India will be the next big place to look for innovative travel technology. The optimistic statement emerged at the travel technology forum at PATA Travel Mart 2015 in Bengaluru.
Mr Mohandas Pai, Chairman, Karnataka Tourism Forum, said: “Indian startups in technology are the third biggest in the world with 12,340 new ones in 2014 and growing the fastest. Bengaluru has the world’s second largest technology sector after the United States.”
Information Technology (IT) contributed 9.5 percent to Inida’s GDP and is the biggest private sector employer with 4 million employees. 55 percent of global IT sourcing is with India. Big domestic consumption with 350 million internet users and 159 million mobile users are also fueling technology growth that has attracted $ 10 billion venture capital money into India.
There’s an ecommerce boom and the market size of $ 3 billion in 2014 is expected to grow to $15 billion by 2016.
Rakesh Agarwal, CEO, OYO Rooms said: “there’s great potential in the budget room sector of hospitality that we are in. consumers are looking for predictable experiences at the right price. We’re like Uber for hotel rooms.” OYO rooms is an Indian online startup company on the lines of Airbnb that is selling direct as well as through travel agents (with commission) is aiming at the nine percent market share of the room category.
There are dozens of new travel startups with $33 million investments last year. Phocuswright’s survey in 25 cities of India has revealed that two million trips are being undertaken every year with a third of those traveling abroad. Two out of three Indians traveled abroad for the first time.
Talking about future trends and challenges, Rika Jean–Francsois, partnerships, Messe Berlin(ITB), said: “Having technology is essential in travel and caring for needs of local people using technology will be important. For example, I was happy to see modern technology being used in catering to visitors of modern Krishna Temple that I visited in Bengaluru.”
Written by Anand & Madhura Katti