem lies with poor execution.
Corporate travel is poised to return to the pre-COVID spending levels soon. The challenge here comes with compensating video conferencing with an increased demand for in-person connections. This poses as a challenge since thousands of companies across the globe are pledging to control emissions and meet sustainability goals.
Yet, the catch for companies in the business travel sector is that the easiest way for corporations to meet sustainability goals on emissions is to cut back on air miles. Such environmental pledges will dent the corporate travel figures in years to come.
The companies most at-risk are the ones focused on serving corporate travel needs. The rebound after COVID-19, that is, high prices and growing demand, have made up for some of the billions in travel spend cut from budgets. However, as soon as the economy weakens, businesses will have a great excuse to cut back on travel spend, the excuse named ‘environment’.
The state-controlled digital currencies, which act as the digital version of a country’s currency, seeks to connect the promised efficiencies of crypto with the stability of traditional banking.
According to the Atlantic Council, 134 countries and currency unions that represent 98% of world’s GDP are exploring CBDCs (Central Banking Digital Currency). This number was just 35 in the year 2020. Considering how slow the travel industry was with the adoption of digital payments, travel companies should evaluate global markets to be prepared for advancement of this trend.
The travel industry is on the brink of a technological revolution, driven by generative AI, mixed feedback and ROI, and other advancements in the economy. It is clear that adopting these emerging technologies will be very crucial for travel businesses that aim at staying competitive and meeting CX expectations.
At Paramount Software Solution, we specialize in leveraging cutting-edge innovations and emerging tech to help travel companies compete in the changing indices. Our expertise in Blockchain, AI, and other emerging technologies enables us to offer tailored solutions that enhance operational efficiency, improve CX, and drive growth.
Want to know more about our solutions for businesses in the travel industry? Connect with us today!
Paramount Software Solutions - Copyright 2025. All rights reserved.
Developed by 
