The startup’s move comes amid projections of MEA’s hospitality and travel technology market to reach $4 billion by 2027.
ExploreTECH, the Dubai-based tech marketplace connecting Middle East’s hospitality and travel industry ventures and professionals to global technology providers, is set to widen its industry play with launching a new platform this month, amid projections of MEA’s hospitality and travel technology market to reach $4 billion by 2027.
The startup will also expand its operations in the region with opening an operating setup in Saudi Arabia early next year.
“Our brand-new marketplace platform will have more technologies, enhanced back-end and more tools for sector companies and professionals to provide significantly improved connections, discovery and comparison of technology solutions,” Mona Faraj, co-founder of ExploreTECH, told Arabian Business.
“The new platform will also provide automated RFI/RFP (request for information and proposals), a tech-stack builder tool, and many more premium services,” Faraj said.
She said the new features would enable technology providers to benefit from cross-platform profiles and product displays, as well as expert product reviews and walkthroughs.
“Besides, many new tools and services are in the pipeline for 2023, which are aimed at streamlining technology adoption within the industry and facilitating connections between tech providers and industry professionals in MEA markets,” Faraj said.
ExploreTECH’s ambitious growth plans come at a time when the hospitality and travel sector in the MENA region is in the midst of a major changeover with large-scale adoption of technology to meet the exponential growth projections for the sector in the short-to-medium term.
Faraj said the new platform and expansion plans align with the venture’s decision to make the MEA region its major focus market.
“Our estimated target user base of MEA hospitality and travel industry professionals at the decision-maker level is approximately 3 million users, with global estimates reaching 15 million users.
“Besides, according to Gartner’s ‘Future of Sales research’, 80 percent of B2B interactions will occur in digital channels by 2025. These two factors will act as a major headwind for our growth plans in the region,” she said.
ExploreTECH Holding, which is an offshore company licensed from ADGM, currently has over 8,000 monthly active users, representing international and regional chains, independent hotel owners and managers, in addition to professionals from big food and beverage groups and travel intermediaries.
“Everything we have produced up to this point and everything we will be launching during November is just the tip of the iceberg,” Faraj said, pointing to the company’s ambitious plans in the region and globally.
“However, our strategy is to move forward gradually and smartly to make sure that we achieve our objectives during each stage of our growth journey and that our target market’s needs and requirements are met,” she said.
Faraj said though the company’s immediate focus is on serving the hospitality and travel markets in the MEA, enabling industry growth by connecting professionals to global technology providers, its vision is to venture globally within 1-2 years of operation.
As for the business model, Faraj said the company currently offers a subscription model for technology providers, in addition to a suite of business support and marketing services.
“We have also created an advisory program for industry professionals seeking expert advice about hospitality and travel technologies and what solutions are available to overcome business challenges, optimize performance and increase operational efficiencies,” she said.
CLICK HERE To read the original article by James Mathew for Arabian business.