Global Travel Technology Market Overview:
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.
- Increase in Business Travel Expenditure
- Growing Adoption of Social Media Platforms and Big Data Analytics Solutions
- High Cost of Implementation
- Growing Investment by Companies in New Technology
- Growth Opportunities in Untapped Markets
- Synchronization Issues of Travel Technology Solutions
- Increasing Open Source Software on the Internet
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.
Some of the key players profiled in the report 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). Additionally, following companies can also be profiled that are part of our coverage like Tripfro (India) and Dolphin Dynamics Ltd (United Kingdom). Analyst at AMA Research see United States Players to retain maximum share of Global Travel Technology market by 2026. Considering Market by End-user, the sub-segment i.e. Individual will boost the Travel Technology market.
December 2020 - Google Launches New Insight Tools for Travel Industry
What Can be Explored with the Travel Technology Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Travel Technology Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Travel Technology
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
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, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Travel Technology market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of 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 related to 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 includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Travel Technology Market?
The Travel Technology market is expected to see a CAGR of % during projected year 2020 to 2026.
2. Who are the top performing companies in Travel Technology Market?
Top performing companies in the Global Travel Technology market 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), to name a few.
3. What trending factors would impact Travel Technology Market growth most?
"Adoption of Artificial Intelligence in Travel Technology Solutions" is seen as one of major influencing trends for Travel Technology Market during projected period 2020-2026.