If travel, transportation, and hospitality companies want their customers to keep coming back, they must keep them delighted. Therefore, using IoT early on makes business sense for travel companies.
The travel, transportation, and hospitality industry has not been shy about investing in the IoT. The sector spent approximately $128.9 million on IoT in 2015. In 2018, the spend will decline to approximately $108.9 million. A huge chunk of the IoT spend will go towards customer monitoring (30%) followed by product monitoring (26.4%).
Monitoring customers is the largest IoT application in this industry. A whopping 71.9% companies use mobile apps to track customer data. About 32.8% use IoT for supply chain monitoring.
One of the major business process improvements in the travel, transportation, and hospitality industry is more tailored marketing followed by more customized products and services. The other business process improvements include improved customer segmentation and more proactive service.
Travel companies believe identifying and pursuing new business opportunities is the top most success factor for IoT initiatives. Other factors are getting the staff to think differently about customers, products, and processes and determining what data to capture from the IoT.