At GoldSpring for 2023, we anticipate continued merger and acquisition activity in the airline, lodging, and travel management company (TMC) industries, as well as in the travel technology sector. Additionally, there is a growing emphasis on diversity, equity and inclusion (DEI) as a priority in supplier engagements. Sustainability is also being more widely addressed, with carbon calculations now present in many tools and technologies.
The advent of Artificial Intelligence (AI) and Machine Learning (ML) is also becoming increasingly commonplace, particularly in low-value transactions and in the form of chat-based services. As the travel industry recovers, we are seeing a wide range of returns to 2019 levels, ranging from 30% to 120%. This volatility makes it difficult to forecast the future.
Many travelers are now prioritizing technology as the first consideration when selecting vendors, rather than being an afterthought. The traveler experience is also coming back into focus, with safety and security no longer being the sole considerations. Lastly, the pandemic has highlighted the importance of long-term partnerships and trust, leading to a renewed focus on collaboration and innovation.