What is Travel Technology?
Travel technology is a branch of information and communication technology that focuses on the tourist and hospitality industries. Agencies can use this technology to book flights, tours, shuttles, and other services. It was mostly associated with the airline sector, which dealt mostly with computer reservation systems. Mobile devices are currently the most popular means of accessing travel technologies. Information and communication technology utilized in the hotel and travel industries can benefit from travel technology solutions. Travel agencies can use a variety of software and applications from solution providers to organize and arrange tours, flights, and other tour activities. The market is growing due to an increase in corporate travel expenditures, as well as the use of social media and big data analytics. The airline business, which interacts with online reservation systems to a great extent, is a significant adopter of travel technology solutions. The cell phone is the most popular device for using various travel technology applications. Solution vendors provide a variety of mobile applications for various mobile operating systems. The cloud-based platform is being adopted by solution providers to improve the data access process and software performance, as well as the performance of the travel technology solution.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Google (United States), Amadeus IT Group (Spain), Sabre Corporation(United States), Travelport (India), CRS Technologies (United States), mTrip (Canada), Qtech Software (India), Tramada Systems (Australia), Lemax (Hong Kong) and Technoheaven (India) |
The study covers a detailed analysis segmented by key business segments i.e. by type (Airline & Hospitality IT Solutions and Global Distribution System (GDS)) , by application (Travel Industry, Tourism Industry and Hospitality Industry) and major geographies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Travel Technology market throughout the predicted period.
The competition is expected to become even more intense in the years to come due to the entry of several new players in the market. To help clients improve their revenue shares in the market, this research study provides an in-depth analysis of the markets competitive landscape and offers information on the products offered by various leading companies. Additionally, this Travel Technology market report suggests strategies that Players can follow and highlights key areas they should focus on, in order to take maximum benefits of growth opportunities.
The report offers several leading Players, some of them are Google (United States), Amadeus IT Group (Spain), Sabre Corporation(United States), Travelport (India), CRS Technologies (United States), mTrip (Canada), Qtech Software (India), Tramada Systems (Australia), Lemax (Hong Kong) and Technoheaven (India).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Adoption of Artificial Intelligence in Travel Technology Solutions
Market Growth Drivers:
Increase in Business Travel Expenditure and Growing Adoption of Social Media Platforms and Big Data Analytics Solutions
Challenges:
Synchronization Issues of Travel Technology Solutions and Increasing Open Source Software on the Internet
Restraints:
High Cost of Implementation
Opportunities:
Growing Investment by Companies in New Technology and Growth Opportunities in Untapped Markets
Key highlights of the Global Travel Technology market Study:
CAGR of the market during the forecast period 2022-2028
In-depth information on growth factors that will accelerate the Travel Technology market in next few years.
Detailed Insights on futuristic trends and changing consumer behavior
Forecast of the Global Travel Technology market size and its contribution to the parent market by type, application and by country.
A broad view of customer demand
Uncover markets competitive landscape and in-depth information on various Players
Comprehensive information about factors that will challenge the growth of Travel Technology Players
Transformation and Important Triggers:
Business transformation has taken hold across the broad corporate landscape due to the confluence of several important triggers, including:
A tipping point in globalization
A major slowdown in Western economies
Significant shifts in technology and cost structure
The challenges of regulatory compliance
New forms of competition developing
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Travel Technology market.
In order to reach an exhaustive list of functional and relevant players, various industry classification standards are closely followed such as NAICS, ICB, and SIC to penetrate deep into important geographies by players, and a thorough validation test is conducted to reach the most relevant players for survey in Travel Technology market.
In order to make a priority list sorting is done based on revenue generated based on the latest reporting, using paid databases such as Factiva, Bloomberg, etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment> by targeting key target audience that includes Software Companies, Technology Providers, Investors, IT Companies, Solution Providers and Others.
This helps us to gather the data for the players revenue, operating cycle and expense, profit along with product or service growth, etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that include Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, Annual reports, press releases, etc.