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The Future of AI in Hospitality: 6 Trends Pushing Innovation

Artificial intelligence (AI) is already on its path to reshape the hospitality industry, improving guest experiences from booking to room preferences. It is also helping companies offer more personalized experiences, eliminating wasteful practices, and improving operational efficiency.

That said, AI is still a relatively new technology in the hospitality industry, and there are no doubts that it will continue to drive innovation in sectors like lodging, tourism, transportation, food service, and more.

In this blog post, we’ll dive deeper into the future of AI in hospitality , examining emerging trends that are set to modernize the industry further. We’ll look at AI’s future impact on the industry as a whole and how cutting-edge technologies like aiOla speech AI are helping companies stay ahead of the competition.

Emerging AI Technologies in Hospitality

New AI technologies are set to redefine standard practices and automate workflows in the hospitality sector, and surveys show guests are actually expecting it. According to The 2024 State of Hotel Guest Tech Report, 58% of guests believe that AI can improve their hotel stays. Below, we’ll explore some of the key advancements paving the way for a more interconnected guest experience.

Advancements in Machine learning (ML)

ML is helping companies improve predictive analytics capabilities with more detailed customer insights. Thanks to ML algorithms, companies in the hospitality sector can analyze large quantities of data from different sources, like interactions, feedback forms, bookings, and others, and identify trends and individualize preferences. This can help businesses like hotels anticipate guests’ needs, optimize pricing, and offer tailored experiences.

AI-Driven Personalization

Personalization is key in hospitality, driving customers to stay loyal to brands. Future trends in AI point to more sophistication when it comes to personalization, such as experiences tailored in real-time based on preferences, data, and past behavior. This can be personalizing room settings, dining recommendations, and even entire itineraries. In the future, AI will further empower hospitality companies to cater to guests with more unique and memorable experiences.

Integration with the Internet of Things (IoT)

IoT technology is making various environments smarter and more connected and when paired with AI, can truly make experiences more unique. IoT devices like lighting fixtures, thermostats, and voice-powered assistants can be powered by AI to adjust based on guest preferences. This makes experiences related to travel and lodging more comfortable and convenient while simultaneously optimizing operational efficiencies for providers.

Future Trends of AI in Hospitality

As AI continues to be embraced throughout the hospitality industry, new trends are appearing that show a move towards greater personalization, automation, operational efficiency, and sustainability. Let’s take a look at a few trends that are likely to impact the future of AI in hospitality.

1. Predictive Personalization

Through AI, hospitality service providers can better anticipate guest needs before they even make a request by looking at previous booking data, social media activity, and real-time interactions. Companies can offer personalized recommendations for activities, room settings, and dining, creating a customized guest experience to increase satisfaction. According to a European Hotel Industry survey, 56% of respondents expect generative AI to help the industry with customized marketing campaigns and 52% expect it to provide more personalized support.

2. AI-Driven Inventory Management

In hospitality, it’s critical to reduce waste and streamline inventory management. With AI systems in place, companies can predict demand by analyzing historical data and booking trends along with other factors like local events and weather. Hotels and restaurants can use these systems to optimize stock levels which helps them minimize waste, reduce costs, and develop a more sustainable operation.

3. Automated Staff Scheduling

In hospitality, scheduling staff around the clock can be challenging, but with AI-powered tools that analyze occupancy rates, events, and even employee performance, schedules can be optimized. These systems can examine staff availability with predicted guest demand, ensuring there are enough employees scheduled to deliver top-tier service and creating more balanced work schedules for stronger employee satisfaction.

4. Predictive Maintenance

Traditionally, maintenance schedules often led to downtime or unexpected equipment failures. For example, in a hotel, a faulty air conditioning system or broken elevators can make guest experiences less pleasant. With AI at the helm, systems can predict when equipment is likely to fail based on sensor data, usage patterns, and historical performance. Then, maintenance can be scheduled before a potential breakdown occurs, which ultimately helps companies save on costs and avoid service disruptions.

5. Sustainable Practices

AI plays an essential role in promoting sustainability in the hospitality industry. With AI systems able to optimize energy usage and reduce waste such as food waste and water consumption, companies can operate in a more eco-friendly way. For example, in accommodations, AI can automatically detect when guests are in a room and adjust temperature and lighting, reducing energy consumption when they’re not around.

6. Green Technology Integration

Aside from just optimizing existing resources, AI can be integrated with additional green technologies. For instance, AI can help teams manage sustainable energy sources such as solar panels to guarantee efficient use. Using technology like computer vision and IoT, AI can also help teams monitor programs such as recycling or the use of biodegradable materials, helping hospitality companies reduce their environmental footprint.

7. Guest Security and Safety

Employee’s eyes can’t be everywhere, but with AI technologies like computer vision and sensors, systems can alert staff members in hotels and accommodations when there’s suspicious activity for strong safety in properties. Additionally, AI can be used in guest-facing roles to help facilitate check-in and security measures with facial recognition technology as well as voice recognition .

Speech AI and Its Impact on Employees

Speech AI is another technology that’s changing the way the hospitality industry operates, particularly in how employees work. By implementing cutting-edge speech AI technologies, such as aiOla , companies can make their daily operations more efficient and ensure they’re getting the most out of their teams. Here’s a look at how speech AI with a system like aiOla can simplify workflows:

• Streamlined internal communication: Systems activated by voice allow staff to send and retrieve information quickly without using multiple platforms. With aiOla, data can be accessed and collected just by speaking, which improves collaboration and speeds up response time.
• Automating administrative tasks: Tasks like generating reports, data entry, and scheduling can take up time that could otherwise be reinvested in improving guest experiences. With speech AI, employees can complete manual tasks just by speaking, freeing up time for more customer-centric activities.
• Real-time support and assistance: Speech AI technology like aiOla can help teams immediately access operation support, troubleshooting guides, and documentation by requesting and receiving information through speech. This can help teams reduce downtime and ensure operations run more smoothly, particularly during peak periods.
• Multilingual support: Hospitality requires diverse teams, which means communication barriers can occur. With speech AI like aiOla that understands over 100 different languages including various accents and dialects, teams can access real-time language translation for better communication, enhancing teamwork, and improving service.

The effect of implementing speech AI technology like aiOla can be felt not only on your workforce but on customers, too. When employees work more efficiently, guests and customers can feel the difference. Not only will employees free up more time to focus on assisting guests, but by automating tasks with AI, manual errors are reduced, resulting in an overall higher service quality that guests can feel.

The Future of AI in Hospitality: Transforming an Industry

When we look towards the future of the hospitality industry as a whole, there’s no doubt that AI will play a lead role in innovating and transforming work processes. With AI technology like aiOla making it easier for employees to work collaboratively, quickly, and error-free, the expected service levels in the industry can rise to meet customer demands without incurring a steep increase in additional manpower or resources.

Book a demo with an aiOla expert today to see how our technology can improve your hospitality business.

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Opinion The top travel-tech trends set to revolutionize tourism in 2023

Technology-driven innovations are reshaping the travel industry, with smart hotels, ar/vr experiences, contactless solutions, and ai-powered personalization leading the way towards a more seamless and efficient travel journey.

• FairFly rebrands as Oversee, adds Rapyd CEO Shtilman to board
• HyperGuest raises $23 million Series A to connect hotels, suppliers, and travel distributors
• Travel insurtech startup Faye lands $10 million in Series A

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Top 10 Hospitality Trends & Innovations in 2023

Are you curious about which trends & startups will soon impact your hospitality business? Explore our in-depth industry research on 1 980 Hospitality startups & scaleups and get data-driven insights into technology-based solutions in our Hospitality Innovation Map!

The hospitality industry was massively hit during the COVID pandemic. Today, as travel resumes and countries across the world remove travel restrictions, the tourist inflow is more than ever. This forces hotel and property owners to automate manual tasks via advanced technologies such as AI, robotics, contactless technologies, and IoT devices, to save time and money. In addition, tourists expect a better guest experience which leads to the adoption of voice technology, chatbots, immersive technology, and other in-room technologies. This data-driven report examines the top hospitality trends and innovations impacting companies in 2023.

Innovation Map outlines the Top 10 Hospitality Trends & 20 Promising Startups

For this in-depth research on the Top 10 Hospitality Trends & Startups, we analyzed a sample of 1 980 global startups and scaleups. The result of this research is data-driven innovation intelligence that improves strategic decision-making by giving you an overview of emerging technologies & startups in the travel, tourism, and hospitality industries. These insights are derived by working with our Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform , covering 2 500 000+ startups & scaleups globally. As the world’s largest resource for data on emerging companies, the SaaS platform enables you to identify relevant startups, emerging technologies & future industry trends quickly & exhaustively.

In the Innovation Map below, you get an overview of the Top 10 Hospitality Trends & Innovations that impact companies worldwide. Moreover, the Hospitality Innovation Map reveals 20 hand-picked startups, all working on emerging technologies that advance their field.

Top 10 Hospitality Trends & Innovation

• Artificial Intelligence
• In-Room Technology

Internet of Things

• Immersive Technology
• Internet Marketing
• Sustainability
• Touchless Technology
• Personalization
• Connectivity

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Tree Map reveals the Impact of the Top 10 Hospitality Trends

Based on the Hospitality Innovation Map, the tree map below illustrates the impact of the Top 10 Hospitality Trends. Startups and scaleups are developing solutions to bring digitalization and automation to the hospitality industry. This is why artificial intelligence and in-room technologies such as keyless doors, online ordering, and integrated guest applications are the top trends in the industry. The competitiveness in the industry makes organizations adopt IoT & connectivity, immersive technologies, robotics, personalization, and internet marketing to achieve maximum guest satisfaction and attract more customers. Additionally, increasing consumer awareness encourages hotels and restaurants to adopt sustainable practices to reduce their carbon emissions.

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Global Startup Heat Map covers 1 980 Hospitality Startups & Scaleups

The Global Startup Heat Map below highlights the global distribution of the 1 980 exemplary startups & scaleups that we analyzed for this research. Created through the StartUs Insights Discovery Platform, the Heat Map reveals high startup activity in the US, UK, and India.

Below, you get to meet 20 out of these 1 980 promising startups & scaleups as well as the solutions they develop. These 20 startups are hand-picked based on criteria such as founding year, location, funding raised, and more. Depending on your specific needs, your top picks might look entirely different.

Top 10 Hospitality Trends & Innovation in 2023

1. artificial intelligence.

The ability of artificial intelligence to do traditionally human tasks at any time of day means that it is becoming more and more significant in the management of the hotel industry. This would imply that hotel owners can save a lot of money, get rid of human mistakes, and provide better service. Through the implementation of AI, a lot of tasks can be automated, such as price forecasting and predictions through historical data to improve hospitality services.

Sysotel automates Revenue Management

Sysotel is an Indian startup that develops an automated revenue management platform, SYSIRMS , for the hospitality sector. SYSIRMS uses artificial intelligence along with human inputs to automate the process of market research, demand forecasting, and pricing analysis. The system further extracts hotel data to give insights into inventory and customer management. The startup also offers SYSCM for managing the bookings through various online listings. Its solutions allow hotels to automate their processes and have competitive prices to increase their revenue.

Proppos builds a Food Items Recognition Solution

Proppos is a Spanish startup that offers FastPay, a self-checkout solution for restaurants. The solution is a plug-and-play installation that uses computer vision and artificial intelligence to automatically recognize food items and generate the bill accordingly. The startup’s food recognition platform is customizable and allows clients to train and deploy models for various checkout needs. In addition, the solution minimizes the customer wait timing and queues at billing counters of restaurants, airports, and train stations, resulting in higher productivity and customer satisfaction.

2. In-Room Technology

The air conditioning and the temperature are the two areas of smart technology that are most frequently encountered in hotel rooms. Customers can now remotely control their rooms thanks to the recent launches of digital devices and apps by big companies like Hilton Hotels.

Tmrw Hotels offers Digital Guest Systems

Tmrw Hotels is a Hungarian startup that builds advanced digital guest systems to enhance guest satisfaction throughout its customer journey. The startup’s phone application digitalizes and automates the processes of bookings, check-in, check-out, upselling, and payments. The application works as a digital key hence eliminating the need for a physical key or keycard. In addition, it offers an integrated payment platform for self-checkout and electronic invoices. The startup enables hotels, hostels, and Airbnbs to save costs while increasing efficiency and reducing their carbon footprint.

Jurny provides Application for Device Control

Jurny is a US-based startup that offers Software-as-a-service-based management solutions for hospitality businesses. The startup’s Access Control System makes it possible to control several devices through one application. The user can integrate and remotely control devices such as a smart thermostat, cameras, co2 & noise sensors. Further, the startup also offers solutions for AI-based pricing, automatic guest screening, and reputation tracking. The startup’s solutions allow hospitality management companies to save time and enhance their overall guest experience.

3. Internet of Things

IoT-connected gadgets are used to improve the visitor experience and the hotel management system for workers and administrators in a smart hotel. The hospitality sector has good potential to improve smart hotel rooms with automation systems. The convenience and comfort of the guests are boosted, and the efficiency, cost savings, and contentment of the guests benefit hotel owners and operators.

MYRA builds a Self Check-in Kiosk

MYRA is a Spanish startup that develops a self-check-in and check-out kiosk for hotels. The Myra STAND is a self-check-in kiosk that comes with a 15.6-inch touchscreen display, an inbuilt ID scanner, a keycard dispenser, a high-resolution camera with an active infrared, and an integrated payment solution. The kiosk comes with an integrated firewall and uses encryption for secure communication and data protection. The kiosk is fully customizable as per the hotel’s requirements. The startup also offers other self-service solutions such as Myra COMPACT , Myra Zip , Myra ONLINE , and Myra BOLT . The technology allows hotels to speed up the guest arrival process and increase operational efficiency.

Kartan Technologies provides IoT-based Employee Monitoring

Kartan Technologies is an Indian startup that develops IoT solutions for the hospitality industry. The startup’s end-to-end mobile application and web solution enable IoT-based employee monitoring. Each employee is given a digital ID card which allows them to mark smart attendance, and auto-update entry and exit times. The employers are able to track the geo-locations of the staff and assign tasks accordingly. The solution further ensures that no guest is left unattended and gets service on time.

4. Immersive Technology

According to a recent survey, the increasing use of immersive technologies like augmented and virtual reality will push consumer-facing companies, like those in retail, consumer goods, and travel, to increase investment in new capabilities and experiences to blend physical and virtual worlds. If they don’t, they risk falling behind.

Hotelverse offers a Hotel Immersive Experience

Hotelverse is a Spanish startup that develops an API platform for an immersive experience of the hotel. The startup has built innovative UX processes that allow property owners to showcase a 3D digital twin of their hotel to the customers while booking their stay. Its API platform integrates with any booking engine or property management system. Hotelverse enables guests to have a virtual tour of a room, restaurants, spa, garden, and other amenities of the hotel. As a result, hotels are able to up their sales and eliminate the middleman for bookings.

Aryel offers SAAS Marketing Platform

Aryel is an Italian startup that offers a Software-as-a-service marketing platform to make marketing campaigns engaging with augmented reality (AR). The custom webAR allows travel agencies and hotels to create AR content through drag and drop feature without having to code. The software comes with ready-to-use photos, graphics, and 3D models. The hospitality industry’s AR advertising engages potential customers from across the globe without having to worry about language barriers.

5. Internet Marketing

Social media is crucial for marketing in the hospitality sector. To attract visitors, employ eye-catching graphics, informative content, and good testimonials. If you back these up with a positive customer experience, you’ll see that your fan base is continually expanding.

Ezus builds a Travel Software

Ezus is a French startup that builds travel software to simplify tour planning for travel companies. The software allows travel agencies to manage their website and construct their itineraries. The tool comes with an integrated CRM system, invoicing system, map itinerary, and project pipeline. Travel agencies are able to customize their own budget builders and manage suppliers through a single tool. The startup allows travel planners to attract more customers and efficiently sell custom trips.

HotelPort Monitors Content Accuracy

HotelPORT is a US-based startup that offers content accuracy monitoring through its propertyVIEW solution. PorpertyVIEW combines human intelligence along with AI and machine learning technologies to audit the content on hotel and third-party websites. The solution checks the accuracy of all descriptions, pictures, and amenities and generates an accuracy score for hotels and restaurants to make improvements. The solution attracts potential guests via quality content and increases revenue.

6. Sustainability

There are numerous advantages to using sustainability in the hospitality industry. In addition to bringing in more clients and appropriately addressing what many see as a moral duty in light of the current climate catastrophe, sustainable initiatives provide incentives for hospitality firms.

Wayaj gives Hotel Sustainability Ratings

Wayaj is a US-based startup that offers sustainability solutions for the hospitality sector to know and reduce their carbon footprint. The startup develops a B2C booking platform, Alight that lists sustainable accommodations. The platform allows responsible travelers to make reservations at sustainable hotels and resorts and gain carbon offsets during their checkout. It also develops a hotel sustainability rating (HSR) that gives eco scores to a hotel based on 7 sustainable practices. Further, the startup’s proprietary software, IMPPACT consists of a carbon footprint calculating engine (CFC Engine) and possible sustainable actions for neutralizing the carbon footprint.

Sunsai Nature provides Eco-friendly Products

Sunsai Nature is a German startup that offers eco-friendly products to restaurants and hotels as an alternative to replacing single-use plastic products. Its product range includes paper straws made of recycled paper, compostable takeaway boxes, as well as biodegradable spoons, knives, and folks. Other than cutlery items, the startup also sells bamboo toothbrushes, bamboo combs, reusable laundry bags, and biodegradable vanity sets. The startup’s products allow hotels and restaurants to reduce their plastic waste production significantly.

7. Touchless Technology

A touchless check-in and check-out process is one of the top concerns for guests trying to avoid the busy front desks. Hotels must make investments in more flexible booking strategies through specialized booking engines or online distribution channels as more customers make their bookings online. With a remote digital concierge system that is intended to smoothly handle end-to-end operations contact-free, Hotelogix led this fundamental transition on a global scale. We have prioritized safety for both guests and workers with contactless choices for check-in/out and touchless services for reservations without affecting the integrity of the system, which is connected centrally through the cloud.

Loxe converts Smartphone to Hotel key

Loxe is a US-based startup that develops end-to-end solutions for mobile keys. With the startup’s mobile application guests unlock their doors through their phones, eliminating the need for a physical key or a keycard. In addition, the startup’s mobile app also allows guests to access other room services with just a few clicks. Further, the startup upgrades the existing locks of the hotels to mobile-ready door locks, by connecting a Bluetooth module to keycard door locks. The solution offers guests greater convenience while opening new revenue streams for hotels.

TablePort builds Contactless Order & Payment Solution

TablePort is an Israeli startup that develops a solution for contactless ordering and payments at restaurants and hotels. Once the customers scan a hotel’s QR code through their mobile device, they are able to place their order from an intuitive and personalized menu. As soon as the order is placed and completed payment is made automatically. The digital solution reduces the wait time for customers and makes ordering as well as bill settlements fast and efficient.

8. Robotics

Modern robots can be either autonomous or semi-autonomous and may make use of artificial intelligence (AI) and speech recognition technology. With that being said, most robots are programmed to perform specific tasks with great precision, with an example being the industrial robots seen in factories or production lines. The use of artificial intelligence within the field of robotics is one of the most exciting and promising applications for individuals and businesses operating within hospitality management.

MiRobots develops Customizable Robots

MiRobots is an Indian startup that provides robots for the hospitality industry. The startup programs the robots with artificial intelligence algorithms and customizes them according to the specific task. For instance, humanoid robots work as check-in robots at hotels to automate the task and disinfection robots for cleaning and sanitizing spaces so that humans are not exposed to germs. Similarly, the delivery robots ensure contactless food deliveries in restaurants. The startup allows the hospitality industry to automate a lot of operational tasks with the help of robots.

Bear Robotics builds Restaurant Service Robots

Bear Robotics is a US-based startup that builds serving robots for hospitality management. Autonomous mobile robots (AMRs) are useful for taking orders to the tables or clearing empty dishes from the tables. The robots are a combination of agile movement with a versatile design and come in two models; Servi and Servi Mini . The robots are capable of serving heavy drink orders, multiple food trays, and bussing tables with a bussing tub. This allows the staff to focus on customer experience and satisfaction.

9. Personalization

The purpose of personalization is to improve the customers’ experiences and answer their needs more effectively and in a shorter time. This way interactions between the company and the buyers are easier and the satisfaction of the latter is increased. It is tailoring our offer to our individual customers.

Flavor enables Personalized Food Ordering

Flavor is a US-based startup that develops a food ordering application with a personalized layout for each user. The application, with the help of user history and predictive analytics, personalizes the menu of each food outlet by hiding the dishes that the user does not like. Further, the application also notifies the user if a dish they like from a menu has a new ingredient that they don’t like. The food app helps restaurants grow their sales by making food ordering easier and adding a 5-second video of each dish.

Upswing provides a Guest Intelligence Platform

Upswing is an Indian startup that offers data-driven cognitive solutions for the hospitality industry. The startup’s guest intelligence dashboard solution, AURA , is powered by guest data, artificial intelligence, and machine learning. The platform is partially hosted on a private or consortium blockchain. AURA uses data from multiple sources to give a full insight into the guest’s likes, dislikes, preferences, and purchase patterns. The solution allows hotels to create a personalized experience for each guest and serve them in the best possible way.

10. Connectivity

The Internet of Things, room automation, artificial intelligence, and virtual assistants such as Amazon’s Alexa are making headway in the hotels and hospitality sector, but none of this is possible without the right foundation of secure connectivity. No matter how luxurious your hotel, how sumptuous the food, or how relaxing the spa is, if you don’t offer secure connectivity and mobile guest services, you are unlikely to fill your rooms.

LEVL offers Device Intelligence

LEVL is a US-based startup that offers a full-stack device intelligence solution for hotels. LEVL’s patented solution assigns a unique identifier ( LEVL-ID ) to every individual device on the network. It identifies and verifies all devices accessing the network with a passive out-of-band approach. In addition, it helps recognize what type of devices are using the network along with their activity analysis. It is a simple plug-in solution that allows hotels to enhance their wifi network services without compromising users’ data privacy.

F3TCH converts Smartphones into Hotel Telephone

F3TCH is a US-based startup that develops a patented mobile application for hotel guests. The application allows guests to connect their hotel telephones to their smartphones and advances communication and service delivery. F3TCH converts smartphones into a hotel intercom and allows guests to order services via voice calls, or text messages. The startup enables hotels to update their communication style and improve the guest experience.

Discover all Hospitality Trends, Technologies & Startups

The top 10 trends of the hospitality industry bring about innovative changes in the hotels and restaurants that attract more customers as well as enhance customer satisfaction. Soon, the hospitality industry will be free of manual servers as robotics will find more applications. Further, the metaverse and immersive technologies make the entire travel experience more interactive and enthusiastic for guests. Finally, renewable energy, recyclable materials, vegan food, and waste management solutions will continue to make the hospitality sector more and more sustainable by reducing emissions.

The Hospitality Trends & Startups outlined in this report only scratch the surface of trends that we identified during our data-driven innovation and startup scouting process. Among others, elevated customer experiences, process automation, and smart sensor technology look set to transform the sector as we know it today. Identifying new opportunities and emerging technologies to implement into your business goes a long way in gaining a competitive advantage. Get in touch to easily and exhaustively scout startups, technologies & trends that matter to you!

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11 Travel Technology Trends Emerging in the Tourism Industry in 2024

With widely available vaccines and lower numbers of Covid-19 cases, travel is slowly returning to its pre-pandemic levels , although travel risks and disruptions are still present. Extreme weather conditions, political instabilities, and hardware malfunctions. With the emergence of artificial intelligence and mobile devices, customers expect a much greater level of personalization than ever before. These are the main reasons why the travel industry is consistently striving to find new and innovative ways of integrating breakthrough technologies into its operations.

Boost your travel business with the right technology

You will learn:, state of travel industry in 2024, key travel trends and technologies, customer experience with ai and ar, automation and efficiency in travel business, strategic technology investments, what is travel technology, impact of technology on the travel industry, why is technology important in the tourism and travel industry, key statistics and forecasts for travel technology in 2024, what are the latest technology trends used in the travel industry, 1. advanced travel search engines, 2. ai dynamic pricing engines, 3. dynamic scheduling systems.

• 4. Internet of Things
• 5. Augmented Reality and Virtual Reality

6. Contactless payments

• 7. AI chatbots

8. Big Data

9. 5g and fast wi-fi networks, 10. recognition technology, 11. cybersecurity practices, future of travel technology.

Travel technology is an umbrella term to describe the multitude of different uses of modern technology such as artificial intelligence, augmented reality and mobile technology within the fields of tourism, travel, and hospitality industry.

Technology solutions can be deployed at virtually every point of travel in one form or another, significantly influencing the overall customer experience.

Do you remember buying an airline ticket from a real human being?

Neither do we.

We all got used to the presence of modern technological advancements in the travel industry.

There are many more ways in which modern digital technology influences and improves the travel industry.

The ultimate motivation behind implementing these technologies is pretty straightforward. It as always boils down to increasing profits and expanding business, which in turn has a positive impact on customer experience.

First and foremost, it leads to improved efficiency and decreased operating costs.

In fact, it is a win-win situation for online travel agencies, airlines, as well as the travelers.

For companies, digital transformation in travel industry means better margins and healthier cash flows. For customers, in turn, it means many more attractive tourist destinations and lower prices.

[Read also: What’s the Future of Digital Transformation and Its Trends? An Expert’s Point of View ]

These days, almost everyone has a smartphone or other mobile device, granting access to an immense choice of online services.

It is thus crucial for travel companies to allow their customers to book their trips, check-in for their flights, and find information about their destinations online.

Even though we are taking all of these modern utilities for granted, they are still a key factor for improving user experience in the travel industry. As a result, they have to be improved and optimized consistently.

Latest travel technology trends refer to the innovations and digital solutions that are transforming the travel and tourism industry. Some of the trends include online travel booking, virtual tourism, mobile travel apps, chatbots and artificial intelligence. Here are some of the latest quantitative statistics and forecasts on travel technology trends:

• Generative AI tools like ChatGPT will become more popular for trip planning, as half of travelers surveyed are interested in using them to find the perfect stay.
• Destination “dupes” and “set-jetting” will continue to be in vogue as travelers seek affordable alternatives to crowded or expensive places, or follow the locations featured in their favorite shows or movies¹.
• Global travel app revenues will grow by 17 percent in 2024, reaching nearly $400 million.
• The share of digital ad spending in the travel and leisure industry will reach 14.5 percent in the United States and 13.9 percent in the United Kingdom in 2024.
• The world’s leading online travel agencies (OTAs) will spend $2.3 billion on Google advertising in 2024.
• The global travel and tourism market will shift from 66 percent offline sales channels to 54 percent online sales channels from 2017 to 2027.
• The global travel technology market will grow by approximately 45 percent from 2020 to 2026, reaching $12.5 billion.
• The Asia-Pacific region’s recovery will be evident as travelers flock to destinations such as Taiwan, Thailand, and Australia, which have successfully contained the pandemic and reopened their borders.
• Travelers will need to be more creative and flexible in their destination choices, as travel restrictions and regulations may change frequently due to the ongoing health crisis.
• Travelers will opt for carry-on only luggage with a twist: they will use smart luggage that can track their location, charge their devices, and weigh themselves.
• Travelers will rely more on their travel advisors, who can offer more than just flights and hotels, but also personalized experiences, insider tips, and access to exclusive benefits.

Sources: Statista , Travel + Leisure , Smart Flyer .

There are plenty of different technology trends that are shaping the future of the travel industry.

Below, we’ve listed 11 of the most important travel industry trends.

Let’s compare here travel search engines to the Google search engine.

On the surface it is a pretty simple concept. A user introduce certain keywords of their interest and the search engine matches the most relevant results.

But what if you are looking for a hotel room in a specific location with certain room facilities? A simple Google search won’t be able to compute so many details.

This is where metasearch engines enter.

Metasearch engines are the tools that send search queries to many sources and organize results in a comprehensive list.

The main objective of such sites is to aggregate results in a unified way, so that the client can access the maximum number of available options on the market. It allows users to have a reliable source of objective information and to compare offers with one another.

Results presented by metasearch engines are obtained with less amount of exertion on the end user side.

Instead of searching one single search engine to find a specific website or browsing through different services, the right amount of data can be obtained by a metasearch engine.

It definitely improves the user experience. Ans save their precious time.

In the tourism industry, metasearch engines are used to search through and compare travel agencies’ offers to provide clients with as many suitable options as possible.

Nowadays, these services have grown quite robust. Many provide smart price alerts or tempting last-minute deals.

When developing a metasearch engine for an online travel agency , lodging reservation service, hotel booking engine , or a hotel inventory management software key factors are performance and scalability .

A team of Stratoflow Java developers when tasked with improving the travel search engine for a major hotel bookings aggregator decided to extract the availability search into a separate cache layer based on an in-memory data grid (IMDG) platform. It allowed for a major decrease in SQL database usage, as well as improved efficiency.

Interestingly, our client saw almost an immediate commercial effect right after the initial implementation.

Higher overall throughput of the travel search engine allowed the existing customer base to query the platform more frequently, generating higher revenues in the process.

[Read also: Introduction to a hotel channel manager ]

Airlines such as Ryanair or Southwest are known for their extremely low price model.

You can hop anytime you want on a plane from Warsaw to London for less than 30 dollars.

You may have been wondering – how are airlenes able to break even, and run a successful business model with such low prices?

The answer is artificial intelligence.

These days, the pricing of airline tickets is completely automated and run by advanced systems that aim to fill a plane with passengers at the most optimal prices.

These systems take into consideration different types of clients. Those can be either business travelers who value convenience and comfort the most or leisure travelers who are more cost-conscious regardless of long layovers.

All of these factors are summed up by the pricing system. The goal is to fill as many seats on each plane as possible. But at the same time to avoid situations of complete tickets’ unavailability for potential clients in a very complex balancing act.

Airlines’ pricing systems have to process an immense amount of customer data as well as travel trends about local destinations.

It is worth mentioning that during the COVID-19 pandemic pricing systems of many popular airlines were pretty severely disrupted. This led to a rather peculiar situation when we could book flights from Europe to the US for less than 200 dollars.

How was that possible? The dynamic pricing engines weren’t prepared for such an exceptional situation.

Nevertheless, as pandemic restrictions loosen, and airlines worldwide resume their normal routes and operations, dynamic pricing systems continue to play a vital role in their business model .

[Read also: Benefits of Digital Transformation for Your Business ]

Airlines are characterized by their large involved capital and incredibly slim average profit margins hovering around 5% (ignoring COVID-19 disruptions).

What does it mean for travel technology trends?

It’s simple. For an airline to make money, it has to adapt fast and consistently search for profitable routing opportunities.

This task has to be handled by automatic scheduling systems .

Aside from the cost, the major factor for customers determining which flight they will choose is the overall travel time.

Airlines, therefore, put an enormous effort into assembling the most optimal schedule that they can offer in the shortest travel time possible.

Modern dynamic scheduling systems have to take into account these three factors pointed by Nawal Taneja :

• Scheduling optimization system – An automated solution created by a team of experienced developers that process operational data and identify the set of possible routing and scheduling changes. These have to be both profitable and operationally feasible.Such a system works based on all the possible arrangements of feasible schedule changes. Then it sorts them by their profitability.
• Access to reliable market data – A dynamic scheduling system uses only reliable and accurate data on the routes popularity and its profitability.Considering a fairly short time horizon of flight scheduling operation, the best source for booking and revenue data is an internal Revenue Management system .
• Knowledge about potential operational constraints – Many factors dictate whether a certain route is feasible operationally or not.These include maintenance costs at airports, gate availability, and miscellaneous aircraft-specific constraints.Only understanding all of them can ensure that a dynamic scheduling system can return positive results.

In terms of profitability, it is estimated that dynamic scheduling can result in a 1-3% increase in revenue , depending on its utilization rate.

It constitutes a substantial amount when it comes to the airline industry.

Stratoflow developers have a great deal of experience in this particular field.

They were tasked by a global flight information company to improve their existing system.

Stratoflow proposed a replacement of major calculation logic with an open-source, high-performance framework that dramatically lowered TCO when compared with the existing code.

4. Internet of Things (IoT)

Another emerging technology that is slowly being adopted by the tourism industry is the Internet of Things (IoT)

This concept refers to the network of physical devices —“things”—that are equipped with various sensors in order to connect and exchange data with other systems within the network over the internet.

Depending on the use case, these “things” can range from ordinary household devices to sophisticated industrial machinery.

When it comes to its role in the tourism industry, we’ve already seen some practical implementations beginning to appear.

Some airports, using IoT devices, tag passengers’ bags to alert them of their luggage’s current whereabouts and send them a notification when it arrives at the carousel.

Hotels are also starting to leverage some IoT-enabled sensors and voice control devices to adjust things like air conditioning. Using an in-room tablet, hotel guests can seamlessly control the temperature, music, lighting, and curtains, changing the atmosphere of the room and personalizing their experience to a whole new level.

5. Augmented Reality (AR) and Virtual Reality (VR)

Virtual reality (VR) has recently once again come into the spotlight when Facebook rebranded itself and announced Metaverse. It’s a conceptual virtual universe that will be a future replacement for well-established social networks.

These visions seem exciting and a little eerie at times. But can virtual and augmented reality also influence the tourism industry in the future? As it turns out, the answer is “yes”.

Virtual Reality allows people to explore new places without leaving the comfort of their homes.

Virtual tours will enable people to have a glimpse of a certain exotic place before their visit in person. What’s more, popular travel platforms like Booking.com can set up virtual hotel room previews in order to better manage customer expectations.

Contactless payment methods take pride of place among recent tourism technology trends.

As the pandemic forced people to shy away from physical coins and banknotes, contactless payment options like GooglePay and Apple Pay have gained a lot of popularity.

When using them, the user’s device with a payment app communicates with the reader using RFID technology.

To see how it works in practice let’s take a look at the contactless payment method designed by The Walt Disney Company.

Disney offers Disney World guests custom wristbands, known as MagicBands. Visitors can link their credit card to their MagicBand to make purchases with a simple and effortless swipe of a wrist.

From a business standpoint, this solution offers Disney an unmatched opportunity to track customer behavior in order to optimize its operations even further. It is a trend that is undoubtedly gaining traction in various sectors of the travel industry.

7. AI Integration and AI chatbots

AI is expected to be increasingly used in the hotel and travel industry, creating more seamless travel experiences and supporting new innovations to meet higher guest expectations.

Recently a story has surfaced that, allegedly, an advanced AI chatbot developed by Google has become self-aware.

AI chatbot technology has gone a long way in the last couple of years. It can also play a significant role in the development of the travel and tourism industry.

AI Chatbots stimulates human conversation, mostly using text interactions on various websites and services. Their main objective is to alleviate some congestion in call centers by proving at least basic help for customers 24/7.

When it comes to their usage in the travel and tourism industry, AirAsia is a good example of the use of a successful chatbot. Their advanced chatbot, AVA is able to do a multitude of things from helping travelers to choose seats and book flights to answering more difficult questions about current COVID-19 restrictions.

Data is a company’s most valuable asset.

This is also one of the main reasons why companies in the travel and hospitality industry are investing more and more funds into Big Data solutions.

Put simply, Big Data is a term that refers to large and unstructured data sets obtained from various data sources. These data sets are so voluminous that traditional data processing would have a hard time processing them into useful information.

Modern hotels and travel agents are using big data solutions to more effectively track customer behavior and preferences. This information is later used to improve the guest experience.

Big data measure precisely business performance.

Thanks to receiving data from previously untapped sources, the system allow for better yield management and demand prognosis.

[Read also: Fintech Trends That Shape Financial Future ]

As travel tech trends grow more robust with every passing year, connectivity develops at the same rapid pace.

A couple of years ago, 5G made its debut in some of the largest cities around the world, offering up to 20 times faster download speeds than before.

Even though that might not be such a big deal for an ordinary person, the connection between smart devices can now be more efficient than ever allowing more advanced IoT networks.

We have also seen an emergence of other breakthrough communication technologies, such as the Starlink internet.

Thanks to thousands of satellites in low earth orbit, people in virtually every corner of the world can enjoy internet speeds in excess of 100mbit/s and low latency unmatched by any other satellite internet provider.

A poor WiFi or Internet service in a hotel room can lead to bad online reviews for the hospitality and travel industry. With Starlink, even hotels in the most remote places can have a stable and fast internet connection.

[Read also: What is a GDS? ]

Facial recognition is the software that classifies a single face according to its gender, age, emotion, or other characteristics in an attempt to confirm a person’s identity.

It is currently one of the most powerful surveillance tools ever made.

While many people are happy to use it to effortlessly unlock their phones, companies and governments are beginning to use it to a much greater extent.

Facial recognition devices are beginning to appear in various airports across the world as an advanced security measure and potential deterrence.

According to a recent report from the Department of Homeland Security, “U.S. Customs and Border Protection (CBP) plans to dramatically expand its Biometric Exit program to cover 97 percent of outbound air passengers within four years.”

To verify accounts on virtually every major travel and tourism offer aggregator, you would have to provide a photo of your ID card and other sensitive personal data.

It’s natural to feel a bit uneasy to share so much personal information, regardless of the service’s squeaky clean reputation and impressive market share.

Tourism companies and travel businesses understand that. That’s why they dedicate a substantial amount of resources to developing reliable and safe cybersecurity practices.

As virtual reality and augmented reality technologies are becoming more and more advanced, some people speculate that they will negatively influence the tourism industry, but we beg to differ.

We predict that future tech advancements will push the travel industry towards better travel experiences and even more personalized experience.

Travel technology trends – summary

The travel and tourism industry is the one where proper interactions with the consumer are essential. As new technological breakthroughs enter the market, they are letting corporations understand their customers a bit better, and provide them with improved services and experiences.

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Technology Shaping the Future of the Hospitality Industry

Digital transformation and the leverage of technology play an important role in today’s hospitality industry, especially in the post-pandemic era. Facing the challenges of labor shortage, the rising cost of operation, and the changes in consumer needs and behaviors, hospitality businesses need to pivot their services and products with the latest technology in order to keep their competitive edge.

Whether it’s restaurants, hotels, tourism, or senior living services, staying informed of the industry trend and innovating with the help of technology are necessary to thrive.

What Is Hospitality Technology and Why Is It Important?

Hospitality technology is the application of information technology, such as robotics, big data, cloud computing, and virtual reality, with the goal to solve business problems for organizations in the hospitality field.

There are many benefits that technology can bring to the hospitality industry. For example, technologies like artificial intelligence (AI) chatbots can improve guest experience, mobile ordering can increase efficiency, and robots can lower staff workload and minimize costs.

In this article, we will introduce a myriad of technology solutions available to hospitality businesses with real-world examples of the implementation.

Latest Technologies Transforming the Hospitality Industry

Robotics has been pivotal to the hospitality industry and it will continue to play a critical role in shaping the future. Service robots such as robot greeters, housekeeping robots, and cooking robots have become more and more common in restaurants and hotels. Robots are making services smoother and faster while lowering the cost of operation.

However, there are also concerns about robotics being the culprit of the decrease in employment opportunities. Facing this concern, the president of SDS Ventures, Sanjeev Shetty , pointed out that robots relieve human employees from dull and repetitive work.

“The human element, the person-centered element of our business which is hospitality, will never go away with robots or AI,” Sanjeev explained. Instead, robots help us create a happier work environment with higher efficiency and enable us to allocate more time to connect with customers.

Artificial Intelligence

Artificial Intelligence (AI) refers to the simulation of human intelligence in computers, machines, or systems. It empowers machines to process information and perform tasks by collecting data and learning patterns.

Today’s customers expect timely interactions, personalized services, and seamless processes. To address this emerging demand, AI and machine learning can transform the way we serve customers. For example, AI chatbots enable businesses to communicate with customers 24/7 without any language barrier; computer systems can predict and optimize room occupancy based on data; omnichannel customer services can highly personalize guest experiences through an integrated network.

Video Analytics and Virtual Reality

The adoption of video analytics is also growing in the hospitality industry. In a nutshell, video analytics can process digital videos and analyze movement patterns, track objects and motions, and detect spatial events in real time. Related to video analytics, virtual reality is a technology that can create a simulated environment.

In the hospitality industry, video technologies have been utilized in many areas including security,  virtual booking, and virtual travel experience. Users may even meet and interact with others as if they are in the same room through VR.

Mobile Ordering and Point of Sale (POS) System

Since the COVID-19 pandemic greatly disrupted traditional on-premise dining, online orders and mobile pick-ups have become a norm and will only grow faster in the coming years. According to the NPD group , full-service restaurant digital orders jump by 237% in 2021 and the majority of digital orders come from mobile apps.

Mobile ordering systems like Toast transform the ordering process into a seamless experience for guests and vendors. Instead of waiting in long lines, guests simply scan QR codes to read the menu and place orders right at their fingertips. Restaurants are also able to combat the labor crisis and get more incoming orders even with less staff.

In addition to mobile ordering, Point of Sale (POS) systems are also one of the top technologies to leverage in hospitality. POS systems turn mobile devices into cashiers. Whether it’s dining in, curbside pick-up, or online orders, POS enables seamless, fast, and safe transactions that customers seek nowadays.

Examples of Brands Leveraging Technology and Digital Transformation

Boston University School of Hospitality Administration invites industry leaders to share their experiences at the annual Hospitality Leadership Summit . Focusing on the future of hospitality technology and digital transformation, our speakers, Sanjeev Shetty, President of SDS Ventures, and Daniel Iannucci , SHA’12, a Mid-Market Sales Leader at Toast, give us two examples of the impact of technology.

Robotics and AI in Senior Living: Hello Guard and Temi Robots

At the Leadership Summit, Sanjeev Shetty presents how robotics, AI, and video analytics can redefine the future of hospitality, especially in the senior living sector. He introduces Hello Guard and Temi robots.

Hello Guard is a cloud-based workflow solution that solves labor shortages and staff burnout with the ability to perform real-time data communication. Temi is the world’s first personal assistant robotics platform designed to adapt to any setting to address various operational workflow challenges.

These two technology solutions started off in the senior living sector to address the existing void in the labor market. “Employers were grappling, trying to get staff and employees were leaving.” Sanjeev describes. “The great resignation is real and many of the staff are never going to come back to the workplace. “

Another issue that Hello Guard is trying to solve is the need for real-time data. “We have all these data silos but I can’t just ask using voice—what is my occupancy today, what kind of staffing level do I need, how much time is a caregiver spending with the resident? I need that data at my fingertips and I had no way to get that so that’s how Hello Guard was born.”

Temi robots are virtual assistants that can perform tasks such as screening, hands-free temperature capture, automated building sanitation, and virtual engagement with family members. Temi robots also address the need for telehealth and remote patient monitoring technology.

Although Temi was invented for senior living, it started to be used in many other hospitality verticals such as retail, hotels, and restaurants. For example, Temi robots can act as front desk agents at hotels, as tour guides for room showings, or as shopping assistants at malls.

Digital Ordering Systems for Restaurants: Toast & The Melting Pot

BU School of Hospitality Administration’s alumnus, Daniel Iannucci, who is now a Mid-Market Sales Leader at Toast, shares how restaurants can leverage digital ordering systems with an example of The Melting Pot.

The Melting Pot is a premier fondue restaurant franchise that historically had been dine-in-only for over 40 years. Daniel describes that when you think of Melting Pot, you think of going to anniversaries, Valentine’s Day, and graduation parties and it’s an experience you have together with friends as a group.

However, when COVID-19 happened and indoor dining was closed, the dine-in-only model had a shock and Melting Pot had to pivot very quickly. The Melting Pot team predicted that customers would have to stay home in the foreseeable future and the team had to adopt digital orders and take-out in order to generate revenue amidst the pandemic.

Toast’s online ordering system and POS helped Melting Pot launch its takeout business model “The Melting Pot To-Go”. For the first time in 40 years, customers can order online and enjoy the premium fondue experience at home. Today, while Melting Pot continues to serve as the experiential destination as indoor dining revives in the post-pandemic world, the to-go online order system is here to stay and Melting Pot plans to expand by leveraging more restaurant technologies.

How Can Hospitality Businesses Implement Successful Digital Transformation?

“Successful digital transformation is the process of using digital technology to create new or modify existing business processes, culture, and customer experiences to meet the changing business and market requirements” Daniel Iannucci explains.

To do this right hospitality businesses need to focus on four key areas:

• Understanding guest behavior: Identify and analyze the patterns and changes in guest behaviors and needs.
• Clear and measurable strategy: The transformation must tie to a specific business goal that is measurable.
• Strong change management: Develop a clear change road map and engage staff in the change process.
• Technical capability: Make sure the technology is implementable and equip staff with the necessary technical skills to use the new technology.

Learn More about the Future of Hospitality Technologies with Boston University SHA

Watch our 2022 Hospitality Leadership Summit and register for our 2023 Leadership Summit to learn from more industry experts. Boston University School of Hospitality Administration (SHA) also offers a Master of Management in Hospitality and a Master of Science in Hospitality Management to support your career and innovation.

Explore BU SHA’s graduate programs today!

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New Report: Hospitality in 2025 Will Be Automated, Intelligent… and More Personal

New research explores how technology will bring humanity back to hospitality.

Imagining the future is hard, and predicting it is even harder. The pandemic changed the way we see hospitality, and the past two years left us wondering, “What will the ‘new normal’ look like?”

Oracle Hospitality and Skift surveyed more than 600 hoteliers and 5,000 consumers across the world to better understand their expectations for hospitality technology in the next three years.

Our new report, “Hospitality in 2025: Automated, Intelligent… and More Personal”, explores how hotel technology will meet the current and future demands for guest expectations, operational efficiency, and revenue growth.

Sign up now to download your FREE copy. 

In this report:

• What will be the “must-have” hotel technologies by 2025?
• How will staff models change to address current labor shortages and long-term talent recruitment?
• How will automation and artificial intelligence enable hotels to provide more personalized guest services — before, during, and after their stay?
• How are hotels rethinking their revenue models to support guest demands for more customized experiences?

Sponsored by

Want more? Check out these other reports that you might be interested in:

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12 key trends shaping the hospitality industry in 2024

Discover the 12 key trends shaping the hospitality industry in 2024. From sustainability and cultural diversity to health and wellness, find out how these trends are shaping the future of hospitality.

In an era defined by rapid technological advancements and shifting consumer preferences, the hospitality industry stands at the forefront of innovation and adaptation. As we step into 2024, the landscape continues to evolve, presenting both challenges and opportunities for businesses in the sector. Understanding and harnessing these emerging trends will be pivotal in shaping the future of hospitality. Here are the trends we’re reading about that are key priorities for hospitality businesses in 2024:  

1. Sustainability as a priority

With increasing global awareness of environmental issues, sustainability has transitioned from a buzzword to a core principle in the hospitality industry. Guests are actively seeking eco-friendly accommodations and experiences. In 2024, sustainability will continue to be a defining factor in consumer choices and brand loyalty.   

Dr Newman, Chief Sustainability Officer for EarthCheck (previously Banyan Tree Group’s Chief Sustainability Officer) says, “There’s a willingness for many companies to engage with ESG (Environmental, Social, and Governance) issues, but many simply don’t know where to start.”   

Many hotels are responding by gaining more knowledge and understanding around adopting green practices, from energy-efficient buildings and waste reduction initiatives to locally sourced products and sustainable food options. Looking for more sustainability ideas? Check out the EarthCheck courses on Typsy here.

2. Cultural diversity and inclusivity

3. health and wellness-centric offerings.

The pandemic has elevated health consciousness, propelling the demand for wellness-focused travel experiences. According to a survey by Booking.com, over 70% of travelers prioritize wellness on their trips. In 2024, hotels and resorts will be expected to expand their wellness amenities, incorporating yoga studios, meditation spaces, healthier menu options, and fitness programs to cater to this growing trend.  

Learning with Typsy is practical, effective, and fun! And best of all, you can access Typsy's 1500+ lessons when it suits you. Learn your way - starting today.

4. Rise of remote work and bleisure travel

The concept of work has transformed significantly, with remote work becoming more prevalent. This shift has given rise to ' b leisure ' travel – a blend of business and leisure trips. Hotels are adapting their amenities and services to accommodate this hybrid trend. Specialized packages ca tering to remote workers, offering co-working spaces, high-speed internet, and unique leisure experiences, are gaining traction.  

5. Personalized experiences through AI and big data with advanced analytics

The use of advanced analytics to personalize guest experiences is on the rise. According to a report by Accenture, 83% of consumers are willing to share their data for a more personalized experience. Hospitality businesses are leverag ing this d ata to anticip ate guest needs, preferences, and even emotional states, creating hyper-personalized services that resonate with individual travelers.

6. Rise of experience-driven lodging

The shift from 'staying' to 'experiencing' has transformed the lodging landscape. Unique accommodations such as treehouses, glamping sites, and boutique stays are gaining popularity. Statista reports a 42% increase in demand for unique accommodations . As travelers seek distinctive and memorable experiences, hotels are diversifying their offerings to cater to this demand, emphasizing local culture and authenticity.

7. Focus on local talent development

In many regions, a shift towards investing in local talent development programs to mitigate skill gaps will be seen. Ray Pulungan, CEO of Indonesian company, PINTAR says he is seeing an increase in requests for talent development and placement solutions to support the increasing need for workers in the hospitality industry.  

Organizations including VTIC have been running programs to support local talent development across tourism regions in Victoria, Australia to help address the skills gap. Hospitality businesses will look to collaborate with educational institutions, vocational schools, or online training programs to nurture and upskill local talent, reducing reliance on overseas recruitment for certain roles.  

8. Strategic global partnerships for talent acquisition

Hospitality businesses will also look further afield and seek out st rategic partnerships or alliances with international recruitment agencies, educational institutions, or HR firms specialized in sourcing global talent. Collaborations with entities abroad may facilitate smoother and more effective recruitment processes while ensuring compliance with changing regulations. Sometimes visa restrictions impact the ease of international recruitment, however, Governments may implement or revise immigration policies tha t impa ct the recruitment of international staff. Changes in visa regulations, work permits, or immigration laws might influence how easily hospitality businesses can source talent from abroad. 

9. Focus on retention and employee experience

Retaining skilled employees will be a priority. Hospitality companies will invest in improving the overall employee experience, offering competitive benefits, career development and training opportunities , recognition programs, and fostering a positive work culture. Typsy CEO, Jon Plowright says there is increased interest in blending online training and face-to-face learning as an efficient way to upskill teams at scale . Moving forward, the emphasis on creating efficiencies, where it makes sense, and enhancing convenience will persist. Engaged and satisfied employees are more likely to deliver superior guest experiences, impacting the overall success of the business.

10. Contactless technology and seamless operations

The aftermath of the pandemic expedited the adoption of contactless technologies and hospitality management software . QR codes, mobile check-ins, and digital keys have become comm on pl ace for guests , as have re staurant boo king tec hnologies that not only create a great expe rience for the cus tomer bu t can also h el p drive more revenue f or businesses. A great example of optim izing technolog y is from Tano shi Grou p wh ere they s aw 35 % more pe ak covers, doubled their eve nt bookings, and saw a 30% reduc ti on in group no- shows by using reservation management software, ResDiary. Investments in te ch in fr astructu re for smoother o perat ions, alon g with th e incorporation of IoT de vices for smar t ro oms, will remain a pr iority.

11. Cryptocurrency and blockchain integration

The adoption of cryptocurrencies and blockchain technology is gaining momentum in the hospitality sector. According to Statista, the global blockchain market in hospitality is projected to grow to over $7.6 billion by 2024. Blockchain offers secure transactions, loyalty programs, and enhanced guest data protection, while cryptocurrencies provide an alternative payment method catering to tech-savvy travelers.

12. Flexible booking options and subscription services

The industry is witnessing a shift towards flexible booking options and subscription-based models. Guests seek more control over their reservations, with options for cancellations and modifications. Subscription services for frequent travelers, offering exclusive perks and discounts, are gaining popularity, fostering long-term relationships with customers.

The hospitality sector is a dynamic ecosystem continually adapting to meet the evolving needs and expectations of its patrons. As we say goodbye to 2023, the industry faces a multitude of transformative trends, each playing a crucial role in shaping its trajectory.   

Embracing these trends isn't merely a choice but a necessity for businesses aiming to thrive in this dynamic landscape. By prioritizing personalization, sustainability, technology integration, staff training and development, flexibility, and innovative guest experiences, hospitality brands can position themselves at the forefront of this evolution, catering to the evolving needs and desires of their guests while staying ahead as an employer of choice in a competitive market.  

Adaptability and a customer-centric approach will be the cornerstone for success, propelling the industry towards a future defined by unparalleled experiences and heightened guest satisfaction.   

An exciting year awaits us in 2024!  

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• Hospitality Industry

Hospitality industry statistics to have on your radar 2024

August 23, 2024 •

10 min reading

The hospitality industry is a vast sector with many different sub-sectors that include recreation, lodging, entertainment, food and beverage which are constantly evolving. Due to the overwhelming amount of data available today, it has become increasingly challenging for industry players to gather all the necessary hospitality statistics to keep up with the latest trends. As a result, staying informed and up-to-date has become an impossible task.

Despite being an exhilarating career path with many avenues that demand a diverse skill set , the hospitality industry is currently struggling to fill open positions. This is partly due to the changing nature of jobs and employee expectations.

Customer needs and expectations have evolved in recent times, largely due to the global pandemic which spurred a seismic shift in industry trends . As well as other factors such as technological advancements such as Artificial Intelligence.

In the absence of access to data that tells a story, industry players are finding it increasingly challenging to optimize their social and digital strategies.

This is especially problematic for hoteliers and destination marketers who are already overwhelmed with their day-to-day responsibilities.

Of course, business owners should closely analyse their own business data but it's also important to take a look at the bigger picture.

In this comprehensive article, we have gathered a wealth of hospitality statistics and data that will equip you with the insights you need.

Our goal is to empower you to harness the power of analytics in the hospitality industry to drive innovation, exceed customer expectations, and achieve remarkable value.

The hospitality and leisure industry data

Trends in the hospitality industry have always been in a state of flux because client demands are always shifting with the times.

Understanding hospitality industry statistics allows you to properly equip yourself to handle your client needs. Analysing industry data and insights will help you to figure out and deploy the right strategies to take your business to the next level.

Current state of the hospitality industry

By examining top level statistics, you can gain insights into the present condition of the hospitality industry at large and gain a glimpse into its future.

The travel industry is experiencing a robust comeback in 2024, bringing a ray of hope for hoteliers who have been eagerly awaiting positive signs.

The industry anticipates a steady growth rate

Industries such as hospitality, which were affected by COVID-19 safety measures, are seeing some impressive growth rates since the resurgence of travel worldwide. The statistics below indicate just how impressive the current and future growth rates are.

• The hospitality industry experienced a remarkable growth from $4,390.59 billion in 2022 to $4,699.57 billion in 2023, achieving a compound annual growth rate (CAGR) of 7.0%. This significant expansion is a testament to the industry's resilience and ability to bounce back from the challenges posed over recent years. (Hospitality Global Market Report 2023)
• The projected growth of the global hospitality market is set to soar to a staggering $5,816.66 billion by 2027, with a remarkable compound annual growth rate (CAGR) of 5.5%. (Hospitality Global market report 2022)

Growth trends in specific sub-sectors

Due to changes in consumer expectations, preferences and the rapid advancement of technology (among other factors), some areas in the hospitality industry are seeing a bigger growth rate than others. The statistics below shed light on these areas.

Hotel booking statistics

• Room demand is set to reach an all-time high in 2024 according to STR research.
• Siteminder predicted hotel occupancy will increase 2.5% globally and Hotel average daily rate (ADR) is projected to grow by 4.9% in the next 12 months.
• The bleisure market continues to rise —business trips which are extended for leisure purposed. The bleisure tourism market was estimated to be valued at nearly US$ 594.51 billion in 2023, and is predicted to continue to grow to $731.4 billion by 2032, with a CAGR of 8.9% from 2023 to 2032. (Future Market Insights).

Key stakeholders' market share and consumer influence

The hotel and lodging industry is monopolized by a few major players globally. Overall the market continues to expand and consumer trends dictate which of these brands gain more market share.

• Booking.com is the most valuable travel and tourism brand in the world, with a market capitlization of $121.42 billion. ( Companies Market Cap ).
• Airbnb's market value reached $92.11 billion in U.S. dollars in 2023, representing a significant increase from $54.13 billion the previous year. However, it has experienced a decline from its peak valuation in 2021, surpassing a staggering $100 billion. (Statista).
• Today Airbnb's market value stands at $74 billion, commanding market share of over 20% in the vacation rental industry.
• The declining valuation is thought to be due to rising rental pricing and overwhelming choice of properties. (HelpLama).
• As of 2024 Marriott International is the world's biggest hotel brand valued at $62.56 billion.
• It is estimated that a further 2,707 hotels will open their doors globally in 2024. (Statista).

Food & Beverage statistics

• The Online Food Delivery Market, which includes both Grocery Delivery and Meal Delivery services, experienced significant growth during the COVID-19 Pandemic. This market is projected to continue its upward trajectory with a compound annual growth rate (CAGR 2023-2028) of 11.47%.
• As a result, the food delivery market volume is expected to reach a staggering US$1.79tn by 2028. (Statista).
• According to Fortune Business Insights, the global food service market was valued at $3,236.92 billion in 2023 and is expected to grow to $3,486.58 billion in 2024.
• The Business Research Company reports that the fast food and quick service restaurant market will grow from $295.03 billion in 2023 to $316.11 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%.
• The ready-to-drink (RTD) coffee and tea market is expected to grow significantly in the coming years, reaching $133 billion by 2027.
• Functional health drinks are trending and is currently valued at $213.74 billion in 2024 and is predicted to grow to $306.76 billion by 2029.

Health & wellness statistics

• The global health and wellness market is estimated to reach almost seven trillion U.S. dollars by 2025. (Statista).
• The global medical spa market was valued at an estimated US$14.4 Billion in the year 2022 and is projected to reach a revised size of US$45 Billion by 2030.
• The spa services market represents an 88-billion-dollar global industry and is expected to grow by over 17 percent to 260 billion dollars between 2023 and 2030.
• Facial treatments, tattoo ramoval, hair removal and medi-spa retreats are all experiencing rapid growth.

Jobs & employment in hospitality & leisure

It goes without saying that hospitality and travel businesses have suffered as a result of the pandemic and economic difficulties. As a result the hospitality jobs market took a hit.

Whilst travel restrictions are firmly a thing of the past the economic uncertainties continue, making the hospitality jobs market recovery slow.

Many of those laid off workers in 2020 found more reliable jobs with better perks and more sociable hours elsewhere. When should we expect a full recovery? The statistics answer these questions best.

• A new position in hospitality becomes available every 2.5 seconds.
• The hospitality, catering, and tourism (HCT) industry accounts for approximately 3% of the total global workforce.
• The Travel and Tourism sector was expected to employ approximately 320 million individuals in 2023, showcasing a steady growth trend after experiencing a decline in numbers in 2020. This decline saw employment figures drop from 334 million in 2019 to 271 million. However, the industry is now on the path to recovery, with employment opportunities steadily increasing once again. (Unilever). Discover the types of jobs available in this exciting growth sector.
• Hotels will struggle with staffing shortages until 2025 when the industry is expected to make a true adjusted recovery.

Travel & tourism statistics

If 2022 was the year travel returned following the pandemic, 2023 was all about making up for lost time and ticking off bucket list items and it seems 2024 is no different. In short, there's a healthy outlook to the travel and tourism sector in 2024 and beyond. To better understand the current changes and future of travel and tourism, we have compiled the statistics below.

General travel & tourism industry statistics

The general travel and tourism statistics below show the current and future state of the travel and tourism sector as a whole.

• The projected market volume is set to reach an impressive US$1,063.00 billion by 2028, with revenue expected to display a steady annual growth rate (CAGR 2023-2028) of 4.42%. (Statista).
• By 2028, online sales are projected to account for a staggering 76% of total revenue in the Travel & Tourism market. (Statista).

Growth trends in specific areas

The growth of the travel and tourism sector has been influenced by several factors including ease of access to information, an increase in the amount of paid leave, and rapid urbanization among others. Despite the pandemic slump, the industry is now doing well and is projected to do even better over the next few years, as indicated by the following statistics.

• Global tourism expenditure is projected to reach USD2 trillion, surpassing previous records driven by the strong demand for leisure travel. (Euromonitor International).
• As employees strive for a better work-life balance, the resurgence of business travel becomes a more intricate affair. In line with this shift, bleisure travel is poised to make a significant impact, with predictions indicating that it will soar to an impressive USD300 billion by 2024. This trend highlights the growing desire among professionals to combine work and leisure, creating a unique and enriching travel experience. (Euromonitor International).
• These 5 countries will be the fastest growing tourism destinations in 2024: Tunisia, Mexico, Morocco, Dominican Republic, and Sri Lanka. (Travel Off Path).

Domestic vs. international travel

The statistics below help to better understand the "new traveler" whos is most likely planning 2 domestic trips and 2 international trips in 2024.

• International travel has rebounded post pandemic however going forward into 2024 it's clear that whilst consumer sentiment is very much in favor of international travel, domestic travel is much more budget friendly. (Travel + Leisure).
• Global business travel will fully recover by 2024. It is forecast to increase by 14% in 2022, with the US and China seeing the largest growth (30% each). (Leslie Josephs)

Air, cruise & ground transport

The widespread adoption of the internet as a source of information, the ease of mobility and increased awareness of new destinations have brought significant changes to how consumers travel. The statistics below show how much travel has changed and what to expect.

• Global flight numbers were still below pre-pandemic levels at the end of 2023. According to the International Air Transport Association, global airlines anticipate that approximately 4.35 billion individuals took flights in 2023, a slight decrease from the 4.54 billion flyers in 2019.
• In the global airline industry, it was anticipated that 2023 brought in net profits of $9.8 billion, although these profits will come with a razor-thin net profit margin of 1.2%. (Mint)
• Rail transport is set to experience exponential growth in 2024, emerging as the fastest-growing travel category worldwide with an impressive growth rate of 35.6% over the course of 2023-2024. (Euromonitor International).
• According to some travel experts, fly-to-the-meeting and fly-back-from-the-meeting day trips will stop being popular as more people prefer multi-day bleisure trips. (SAP Concur Study of Global Business Traveler)

Jobs & employment in travel & tourism

As it was with all other sectors and industries, the travel and tourism sector experienced a labor shortage in 2023, but will it continue?

• Jobs in travel and tourism were still below pre-pandemic levels at the end of 2023 at a projected 320 million jobs. But with the growing demand for travel, jobs in this sector are set to rise to 430 million by 2033. (Statista).
• Candidates for these open positions have different expectations and priorities compared to those before the pandemic. They expect flexible working arrangements, skills training, and diversity and inclusion. Hotels will have to adapt to fill open positions. (AHLA )
• New positions are opening up that are centred around digitalization, technology and sustainability .

Demographic statistics: Who's travelling in 2024?

Different segments play different roles in the travel and tourism industry. To fine-tune your digital strategy, you have to know your target market well and understand what they expect when they travel. Here are a few stats that show some key domgraphics that may be relevant to your business.

• In the modern era, travel has become increasingly digitalized, with 67% of consumers projected to make their travel bookings online in the year 2024.
• An interesting trend among post-pandemic travelers is the shift towards a younger demographic, with millennials (aged 30-44) comprising the largest portion of Wellness Worshippers, Leisure Seekers, Luxury Seekers, and Digital Travelers, as revealed by Euromonitor's Voice of the Consumer: Travel Survey. This highlights the changing preferences and behaviors of travelers in the modern era.
• The luxury segment is growing. Luxury Seekers are most commonly found in countries across the Middle East and Asia Pacific, while Eco-Adventurers tend to be prevalent in both Asia Pacific and Europe. On the other hand, Cultural Explorers are predominantly found in various countries throughout Europe.
• There is expected to be a 15% growth in sales of sports tourism packages sold through travel intermediaries from 2023 to 2024. (Euromonitor International).

Hospitality & travel is evolving at speed

In 2024, the hospitality and travel sectors will be evolving at a rate of knots. Vacant positions and shifting consumer preferences define the landscape. Seamless online booking is now a necessity, just the beginning of a guest-centric approach. Elevating the experience means personalized on-site services, setting leaders apart.

Yet, beyond technology lies a deeper need—embracing diversity and inclusion as fundamental values. To cater to the evolving traveler, a blend of high-tech solutions and high-touch experiences aligning with their beliefs is vital. Statistics serve as signposts in this transformative journey. Adaptability is the key to survival, while a comprehensive guest journey and commitment to diversity steer success.

Amidst change, strategies demand recalibration. Embrace adaptability, shape a holistic guest experience, and embed diversity and inclusion into your brand. These principles navigate the industry toward leadership in the evolving hospitality and travel landscape of 2024.

World Travel and Tourism Council, STR, UNWTO, Forbes, Statista, Future Market Insights, US Travel Association, Alice, UK Government, CNBC, Market Data Forecast, The World Bank, The Caterer, Hospitality World by The Economic Times, Bureau of Labor, McKinsey, Research and Markets, Resolution Foundation, Allied Market Research, Euromonitor International, World Economic Forum, STR, NPD Group, Deloitte, American Hotel & Lodging Association, The Business Research Company, Hotels News Resource, ResDiary, International Labour Organization, Data Appeal, Euromonitor International, UREN, Mordor Intelligence, Travel + Leisure, Travel Off Path, Mint, SAP Concur study, Fortune Business Insights, The Business Research Company.

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Six trends shaping new business models in tourism and hospitality

As destinations and source markets have changed, tourism and hospitality companies have evolved too. Six key trends have shaped business models in this sector over the past decade.

About the authors

This article is a collaborative effort by Caroline Tufft , Margaux Constantin , Matteo Pacca , and Ryan Mann , with Ivan Gladstone and Jasperina de Vries, representing views from McKinsey’s Travel, Logistics & Infrastructure practice.

In accommodation, asset-light models like franchising and management have proliferated, though luxury and small-scale brands are opting out. Consolidation has driven economies of scale. Hotels are looking to reclaim their relationship with guests, and almost two decades in, home sharing is charting its own course.

In the experiences space, reinvention is the name of the game. Cruises and theme parks have both focused on attracting new demographics while fine-tuning their revenue management strategies. Experiences remains a highly fragmented, legacy sector, creating massive opportunity for those able to crack the code on aggregation.

By considering the six trends, tourism and hospitality companies can gain insights on business practices for today—and on areas of future opportunity.

Accommodation: New models and value propositions

Large hotel brands have increasingly turned away from hotel ownership, scaling their business through franchising and management instead. The move is paying off. We find there is a 0.84 correlation between a hotel company’s share of franchised properties and its net profit margin.

Not all of hospitality is embracing asset-light model, however. Luxury hotel chains have resisted the trend, largely retaining in-house ownership to control standards. And smaller brands may find that they cannot reach the economies of scale that make the math of a franchise business work—focusing instead on creating distinctive experiences on a smaller scale.

Consolidation set the stage for the past decade. Several hotel brands quickly grew their foothold in key geographies and customer segments through strategic acquisitions, achieving economies of scale along the way.

As major hotels take a breather from a series of substantial acquisitions, further mergers between large hotel brands seem unlikely. However, tuck in acquisitions to target key growth demographics, like the luxury and youth categories, are likely to continue.

Another trend on the horizon is direct booking. Long reliant on online travel agencies, hotels are looking to reclaim their relationships with customers—both to cut down on intermediary booking fees and to learn more about their guests. Hotels are encouraging direct bookings through a variety of levers, ranging from best-rate guarantees to higher reward-earnings rates and improved mobile applications. 1 For example, Hyatt offers a best-rate guarantee for booking on hyatt.com and Marriott International is growing direct bookings. For more, see “Marriott sees record direct bookings at its hotels,” Skift, May 4, 2022.

Home sharing is here to stay. The segment has grown from 10 to 14 percent of booking value between 2017 and 2023, experiencing ups and downs in profitability along the way.

Recently, home sharing has positioned itself as more than a stand-in for traditional hotels. Airbnb’s recent advertising campaign “Get an Airbnb” leaned into the differences of home sharing from other hospitality offerings, emphasizing the space and privacy that renting a house can offer. 1 Samantha Shankman, “‘Get an Airbnb’ campaign challenges hotels,” Skift, August 30, 2023.

Home-sharing companies have also become a key distribution channel for smaller hotels, as they can offer more control over inventory and lower fees than other channels. In 2019, Airbnb reported a 152 percent increase in the number of rooms available for booking through its platform in boutique hotels, bed and breakfasts, and resorts. 2 “More hotels are using Airbnb,” Airbnb news release, January 16, 2019.

Experience providers: New segments and revenue streams

Cruises may only account for 2 percent of the overall travel and tourism market, but they have achieved 6 percent yearly revenue growth in the past decade. 1 McKinsey analysis of publicly listed tourism and hospitality companies’ Form 10-Ks. Attracting new travelers and providing new experiences have been key growth strategies.

Luxury hotels are capturing the new-to-cruising segment with the launch of yacht brands, purposefully positioned as a distinct experience from traditional cruises. Meanwhile, millennials are challenging stereotypes about cruising: of all cruise passengers, they are the demographic most likely to say they plan to cruise again (88 percent). 2 State of the cruise industry 2023: September 2023 update, CLIA, September 2023.

In parallel, cruises have fine-tuned their profitability through economies of scale and new revenue streams. Megaships have become the new normal, as ships with over 3,000 berths have grown from 27 to 47 percent of the global cruise fleet since 2015. Ancillary purchases such as onshore excursions and onboard casinos have also become a major source of growth, now accounting for 30 percent of revenue on average. 3 Calculated using the weighted average based on 2023 Form 10-Ks statements of publicly listed cruise companies.

Theme park attendance has grown 3 percent a year over the past decade, as theme park providers capitalize on new demographics and refine their revenue management strategies. 1 Global attraction attendance report , joint report from AECOM and Themed Entertainment Association, 2019.

Two new groups of visitors in particular are powering growth. First, the Asia–Pacific region accounted for much of the growth in theme park attendance in the past decade: of the total number of new visitors between 2013 and 2018, 57 percent were from Asia. Second, millennials are heading to parks in greater numbers, and not just for their children. A similar proportion of millennial parents (78%) and millennial nonparents (75%) say they are interested in going to a theme park. 2 Morning Consult survey, 2,201 participants, June 14–19, 2018.

To increase value from growing attendance, theme parks have become increasingly sophisticated in the field of revenue management. Demand-based pricing, tiered annual passes, and skip-the-line fees are all poised to go from pioneering to widespread practices.

Experiences are increasingly important to travelers, but the segment remains a highly fragmented space. Operators of activities ranging from walking tours to snorkeling outings tend to be small businesses with a limited digital presence.

This has created an opportunity for tech-forward companies to help travelers discover and book experiences. Destination marketing organizations have long played a role in this. For instance, VisitScotland helps visitors discover interesting activities like attending Harry Potter filming locations and whiskey tastings.

Several private companies that offer online discovery and booking platforms for travel activities, like Viator, GetYourGuide, and Klook, have achieved considerable growth in the US, European, and Asian markets. 1 Yeoh Siew Hoon, “GetYourGuide gets into pole position to win in $250b experiences market,” WIT, September 20, 2023. GetYourGuide grew its revenue fourfold between 2022 and 2023, Viator revenue was up 49 percent for the same time period, and Klook reported twice as many new customers in 2023 as in 2019. 2 “Klook completes US$210 million funding, embarks on a new era of profitable growth,” Klook news release, December 6, 2023; Mitra Sorrells, “With speculation of a sale in the air, Tripadvisor reports record revenue driven—again—by Viator,“ Phocus Wire, February 14, 2024.

Looking forward: Strategies to stay ahead of the curve

Where does this leave tourism and hospitality companies? Companies in any given sector tend to follow a power law curve : a small share of companies account for an outsize portion of both profits and losses. The tourism and hospitality sector is no different.

Over the past decade, publicly listed accommodation and experience providers grew revenue at 3 percent and 4 percent, respectively, roughly in line with global GDP growth. Accommodation providers increased their profits by five percentage points, while experience providers remained at an 18 percent average profit margin.

As stakeholders gear up for the next decade, there are things that businesses across the sector can do to sustain their hard-won growth—and profits. Moving forward, three strategies in particular can help tourism and hospitality companies stay on the leading edge of innovation.

Unbundle offerings

Hotel and experience providers can take a page from the airline playbook by unbundling rates and letting consumers pay for the exact experience they want. For example, at the time of booking, hotels can present guests with an individually priced bundle for a room on a higher floor, including breakfast and free parking—features that the guest’s past behavior suggests they would particularly value. Ensuring that guests can find their ideal room can lead both to increased revenue and increased satisfaction. A major hotel brand reported that guests chose to spend an additional $22 per night, on average, to customize their hotel room to their liking. 1 “IHG Hotels & Resorts revolutionizes booking experience through next-gen cloud solutions,” InterContinental Hotels news release, September 12, 2023.

Cross-sell exclusive experiences

For accommodation and transportation companies, partnering with experience providers to cross-sell a full journey provides an opportunity to tap into a growing area of traveler spending—and a chance to deepen the relationship with customers as a vacation creator. For example, airlines can partner with museums to offer discounted rates if booked at the time of the flight, or hotels can partner with a historical site nearby to offer early-hours admission. For uptake rates to become significant, the partnership needs to add value beyond mere cross-selling. Offering features like insurance or an option to buy now and pay later is one way to add value; creating a distinctive experience like a combined train and historic hotel journey is another.

Embrace a data-powered strategy

Tourism and hospitality entities individually hold a treasure trove of untapped data. Take Paris: hotels may see a surge in bookings for the “shoulder season.” Experience aggregator platforms might see that street food tours have attracted rising interest. Social media might reveal that a particular neighborhood is exploding in popularity. What special guest experiences could be created by combining these insights? Stakeholders can unlock new revenue streams by thinking through what data they hold that can be of value to others. More broadly speaking, combining multiple sources of data can help guide a strategy of unbundling and cross-selling to create more gratifying and pertinent experiences for travelers around the world. Embracing data isn’t just smart—it’s the future of travel.

Caroline Tufft is a senior partner in McKinsey’s London office, Margaux Constantin is a partner in the Dubai office, Matteo Pacca is a senior partner in the Paris office, Ryan Mann is a partner in the Chicago office, Ivan Gladstone is an associate partner in the Riyadh office, and Jasperina de Vries is an associate partner in the Amsterdam office.

The authors wish to thank Abdulhadi Alghamdi, Alessandra Powell, Alex Dichter, Cedric Tsai, Diane Vu, Elisa Wallwitz, Lily Miller, Maggie Coffey, Nadya Snezhkova, Nick Meronyk, Paulina Baum, Peimin Suo, Rebecca Stone, Sarah Fellay, Sarah Sahel, Sophia Wang, Steffen Fuchs, Steffen Köpke, Steve Saxon, and Urs Binggeli for their contributions to this article. The authors also wish to thank Mabrian for providing data.

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