The global travel technology market exhibited strong growth during 2015-2020.
Looking forward, the analyst expects the market to grow at a CAGR of around 7% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Travel technology refers to the integration of information and communication technology in the travel, tourism and hospitality industry. It allows organizations to automate various processes, such as booking and tracking flights, hotels, tours and enable a common interface to connect travel agents with the consumers. It also aids in creating customized itineraries, finding the most suitable prices and schedules, converting currency, managing travel insurance and offering travel advice to the user.
Significant growth in the travel and tourism sector, along with the rising need for automation across industries, is among the key factors driving the market. Furthermore, widespread adoption of artificial intelligence (AI) and SaaS-based models are also providing a boost to the market growth. For instance, organizations are increasingly employing robotic process automation (RPA) to streamline and automatically process applications, manage bookings and paperwork to minimize human errors. Also, AI provides interactive conversational platforms, such as virtual support agents and chatbots, that can directly address the consumer’s requirements, thereby enhancing their overall experience. Additionally, various technological advancements, including the employment of recognition technologies and the integration with the Internet of Things (IoT) and the adoption of smart devices, are also creating a positive impact on the market growth. Various fingerprint and facial recognition systems are employed in hotels and other public spaces to automate check-in, check-out and payment processes. Other factors, including rapid urbanization, increasing consumer expenditure capacities and extensive research and development (R&D) activities, are projected to drive the market in the coming years.
Key Market Segmentation: the analyst provides an analysis of the key trends in each sub-segment of the global travel technology market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, product type and application.
Breakup by Product Type: Airline & Hospitality IT Solutions Global Distribution System (GDS)
Breakup by Application: Travel Industry Tourism Industry Hospitality Industry
Breakup by Region: North America United States Canada Asia Pacific China Japan India South Korea Australia Indonesia Others Europe Germany France United Kingdom Italy Spain Russia Others Latin America Brazil Mexico Others Middle East and Africa
Competitive Landscape: The competitive landscape of the industry has also been examined with some of the key players being Amadeus IT Group SA, CRS Technologies India Pvt Ltd, Lemax, mTrip, Navitaire LLC, Qtech Software Private Limited, Sabre Corporation, Tramada Systems Pty Ltd, Travelport International Limited, etc. Key Questions Answered in This Report: How has the global travel technology market performed so far and how will it perform in the coming years? What are the key regional markets? What has been the impact of COVID-19 on the global travel technology market? What is the breakup of the market based on the product type? What is the breakup of the market based on the application? What are the various stages in the value chain of the industry? What are the key driving factors and challenges in the industry? What is the structure of the global travel technology market and who are the key players? What is the degree of competition in the industry?
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