Data analytics has a crucial role in the ever-changing travel industry. It helps businesses stay at the top of the game while increasing ROI. Here, we’ll discuss the top travel analytics solutions provider to partner with in the US market.
The travel industry suffered during the Covid-19 pandemic but is quickly recovering from losses as people around the world resume travel . According to Statista, the global revenue earned by the travel industry will touch $927.30 billion in 2024 and grow at a CAGR (compound annual growth rate) of 3.47% to reach $1,063 billion by 2028. Similarly, online sales in the industry are expected to be around 76% by 2028.
Travel companies, hotels, resorts, and other businesses in the travel and hospitality industry are revamping their processes to adopt data-driven technologies and provide quality services to customers. Data analytics has become a core differentiating factor that gives businesses a competitive edge over others in the local and international markets. It’s no surprise that the big data market volume is to record $84 billion in 2024, with the big data analytics market projected to reach $349.56 billion by year-end.
Let’s understand the importance of data-driven decision-making in the tourism industry and learn more about the top five companies offering travel analytics solutions in the US and global markets.
Data analytics allows businesses to process large amounts of data to derive meaningful insights for decision-making. Data analytics and business intelligence have helped many industries successfully initiate digital transformation. They have a similar role in the travel sector. Tourism data insights can be used to streamline internal processes, offer better and more personalized services, enhance customer experience, manage pricing and expenses, and increase ROI. From strategy formation to minimizing the risk of disruptions and losses, data analytics can help the travel industry in several ways. Many businesses are hiring travel analytics solutions providers to convert their data into actionable insights for more effective decision-making.
Travel analytics is data analytics and business intelligence in the travel industry. It involves statistics, analytical tools like Power BI, data visualizations, machine learning algorithms, artificial intelligence models, etc., to derive real-time insights.
Travel analytics helps identify the patterns and trends in historical data. It provides context and helps detect the root cause of different challenges faced by companies in the sector. Hospitality BI solutions help business organizations optimize their processes at different levels to provide high-quality services to customers.
DataToBiz is a well-known service provider offering managed analytics for the travel industry. It works with startups and established travel businesses, chains of hotels, resorts, vacation property owners, and others to provide real-time analytical insights about customers, market trends, pricing, etc. The company also delivers advanced solutions for data warehousing for tourism businesses to collect and store their datasets in a central repository. The data warehouse is integrated with data sources and analytical tools to continuously provide actionable insights to decision-makers across all departments.
DataToBiz helps businesses overcome various challenges faced in the travel and hospitality industry. For example, it provides predictive analytics for demand forecasting, price optimization, and capacity planning. It promotes operational efficiency by streamlining the supply chain, optimizing the workforce, setting up triggers for fraud detection, etc. The company also takes care of risk management to create seamless workflows within the business. DataToBiz helps travel agents and hoteliers understand customer requirements and create personalized packages accordingly. This award-winning company is a certified partner for Microsoft, Google, and AWS.
Amadeus is a travel analytics solutions provider in the global market. The company has clients in over 190 countries and is used by the top businesses across the travel and hospitality industry. It works with various businesses like airlines, hotels, travel agencies, cruise companies, airports, rail companies, etc. The company offers a range of products for different requirements. It provides end-to-end services for business management, analytics, operations, payments, and travel advertising. Be it process automation, API integration, or collaborations, the company delivers the necessary solutions to make it happen.
The solutions offered by Amadeus are categorized into products, services, content, and extensions. The company has 359 products, such as an A-CDM portal, booking analytics, productivity tracker, search analysis, dynamic pricing planner, and many more. It has developed an ecosystem where travel companies, payment providers, airlines, hotels, etc., can collaborate and work together to offer premium services to customers. It has won various awards and is also focused on promoting sustainable solutions.
TravelSpends offers real-time analytics for businesses in the travel and aviation industry. It helps optimize travel expenses (T&E) by deriving in-depth analytics about business costs, etc. Tripnomics is a product developed by the company to capture travel patterns, optimize pricing, and increase transparency in the entire supply chain. The platform provides real-time validation for price changes and helps with continuous monitoring. It also ensures that the managers and decision-makers have complete control over the process. Furthermore, the platform is regularly updated to ensure it adheres to the rules and regulations in the industry.
TravelSpend assists businesses to adopt and effectively use technology for greater travel management reporting and decision-making. #Twitconnect, My Visa Track, and Trip Authorization Tool are a few other solutions offered by the company. It works with multinational organizations, Fortune 500 companies, government and public sector agencies, and other SMEs. The company offers consulting services for different requirements like strategy, technology adoption, solution implementation, and differentiation. It has helped many businesses save money by optimizing costs without compromising quality.
Accenture is a popular multinational company with decades of experience in offering varied services to businesses around the globe. The company has a strong presence in the travel industry and works with businesses to help them regain their growth in the competitive market. It helps travel agencies reinvent their processes in the post-pandemic scenario and tackle the changing market conditions effectively. The company also focuses on enabling businesses to understand what the customers want by delivering tailored real-time travel analytics solutions.
Accenture emphasizes the importance of innovation and technological adoption for travel companies to survive in the ever-evolving modern scenario. It has built several tools to provide insights into traveler experience, workforce management, recovery, sustainable growth, etc. The company promotes digital transformation and streamlines operations through data-led models. From unlocking the potential of travel data to customizing AI tools, the company supports businesses at every stage and empowers them in the global market.
SolveXia is a data analytics service provider with numerous clients in the travel industry. It has developed a unique tool for data processing and analytics where travel agencies can create meaningful data visualizations about suppliers, channels, customers, etc. The platform can be easily customized and used by integrating it with the business data source. It also offers collaborative business intelligence services to share the reports with others. No-code automation is another advantageous solution offered by the company.
SolveXia offers intelligent software that connects and combines data from different sources, transforms raw data into useful insights, performs advanced analytics to get in-depth reports, and takes care of data governance and auditing. The company helps travel businesses save time spent on performing repetitive actions. It enhances system and data security to help businesses adhere to global regulations. SolveXia can reduce data errors by up to 90% and speed up the processes by 85x compared to manual work. The company also provides maintenance and support services.
Tourism data contains transactional information, traveler experiences, demand and supply ratios, employee count, working hours, travel hours, percentage of residents in the industry, seasonal impact on tourism, and other data about domestic and international tourism. United Nations World Tourism Organization (UNWTO) is the largest provider of tourism data.
Leading Businesses in the travel industry partner with business intelligence and data analytics service providers to collect and convert this data into actionable insights. The most common use cases of tourism data are as follows:
The prices in the travel industry are always changing. Tracking these can be a nightmare without access to proper tools. In today’s world, businesses should be proactive and automate dynamic pricing to gain a competitive edge. This is possible by analyzing tourism data (historical and present).
Data-driven analysis is the best and most accurate method to understand the competitors, analyze their strengths and weaknesses, and stay ahead of them.
– Which travel destinations are a hit in the coming season?
– What kind of travel packages can the agency provide to these locations?
– How to create custom packages that suit varying budgets?
Analyzing the collected tourism data can assist businesses in getting answers to the most pressing questions that travelers want to know before hopping on a trip/journey.
Identifying the target audiences, demand forecasting, streamlining promotional channels, etc., can be more effective when the sales and marketing teams use data-driven insights to make decisions.
Predictive analytics is a type of data analytics that uses historical data to predict the possible future outcomes for a business. It can provide valuable insights to travel companies, such as the following:
The travel industry has to be customer-centric to ensure an enriched customer experience, which translates to greater revenue and higher profits. Adopting the data-driven models can help travel agencies, hotels, etc., improve their brand image by offering personalized services.
Travel analytics solutions providers also help set up dashboards using PowerBI for hospitality businesses to effortlessly manage their operations, customers, and long-term goals. Boost customer loyalty and become a reputed agency in the travel industry.
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Fact checked by –
Akansha Rani ~ Content Creator & Copy Writer
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