The global tourism industry and big data analytics market is estimated at USD 220.0 billion in 2022 and is projected to reach USD 350.0 billion by 2032, at a CAGR of 15.0% from 2022 to 2032.
In the age of digital era the tourism industry is making a vast progress with the help of technology. With the increasing trends of cultural tourism, ethno tourism, and other tourism there is a rise in participation of travelers eventually. Hence more number of participants is generating a vast amount of data. The big data tools help to store and channelize this data into a meaningful insight that help companies to form business decisions. The big data analytics is making a huge contribution to the immense growth of tourism industry. Various companies irrespective of their size of operation have adopt big data analytics for better efficiency and to stay competitive in nature.
The Starwood Hotels and Resorts the international chain of hotel use big data analytics. They combined information from macroeconomic factors and other events cost to frame a strong pricing strategy. This help them to maximize the revenue. The Hilton hotel and Intercontinental Hotels Group make use of big analytics tools to analyze their performance computation and for dynamic pricing in real time scenario. There are various other companies or type of travel aggregators that make use of big data analytic tools to enhance customer experience.
As such, the global tourism industry big data analytics market is estimated to expand at a CAGR of over 15.0% throughout the forecast period of 2022-2032, to be valued at US$ 220.0 Bn by the end of 2032.
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Key Takeaways from the Global Tourism Industry Big Data Analytics Market Study
- In case of deployment outlook there will be high demand and use of cloud management. The big analytics data is vast in amount and cannot be stored on devise. Hence it is advisable to store on cloud database. Cloud database is a hybrid space on internet that help to store a massive amount of data. It also ensures safety features and allow to perform analysis effectively. Other than this it also offers certain data sets for data analysis.
- In case of enterprise almost all type of enterprise has started adopting and using big data analytics for better results. But there may be a huge demand from large enterprise due as they conduct their analysis on large scale and need to analyse various data on each level to provide better service in market.
Impact of COVID-19 on the Market
Although the covid-19 had a major impact on the tourism industry and the rest of the major industries of the world but it had a positive as well as negative impact on the big data analytic companies in tourism industry. Due to the pandemic effect and government restrictions many companies lose potential customers which eventually led to closure of various travel agencies due to market crunch and lack of working capital.
This also affected the big data analytics companies as they lose business due to the lack of affordability by their client. However, there was a significant increase in new clients as many travel agencies and big players decided to make use of big data analytics for various purposes such as direction for their business, revenue management, find and acquire new set of customers, develop new strategies in response to the pandemic, understand the flow of market, understand the traveller’s needs, development of new services, and others. Hence it can be concluded that impact of pandemic has led to rise in demand for big data analytic companies in tourism industry.
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Who is winning?
Leading manufacturers of Tourism industry big data analytics market are focused on promotional strategies, upgradations and technological development, and new merger strategies that have driven sales growth of tourism industry big data analytics market globally.
Major players present in the tourism industry big data analytics market are Microsoft, SAP, Google, Amazon Web Services, IBM, Dell, Cisco, Splunk, Tableau, Hewlett Packard Enterprise, Hitachi, Oracle, Accenture, TIBCO, SAS, Cloudera, Stibo Systems, New Relic, Riversand Technologies, are among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global tourism industry big data analytics market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the tourism industry big data analytics market based on the Product Type (Descriptive Analytics, Predictive Analytics, Perspective Analytics and Others (Structured Data, Unstructured Data and Semi Structured Data)) End-Use Outlook (Transport, Accommodation, Travel Agencies, Others) Deployment Outlook (Cloud Warehouse, On-premise) Enterprises (Small to Medium Enterprise, Large Enterprise) Purpose (Revenue Management, Reputation Management, Strategic Management, Customer Experience, Others (Market Research, Target Marketing, Market Intelligence)) across seven major regions.
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Global Tourism Industry Big Data Analytics Market by Category
By Product Types, Global Tourism Industry Big Data Analytics Market is segmented as:
- Descriptive Analytics
- Predictive Analytics
- Perspective Analytics
By End-Use Outlook, Global Tourism Industry Big Data Analytics Market is segmented as:
- Transport
- Accommodation
- Travel Agencies
- Others
By Deployment Outlook, Global Tourism Industry Big Data Analytics Market is segmented as:
- Cloud Warehouse
- On-premise
By Enterprises, Global Tourism Industry Big Data Analytics Market is segmented as:
- SME
- Large Enterprises
By Purpose, Global Tourism Industry Big Data Analytics Market is segmented as:
- Revenue Management
- Reputation Management
- Strategic Management
- Customer Experience
- Market Research
- Target Marketing
- Market Intelligence
By Region, Global Tourism Industry Big Data Analytics Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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