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Published: October 25, 2023 Report Code: GDTT-TR-S105-TH
The Internet of Things (IoT) has strongly influenced digitalization in the travel and tourism industry. The COVID-19 pandemic brought key IoT use cases to the attention of the travel and tourism industry. The deployment of IoT is further expected to address the ESG challenges across travel and tourism sector. For instance, IoT can address ESG concerns in a host of ways from sensor-enabled smart lighting and thermostats that monitor and adjust the environment of lodgings to improve energy efficiency to IoT-enabled smart buildings that integrate energy-efficient technology throughout cities. IoT can even assist in the burden of overtourism and the preservation of heritage sites and physical environments. Thus, IoT is an essential investment for travel and tourism companies in combatting climate change.
This thematic report provides an overview of the impact IoT has on the travel and tourism sector and the challenges it can help to address. The report further recommends how travel and tourism companies can deploy IoT solutions and where they should invest to stay ahead of this disruptive technology. Several case studies are included in this report to analyze the multiple ways travel and tourism companies have used IoT thus far. The report also features alternative datasets to highlight the impact of IoT.
· Connectivity Layer
· Data Layer
· App Layer
· Services Layer
· Carnival Cruise Line
· Hilton Worldwide
· Royal Caribbean Cruises
· Walt Disney
· Astronics
· Copeland
· SES-imagotag
· TraceSafe Technologies
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IoT when combined with other emerging technologies, such as AI, 5G, and cloud computing can offer various benefits in the travel and tourism sector including increased operational efficiency, reduced costs, improved decision-making, and enhanced customer experience.
Reduced Costs: Greater automation reduces the need for workers or simply makes the workforce more efficient, resulting in cost savings. For example, IoT in the travel and tourism sector can create personalized experiences for consumers, such as in their hotel rooms, without the assistance of staff members. Travelers can control appliances or services through a centralized device, such as a tablet or mobile application or companies can use IoT sensors to store customer preferences and automatically apply them. With the help of IoT, this personalization can occur without the need for extra staff thus reducing overall costs for travel and tourism companies.
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The enterprise spending on IoT across the travel and leisure sector is set to experience steady growth over the next few years. The IoT market by software, services, and hardware spending with the total set to reach $28 billion by 2027. IoT software will dominate over the coming years and the IoT software market in travel and leisure is expected to expand at a CAGR of more than 16% between 2022 and 2027.
The report also covers –
IoT in the Travel and Tourism Industry Analysis
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The key components in the IoT value chain analysis are the physical layer, the connectivity layer, the data layer, the app layer, and the services layer. These layers are logically discrete, although large-scale IoT use cases will likely blur these logical boundaries. For example, while there will continue to be an identifiable data layer towards the top of the stack, a growing proportion of the data processing occurs within and at the edge of the network.
Physical Layer: Today, most connected devices—such as smartphones, tablets, and laptops—have a physical dimension controlled by humans. In the IoT, most connected things will be run by other connected things. For manufacturers of washing machines, door locks, light bulbs, aircraft engines, or cars, the key question is not whether their things should be connected to the internet—that is a given. Instead, the challenge is whether they can retain the bulk of the added value during the transition to IoT and how they can use the data collected by various embedded chips, sensors, antennae, and beacons. Some industry profits will likely be siphoned out by technology companies that increasingly provide IoT solutions as a service.
IoT Value Chain Analysis
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The key companies making their market in the IoT in the travel and tourism sector are –
Leading IoT Adopters in Travel and Tourism: Air France KLM, Carnival Cruise Line, Hilton Worldwide, Royal Caribbean Cruises, and Walt Disney are some of the leading IoT adopters in the travel and tourism sector.
Specialist IoT Adopters in Travel and Tourism: Airbus, Astronics, Copeland (previously Verdant Environmental Technologies), SES-imagotag, and TraceSafe Technologies are some of the leading specialist IoT adopters in the travel and tourism sector.
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This thematic report provides an overview of the impact IoT has on the travel and tourism sector and the challenges it can help to address. The report further recommends how travel and tourism companies can deploy IoT solutions and where they should invest to stay ahead of this disruptive technology.
Several case studies are included in this report to analyze the multiple ways travel and tourism companies have used IoT thus far. The report also features alternative datasets to highlight the impact of IoT.
Key Highlights
IoT is essential to digitalization in travel and tourism. Airlines, for example, can deploy the predictive maintenance capabilities of IoT systems to reduce the cost and downtime of aircraft repairs. This is just one of the many transformative use cases of IoT with this emerging technology ready to be employed across the travel and tourism value chain, for example, to manage crowds at popular attraction sites, personalize hotel stays, simplify airport navigation, and much more.
IoT can also assist in travel and tourism companies addressing ESG challenges. In the last decade, COVID-19 appeared as the top existential threat to the travel and tourism industry, but as companies recover, the challenge of ESG has returned to center stage. IoT can address ESG concerns in a host of ways from sensor-enabled smart lighting and thermostats that monitor and adjust the environment of lodgings to improve energy efficiency to IoT-enabled smart buildings that integrate energy-efficient technology throughout cities.
Reasons to Buy
- Understand the current IoT trends within the travel and tourism industry and the role IoT solution could play in the daily operations of your business.
- Assess how travel and tourism companies such airlines, cruise operators, and lodging providers, for example, are utilizing IoT.
- GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
- All across the travel and tourism supply chain, now have an opportunity to capitalize on IoT, and there are notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be impactful in the future travel landscape.
Executive Summary
Players
The Impact of IoT on the Travel & Tourism Sector
The Impact of IoT on Travel & Tourism Challenges
Case Studies
Market Size and Growth Forecasts
Signals
Patent trends
Company filing trends
Hiring trends
IoT Value Chain
Physical layer
Connectivity layer
Data layer
App layer
Services layer
Companies
Sector Scorecards
Airlines sector scorecard
Airports sector scorecard
Attraction operators sector scorecard
Lodging sector scorecard
Glossary
Further Reading
Our Thematic Research Methodology
About GlobalData
Contact Us
The IoT market by software, services, and hardware spending with the total set to reach $28 billion by 2027.
The key components in the IoT value chain analysis are the physical layer, the connectivity layer, the data layer, the app layer, and the services layer.
Air France KLM, Carnival Cruise Line, Hilton Worldwide, Royal Caribbean Cruises, and Walt Disney are some of the leading IoT adopters in the travel and tourism sector.
Airbus, Astronics, Copeland (previously Verdant Environmental Technologies), SES-imagotag, and TraceSafe Technologies are some of the leading specialist IoT adopters in the travel and tourism sector.
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