30 of the 150 leading innovators are in Asia and of those Singapore claims 3; Tech ventures in the travel industry garnered over $2 billion in funding in Q1 & Q2 of 2017. Alongside this, digital sales within the industry are predicted to reach $818 billion by 2020
Singapore-based companies AirHex, Favstay and TaKantoare among the prestigious list of 150 most innovative tech startups tipped to transform the entire travel industry, according to new report on disruption trends released recently.
Traveltech Trends 2017/18, a collaborative insights website and report from 3Sixty and Tallt Ventures, showcases the latest global technology trends and investments in the travel industry; profiling the world’s Top 150 startups and agile corporates reimagining today’s products, services, and business models.
The unique content-rich website and downloadable report provides a deep-dive analysis of investment trends, across the entire customer journey from Inspiration & Search through to Post-Trip Experience, highlighting the startups blazing a trail across each sector. For travel corporates, investors and startups alike, it lifts the lid on the startups most influencing the future – the movers and shakers to emulate, invest in, or buy.
Scanning its database of 5m+ ventures, and using its unique disruption indicators, Tallt analyzed smart-money investment, company teams, tech trends, and sentiment scores to identify the biggest gamechangers. The result is a 150-strong index of the world’s most innovative Traveltech startups identified as having the potential to dramatically influence the entire industry.
The report reveals that 47% of the most disruptive Traveltech startups are headquartered outside of North America and the UK, with Asia currently accounting for (30) 20% of the Top 150.
The three celebrated Singaporean gamechangers to watch are:
- AirHex, an airline content source platform for travel companies, including features such as online check in links and an airtravel coding database
- Favstay, a room booking platform that specialises in unique homestays in Thailand with local hosts
- TaKanto, providing 360° VR video development and production to aid in the marketing and promotion of travel and tourism.
And across wider Asia, the leading lights include WEGOGO, the AI travel platform that allows small travel businesses simple access to hundreds of millions of potential Chinese travelers (Shanghai, China), and Survaider, a SaaS (software-as-a-service) platform that aggregates customer feedback from all channels – be it social media, OTA reviews or elsewhere (Bengaluru, India)
North America tops the league table with 66 of the Top 150 players, including:
- Oliver, an online service that helps travellers get their visa to the US
- SnapTravel, a messaging service which utilises unsold hotel inventory to find highly discounted prices
- AllTheRooms, an accommodation search engine that provides results from hotels and rented homes, secret deal sites, hostels and more, saving customers from visiting dozens of different sites
The report also reveals how they pull it off: For example, SnapTravel is allowed to run its service because it operates as a private, 1-on-1 messaging service via SMS, Facebook, Viber or Slack.
The 13 most highly-rated UK startups include Triptease, an SaaS platform, designed to help hotels get ahead of OTAs and improve direct bookings, and Esplorio, a trip-tracking app that automatically maps out your routes and uses your photos to create a visual digital travel diary.
The UK remains a key hub for tech innovation with 13 London-based startups making the list, compared with 30 (20%) for the whole of ‘rest of Europe’ combined. Unsurprisingly, Berlin has emerged as the European powerhouse and top German startups include Comtravo, which uses natural language processing and AI technology along with human travel experts to offer quick business travel booking via email, SMS, Skype or its self-booking platform.
Rome2Rio, a door-to-door travel planner that enables you to find a route to anywhere in the world from your current location, is one of the three leading Australian startups to make the list.
Stage wise: where the smart money is going along the customer journey
The report also reveals that the majority of disruptive ventures currently focus on developing products and services within the ‘Inspire & Search‘ and ‘Booking & Travel‘ stages. The ‘On-Trip Experience‘ stage is also receiving a lot of attention, with activities-based ventures such as Klook growing rapidly in number.
Founded in 2014, Klook is the biggest in-destination services booking platform in Asia. It has more than 10,000 activities listed in nearly 100 destinations, optimising the ability to completely customise itineraries both online and on the Klook mobile app.
Another key finding predicts that investors and tech ventures will switch their focus to the latter stages of the travel experience, as investment into ‘Search and Booking’ peaks.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
