Jeff Hong
Borough of Manhattan Community College,
Tanzania
Research Article
Rise of the Sharing Economy and the Future of Travel and Tourism Industry
Author(s): Jeff HongJeff Hong
The sharing economy is growing rapidly as platforms permit users to gain access to various assets. An estimated $23 billion in venture capital funding has poured into the sector since 2010. The total size of the sharing economy, however, is hard to estimate as most of the platforms are privately provided. Global travel industry is unmistakably the sector that naturally lends itself to the sharing economy with gross revenue that reached $1.6 trillion in 2017, placing it among the largest and fastest growing sectors in the world. With both direct and indirect economic contributions factored in, travel and tourism industry accounts for 10.2% of global GDP.
Along with the rise of the sharing economy, the role of the OTA’s and booking platforms has also seen growth in usage, and is now poised to become indispensable tools in travel planning and booking. As the industry is p.. View More»
