The US $1.2 trillion global travel industry is accustomed to innovation. New technologies have sparked imaginations and spurred thousands of companies to create the means to better serve suppliers and travellers. Between 2005 and 2013, the travel industry attracted more than 700 start-ups and more than $4.8 billion in investment. Travel innovation is manifested in new business concepts, distribution patterns, sources of content, technologies and approaches to customer service and engagement. It emerges from confronting industry challenges such as:
- Complex travel planning
- Travel cost and management concerns
- Addressing the needs and expectations of global travellers
- Distribution channel battles
- Fragmented supply
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