Travel Report 2024: Key Data & Innovation Insights

The 2024 Travel Report explores a dynamic sector that continues to transform to meet changing consumer preferences, technological progress, and global economic circumstances. The report presents key trends and firmographic data and provides insights into the growing fields of active tourism, virtual traveling, and travel bots. In the post-pandemic world, the travel industry is undergoing a significant transformation, adapting to new norms and expectations. This also includes an increased focus on health and safety measures, flexible booking policies, and the rise of local and sustainable tourism.

This report was last updated in July 2024.

This travel industry report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.

StartUs Insights Travel Report 2024

• Executive Summary
• Introduction to the Travel Report 2024
• What data is used in this Travel Report?
• Snapshot of the Global Travel Industry
• Funding Landscape in the Travel Industry
• Who is Investing in Travel?
• Emerging Trends in the Travel Industry
• 5 Travel Startups impacting the Industry

Executive Summary: Travel Outlook 2024

This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 9900+ travel startups developing innovative solutions to present five examples from emerging travel industry trends.

• Industry Growth Overview: The travel industry has an annual growth rate of 2.86% and includes over 170K+ companies.
• Manpower & Employment Growth: The sector employs a workforce of 13.5 million, with an increase of over 746000 employees in the last year. This indicates its expansion and vitality.
• Patents & Grants: The travel industry, with more than 59000 patents and 4500+ grants, shows a commitment to innovation and development.
• Global Footprint: It operates in key hubs across the US, India, the UK, Canada, and Australia, including city centers such as London, New York City, New Delhi, Sydney, and Mumbai.
• Investment Landscape: The sector has an average investment of USD 40.3 million per funding round, with over 27000 rounds and more than 9000 investors.
• Top Investors: Investors like Coatue, Tiger Global, SoftBank Vision Fund, and others have collectively invested over USD 17 billion across various travel companies.
• Startup Ecosystem: Highlight includes five innovative startups, WayWay (AI-powered Travel Assistant), Culture App (AR Cultural Heritage Tours), SATOS Tour-Tech (B2B Travel Tech Platform), Camino Network (Travel Industry Blockchain), and Wait N´Rest (Self-service Rooms).
• Recommendations for Stakeholders: Stakeholders should leverage trends to benefit from technological integration and consumer demand for personalized and interactive experiences. Investment in innovation and operational flexibility is important for adapting to the changing market landscape and maintaining growth.

Explore the Data-driven Travel Industry Outlook for 2024

The Travel Report 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. In our detailed heatmap, we present crucial data from our database of over 170000 companies. It emphasizes the active startup ecosystem with over 9900 startups.

In the past year, the industry has experienced a growth of 2.86%, along with notable progress in innovation. This is demonstrated by more than 59000 patents and 4500+ grants. The workforce in this sector is strong, with a global manpower reaching 13.5 million and a substantial employee growth of 746700 within the last year.

Our analysis also highlights the prominent country and city hubs for business activity, featuring the US, India, the UK, Canada, and Australia as active countries. Further, London, New York City, New Delhi, Sydney, and Mumbai are the cities contributing to this growth.

What data is used to create this travel report?

Based on the data provided by our Discovery Platform, we observe that the travel industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.

• News Coverage & Publications: The travel industry has received news coverage and publications, with more than 6900 publications over the last year.
• Funding Rounds: Our database contains data on over 27000 funding rounds for the travel industry.
• Manpower: The travel sector has a workforce of over 13 million and has added more than 740000 new employees in the past year.
• Patents: The industry has over 59000 patents, indicating its innovative efforts.
• Grants: With 4569 grants awarded, the industry shows its research and development efforts.

A Snapshot of the Global Travel Industry

The travel industry report presents a sector that is growing. It has a total workforce of 13.5 million and has seen an increase of over 746000 employees in the last year. This growth includes over 170000 companies, which indicates the industry’s impact and scale.

Explore the Funding Landscape of the Travel Industry

In terms of finance, the industry shows active investment activity. The average investment value is USD 40.3 million per funding round. Our database includes more than 27000 funding rounds, with over 9000 investors participating. This suggests investor confidence and a market for new ventures.

In addition, over 11000 companies have received investments, which indicates a distribution of funding across different entities within the industry. This shows the travel industry as a contributor to economic growth, innovation, and employment, with an ecosystem that continues to attract investment and new talent.

Who is Investing in the Travel Industry?

The travel industry has seen significant investments, with top investors contributing over USD 17 billion across various companies. Here’s a closer look at the financials:

• Coatue Management leads with a targeted investment of USD 2.4 billion across 8 companies.
• Tiger Global Management follows with a broad strategy, investing USD 2 billion in 34 companies.
• SoftBank Vision Fund has strategically placed USD 1.9 billion in 12 companies.
• Goldman Sachs has allocated USD 1.7 billion to 20 companies, demonstrating its commitment to the industry.
• Tencent matches Goldman Sachs with USD 1.7 billion invested in 18 companies.
• Advent International shows a strong focus with USD 1.6 billion invested in 12 companies.
• Ant Group also commits USD 1.6 billion, though it has chosen to invest in 8 companies.
• T. Rowe Price has invested USD 1.3 billion in 8 companies. This highlights its selective investment approach.
• General Atlantic extends USD 1.3 billion to 13 companies, supporting a variety of ventures.
• Sequoia Capital spreads its USD 1.3 billion investment across 32 companies, showing both reach and diversity in its investment choices.

Gain Access to Top Travel Innovations & Industry Trends with the Discovery Platform

There are several key trends that are advancing the travel industry. Here are a few of them highlighted below along with the firmographic insights:

• Active tourism is a trend in the travel industry, with 2600+ companies identified. These companies employ 97000 individuals and have added 6700 new employees over the last year. The sector has an annual trend growth rate of 14.07%, which shows a consumer preference for experiences that combine travel with physical activities and cultural engagement.
• Virtual traveling is gaining momentum, with 187 companies in this niche. These companies employ over 10100 individuals, including 622 new hires in the previous year. The annual growth rate of 17.18% shows an increasing consumer interest in exploring global destinations virtually.
• Travel bots are a technology trend in the travel industry, with 30 companies driving this innovation. These companies have a workforce of 500, having expanded by 78 in the last year. With an annual growth rate of 10.46%, travel bots are becoming a part of the travel experience and offer automated, personalized travel planning and customer service solutions.

5 Top Examples from 9900+ Innovative Travel Startups

The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.

WayWay offers an AI-powered Travel Assistant

UK startup WayWay provides an AI-powered travel planner that simplifies trip planning by offering personalized suggestions and instant bookings. The platform leverages AI to recommend tailored options for dining, entertainment, and activities based on traveler preferences. They also benefit from an interactive itinerary that adjusts in real time to factors like traffic and weather conditions. The app has features for organizing group trips, which align with the preferences of all participants. It has social integration that allows travelers to share their experiences and find new adventures through a community. WayWay also offers tools to track and reduce one’s carbon footprint during travels, further supporting eco-friendly practices. This assists in making travel planning accessible, enjoyable, and sustainable.

Culture App provides AR Cultural Heritage Tours

Greek startup Culture App offers augmented and virtual reality tours of Greece’s cultural heritage sites to improve the travel experience. The app has audiovisual tours with AR and 3D representations that are accessible on various mobile devices. It provides digital content, including 3D models, panoramic photos, and historical information, which contributes to the learning experience. Travelers are also able to download content via WiFi for offline access, which allows exploration of sites without an internet connection. The app also includes services for both individual tourists and tour operators, enhancing guided tours with digital tools.

SATOS Tour-Tech builds a B2B Travel Tech Platform

Saudi startup SATOS Tour-Tech uses advanced technologies to automate tourism operations to transform the Saudi Arabian travel industry. The platform offers real-time data updates and analytics, aiding decision-making for agencies and operators. It includes a marketplace for service providers with secure payment options and a bidding system. SATOS enables communication between travelers, agencies, and service providers using predefined templates and tools. By incorporating AI and automation, the system improves efficiency and customer satisfaction and supports growth.

Camino Network creates Travel Industry Blockchain

Swiss startup Camino Network offers a blockchain-based ecosystem for the travel industry, using the CAM token. The platform improves connectivity in the travel sector and enables efficient, transparent, and secure transactions. It aids in the integration of web3 technologies and provides tools for creating and managing digital travel products and services. Users participate as validators and contribute to the network’s governance and operations. The startup’s network caters to a range of travel businesses, from individual providers to large agencies, offering scalability and capabilities. With its decentralized framework, Camino Network changes how travel products are distributed and consumed globally.

Wait N´Rest creates Self-service Rooms

Colombian startup Wait N’ Rest offers travelers hourly bookable rooms in airports for rest and work between flights. The startup provides rest spaces with ergonomic beds, sound-canceling systems, and free Wi-Fi. Each unit has a touch-screen check-in/check-out system, which improves user transactions. These modular rooms are designed for space utilization and comfort and cater to relaxation and productivity needs. The platform supports keyless entry and has a space utilization rate, which makes it suitable for crowded airports.

Gain Comprehensive Insights into Travel Trends, Startups, or Technologies

The travel industry is evolving with trends like active tourism, virtual traveling, and the use of travel bots that enhance traveler experiences. These trends indicate a move towards interactive, technology-based, and customized travel options that cater to the changing needs of today’s consumers. Contact us to explore all 9900+ startups and scaleups, as well as all industry trends impacting travel companies.