The rapid rise of Airbnb shook the very foundations of the industry and forced incumbents to adapt fast. For marketers and business leaders, this presented both opportunities and threats. Here we look at the transformation of the industry and examine how businesses today can protect themselves.
Travel and tourism is one of the worlds largest industries valued at over 1.2 trillion USD. 1.24bn people worldwide left their homes and arrived at a foreign destination in 2016 a number which has almost doubled since 2003. The industry is fast-growing and full of opportunity, with a lot of revenue on the table from holidaymakers. In the US the number of domestic trips taken by leisure and business travelers is expected to surpass 471m by 2020 with a growing proportion of these trips being booked online.
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