Our world today is experiencing an extremely social, connected, competitive and technology-driven business environment. Predicting the next big threat, or the next big opportunity is becoming increasingly difficult, especially when challenged by a plethora of technology options, fierce competition, talent-sourcing shortages, and limited budgets.
While innovation should be encouraged and embraced, there is generally an unrecognized need to systematically manage the innovation process. This includes closely monitoring emerging trends, foreseeing market threats, and generating business opportunities in every aspect of work and the ability to swiftly explore and experiment with these emerging technologies.
Over the past few years, Infosys has invested and focused extensively on creating purposeful services to drive innovation for their customers. They are centered around co-creating with customers and promoting a systematic and scalable innovation approach to solve real-world customers problems. Infosys Living labs is a set of well-orchestrated innovation services for future-proofing customer businesses and de-risking their emerging technology transformations. Infosys Living Labs for Travel and Hospitality industry is an endeavor to use digital innovations to address complex business problems for its customers.
Over thirty years later, the metaverse has the potential to revolutionize the travel and hospitality industry. It is a confluence of technologies coming together to take us beyond the boundaries of the real world. Technologies like X-Reality (e.g., AR, VR and Mixed Reality), digital twins, Generative AI, 5G, blockchain, NFTs and digital currencies are maturing rapidly.
As the travel and hospitality industry emerges from a pandemic-induced slowdown, the demand has risen to pre-pandemic levels indicating a promising future. Between 2020 and 2040, air passenger traffic is expected to increase at an annual rate of 3.3% and the cargo volumes are expected to grow by 50% by 2030.
With this, metaverse has the potential to revolutionize these industries by making it easier for people to choose their vacations wisely, connect with other travelers and find information about travel destinations enhancing customer experience.
The Metaverse and Beyond: Accelerating Innovation in Travel and Hospitality
Helps provide immersive and interactive customer experience for new generation users to engage with the brand
It enables collaboration and bring in expertise virtually to address issues quickly
Ability to create brand presence in popular metaverse platforms to increase reach and visibility