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Technological advancements such as the use of detection technologies, integration with the Internet of Things (IoT) and adoption of smart devices are having a significant impact on the growth of the market.
Global Travel Technologies Market It is expected to attain a valuation of USD 13 billion by 2033, growing at a CAGR of 8% over the next ten years.
Travel technology is applied in information and communication technology employed in the travel and hospitality sectors. Solution providers offer a variety of software and applications for travel companies to plan and book flights and tours, facilitate seamless transactions, and other travel-related processes. The airline industry makes extensive use of travel technology solutions based on online booking systems.
High growth in the travel and tourism sector and increasing requirements for automation in industries are the major factors driving the demand for global travel technologies. Moreover, adoption of SaaS-based models and artificial intelligence (AI) is fueling market growth. AI provides interactive conversational systems such as chatbots and virtual support agents that directly address the needs of the user, improving their overall experience.
Technological advancements such as the use of detection technologies, integration with the Internet of Things (IoT) and adoption of smart devices are having a significant impact on the growth of the market. Many facial and fingerprint recognition technologies are used in hotels and other public spaces to automate payment processes, check-in and check-out. Factors such as rapid urbanization, increasing consumer spending power, and intensified R&D activities are expected to fuel market growth in the coming years.
The main ways of market research
- The global travel technologies market will be worth USD 6 billion by 2023.
- Global demand for travel technologies is estimated to grow at a CAGR of 8% from 2023 to 2033 (forecast period).
- In the year By 2033, the global market is predicted to generate $13 billion in revenue.
- The global distribution system (GDS) segment is forecast to grow at a CAGR of 6.1% from 2023 to 2033.
- North America It will hold a 39% share of the global market by 2022.
“The major factors driving the growth of the global travel technologies market are the continuous expansion of the travel and tourism industry, increasing demand for online travel bookings, and increasing use of advanced technologies such as AI and IoT.” Says a Fact.MR analyst.
Competitive landscape
The global market is highly competitive. Key players in the travel technologies market are competing for market share. As the travel and tourism business has expanded, competition has intensified and many mergers and acquisitions have occurred. Moreover, the intense competition in the global market is expected to force established vendors to expand their market positions through strategic partnerships. Additionally, several startups are focusing on new developments to solve long-standing problems.
- Miami-based startup Deal Engine is solving a familiar issue for airlines and their customers: post-booking flight adjustments. Historically, airlines have contracted expensive call centers to handle the changing demands of their customers during the pandemic.
- EaseMyTrip.com, one of India’s leading travel technology portals, has launched a self-booking tool for corporates in November 2022. This tool uses AI technologies such as machine learning and data mining to make it more efficient and resourceful. Corporates and business travelers can easily book their travel using this tool as it simplifies their booking process.
North America is leading the global travel technologies market and is expected to continue throughout the forecast. The presence of significant players with advanced technologies is contributing significantly to the growth of the regional market. Moreover, the United States is the leading market in the North American region.
These insights are based on a report on the travel technology market. FACT. MR.
Vicky is the co-founder of the TravelDailyNews Media Network, where she belongs. Editor-in-Chief. She is also in charge of day-to-day operations and financial policy. She holds a BA in Tourism Business Administration from the Technical University of Athens and a Masters in Business Administration (MBA) from the University of Wales.
She has many years of academic and industry experience in the travel industry. She has written/edited several articles in various tourism magazines.
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