Published on : Jan 20, 2017
ALBANY, NY, Jan 20, 2017: The report, titled “Travel and Tourism Industry Business Outlook and Procurement Report November 2016-April 2017,” gives detailed insights into the business outlook and procurement activities expected to be observed in the market over the course of the six months: November 2016–April 2017.
The report states that the procurement expenditure of the global travel and tourism industries will rise by 5.6% over the said period. The report also states that the number of mergers and acquisitions taking place in these industries will increase over these six months. Companies in the travel and tourism industry will be keen on expanding the geographic horizons of their services in order to gain a larger share in the travel and tourism sector, especially across the lucrative emerging economies.
The need to build immediate and strong brand image and the desire to get the most out of the available resources through investments will also persuade companies in the travel and tourism industries to focus more on strategic mergers and acquisitions. Companies will also be keen to find better ways of making revenues amid rising competition and uncertain economic development of several developed markets.
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Companies are expected to increase focus on expanding operations across current markets as well as improving the operational efficiency of services. Developing economies such as India and China are projected to offer vast growth opportunities for companies in the travel and tourism industries, chiefly owing to the rising population of affluent consumers and vast development of the hospitality industry in these countries. The U.S. is also expected to lead to significant growth opportunities for the travel and tourism industries over the period between November 2016 and April 2017.
In a bid to gain an increased share of the available set of opportunities in the global market, travel and tourism companies are focusing on ways of improving consumer services and cost reductions. This is expected to increase use of technology and internal cost reductions through the use of digital tools in place of manual operations across the travel and tourism industries over November 2016 and April 2017. Procurement activities on IT services are also expected to rise in these industries over the said period.
The report highlights key business priorities of leading companies in the travel and tourism industries, including comparisons over the past six months. The report highlights procurement budget estimates presented by executives in the industry for the period between November 2016 and April 2017. The report is expected to help companies in the market take better decision in regards to expansion across mature and new markets.
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