Data analytics will help to contribute annual increases of revenues of more than 30% over the next five years.
That was the view of 57% of 250 industry professionals polled from across Asia Pacific by Hotelbeds.
The survey found that 19% expected increases of more than 60%.
Nine in ten (88%) of the respondents said their companies will increase budget for data analytics next year, with no companies reported a planned decrease – and 49% preparing for a ´significant´ rise.
The biggest benefit they receive currently from data analytics is in forecasting demand (34%), followed by targeted marketing campaigns (24%) and revenue management (23%).
While the biggest challenge they face in the area of data analytics is attracting talent (34%), closely followed by a lack of clean data (33%). Only 9% cite a lack of technology partners as a problem.
The audience survey at the MarketHub Asia event in Bangkok also explored other areas relating to the Asia Pacific travel market:
- 61% believed that personal recommendations or social media activity of influencers have the greatest impact on the booking choices of travellers in the region – with only 7% believing that previous experience of a destination is the top factor in picking a destination.
- The biggest concerns for Asia Pacific travellers when visiting Europe are firstly the threat of terrorism (32%), closely followed by visas (26%). Only 10% thought language barriers were an issue and only 2% thought the food an issue.
Hotelbeds sales director Sam Turner said: “This survey has been a very valuable exercise to generate insight into exactly how the leading travel companies in Asia Pacific are embedding analytics into their organizations – already we are adapting our approach based upon these learnings.
“One of the biggest issues travel companies will face in the future will be getting the skilled people required to analyse and manage the ever increasing amounts of data they are producing: a data-driven world requires data-driven employees.”
Gareth Matthews, marketing and communications director added: “These findings are particularly relevant for the Chinese market, already the world’s largest e-commerce market.
“China does not have legacy issues and can therefore leapfrog straight to advanced data analytics and smart technologies to track and anticipate consumer behaviour, just look at the success of WeChat.
“The Chinese market is perhaps uniquely well-positioned to exploit this new wealth of data from a marketing perspective. It will be fascinating to see how this impacts the travel industry in the region over the coming 18 months.”