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The Growth Potential of B2b Travel Technologies in Korea

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  • Lee, Sunhak

    (Korea Institute for Industrial Economics and Trade)

Abstract

A 2019 Organization for Economic Cooperation and Development (OECD) report on the future of tourism highlighted changes in travel demand and supply due to technological advances as important trends shaping the future of tourism. The report stressed the need for suppliers in the industry to actively respond to these trends, especially as technological innovations such as digital platforms, the Internet of Things (IoT), artificial intelligence (AI), and virtual reality (VR) are expected to change the tourism experience significantly. Many of the report’s OECD predictions are now coming true, as demographic change and an evolving social structure along with advances in digital technology are now driving change on the supply side of the tourism industry. On the demand side, we can observe increasing levels of diversification and personalization in tourism behavior with the emergence of new younger consumers (gen Z) and now more active seniors. There are many new products, services, and delivery methods using AI, big data, and immersive technologies to respond to new, more diversified demand. In particular, the rise of online travel agencies (OTAs), coupled with the use of digital technology, has led to the rapid spread of platform-oriented transactions. More intensive use of digital technology and the increasingly popularity of platform-oriented transactions have not only led to new convergence between formerly divergent technologies and industries — spawning entirely new lines of business in the process — they have altered the fabric of the tourism industry ecosystem. In this article, we describe what business-to-business (B2B) technologies are and the implications for policy carried by our findings. Thank you for reading this abstract of a report from the Korea Institute for Industrial Economics and Trade! Visit us on YouTube: https://www.youtube.com/watch?v=Q36v30l5CV0 Visit us on Instagram: https://www.instagram.com/worldkiet/ Visit our website: http://www.kiet.re.kr/en

Suggested Citation

  • Lee, Sunhak, 2023. "The Growth Potential of B2b Travel Technologies in Korea," Industrial Economic Review 23-25, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2023_025
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    More about this item

    Keywords

    tourism; tourism industry; travel; digital platforms; platform convergence; Internet of Things; IoT; artificial intelligence; AI; virtual reality; VR; demographic change;
    All these keywords.

    JEL classification:

    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • Z31 - Other Special Topics - - Tourism Economics - - - Industry Studies
    • Z38 - Other Special Topics - - Tourism Economics - - - Policy

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