About Travel Technologies
Travel technology is an extension of information and communication technology which is dealing with the tourism and hospitality sectors. By using this technology agencies can book flights, tours, transfers, and others. Travel technology has majorly related to the airline industry that mostly dealt with computer reservation systems. Of late, with the increasing numbers of mobile devices are the most preferred medium to use travel technologies. On the other hand, the Internet of thing (IoT), big data analytics, and cloud computing is increasing with the advancements made in the travel industry by using automated travel management systems.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 6.2% |
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 through expansions and acquisitions across the globe to avail competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Travel Technologies market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Amadeus IT Group (Spain), Sabre Corporation (United States), Travelport (United Kingdom), Dolphin Dynamics (United Kingdom), mTrip (Canada), Toursys Solutions (Thailand), Tramada Systems (Australia), TravelCarma (United States), Trip Solutions (United Kingdom) and Web Booking Expert (Romania) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Ecare Technology Labs (India), CRS Technologies (India) and Qtech Software (India).
Segmentation Overview
AMA Research has segmented the market of Global Travel Technologies market by Type (Airline & Hospitality IT Solutions and Global Distribution System (GDS)), Application (Airline Companies, Hotels and Others) and Region.
On the basis of geography, the market of Travel Technologies has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Component Type, the sub-segment i.e. Hardware will boost the Travel Technologies market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The increasing adoption of biometrics and wearable technologies and Soaring deployment of AI, IoT and cloud technology
Market Growth Drivers:
Surging in business travel expenditure and Increasing usage of social media and big data analytics
Challenges:
Increasing cyber attack to gather the information of customer
Restraints:
Lack of synchronization by booking engines and online travel agencies (OTAs)
Opportunities:
A shift towards SaaS-based and hosted solutions across the globe and The increasing need to automate travel management systems
Market Leaders and their expansionary development strategies
In October 2021, Travel Tech Asia has been organised by ITB Asia team and is co-located with ITB Asia and MICE Show Asia, making it part of the biggest travel trade show in Asia Pacific.
In July 2019, Ford Motor Company and Volkswagen AG revealed that through a strategic partnership with Argo AI, they are collaborating on autonomous vehicle technologies in the U.S. and Europe in a synergistic effort to stay successful in the evolving transportation environment.
Key Target Audience
Market Research & Consultancy Firm, Potential Investors, Government & Regulatory bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.