Today, eviivo, a leading hospitality software company known for its property management system, eviivo Suite, and mobile app, eviivo Mobile, releases its annual Top Hospitality And Booking Tech Trends report for 2024.
"Travel is constantly changing every year, yet it always remains a force of good," says eviivo CEO Michele Fitzpatrick. "Working behind the scenes, travel companies help generate travel trends with tech innovations that ensure travellers continue to have authentic, memorable experiences.
Major tech advancements, from AI to green tech, will shape hospitality and bookings in 2024, with positive impact for travellers, hoteliers, property hosts and vacation rental managers, as well as online travel agencies (OTAs) and other travel companies that will feel the shift, as well as expected growth.
For eviivo's annual 7 Significant Travel Trends To Expect for 2024 report, click here.
According to Statista, the online travel market size worldwide reached the $433.2 billion mark in 2021, and it's expected to reach $690.71 billion by 2026.
Top 5 Hospitality And Booking Tech Trends For 2024
1. Gen AI will become "the new normal"
In 2023, ChatGPT, an OpenAI tool, became a household name and spearheaded the rocketship rise of Generative AI. While "Artificial Intelligence" has been around for decades, "Generative AI" is the evolution (and revolution) of AI; consider it the "next generation" of artificial intelligence. Generative AI technology can take text outputs, images, computer code - you name it - and create unique content to the user, trained to learn data sets and patterns - and only improve by creating new data the more it's used.
With Generative AI, travellers have an "assistant" when booking trips, travel specialists have tools that make their job easier and property owners, from hoteliers to vacation rental hosts, leverage Gen-AI to reduce redundant work while running their business to gain back more personal time.
eviivo is the first hospitality software company to introduce Gen-AI for independent accommodation in May 2023 with the launch of eviivo Concierge, a virtual concierge for property hosts, hoteliers and vacation rental group managers, who can utilise the tool on their websites. In eviivo's latest case study with partner Expedia Group, UK's Brambles of Inveraray is experiencing +8% year-over-year revenue growth and international exposure, enabled by eviivo Suite and the integration of eviivo Concierge.
Generative AI will remain a buzzword - and a standard - in 2024. Expedia.com noted in its 2024 annual report that only 6% of travellers used AI to plan a trip in 2023; 40% would use Gen AI to help find a hotel or vacation rental in 2024.
In November 2023, eviivo partner Airbnb announced its acquisition of AI company GamePlanner.AI to "develop some of the best interfaces and practical applications for AI," according to CEO and co-founder Brian Chesky.
On 6th December, Google officially launched its long-awaited Gemini, a powerful AI model that can seamlessly understand, operate across and combine text, code, audio, image, video and other types of information, and it will power Google AI apps like the Bard chatbot and Search Generative Experience.
2. "Green tech" is on the rise
The environment and futuristic tech will harmonise in hospitality. In 2024, we'll see more technology supporting sustainability, which will include the obvious - automation! - though more companies will "walk the talk" to reduce carbon emissions and prioritise the environment, especially with green tech.
"Green tech" is eco-minded solutions that aim to reverse and reduce human impact on the environment, whether the use of LED or alternative energy.
Many hotels, vacation rentals, Airbnbs and other independent accommodation, such as inns and castles, will have a stronger commitment to eco-sensibility, which travellers are preferring, resulting in more bookings and guest satisfaction. Newer properties opening in 2024 will promote "green te...