Scope of the Study
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.
The market study is being classified by Type (Airline & Hospitality IT Solutions and Global Distribution System (GDS)), by Application (Airline Companies, Hotels and Others) and major geographies with country level break-up. According to AMA, the Global Travel Technologies market is expected to see growth rate of 6.2% and may see market size of USD8.9 Billion by 2024.
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 profiled in the study. Additionally, the Players which are also part of the research are Ecare Technology Labs (India), CRS Technologies (India) and Qtech Software (India).
Research Analyst at AMA predicts that Global Players will contribute to the maximum growth of Global Travel Technologies market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Travel Technologies market by Type, Application 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.
- Surging in business travel expenditure
- Increasing usage of social media and big data analytics
- The increasing adoption of biometrics and wearable technologies
- Soaring deployment of AI, IoT and cloud technology
- Lack of synchronization by booking engines and online travel agencies (OTAs)
- A shift towards SaaS-based and hosted solutions across the globe
- The increasing need to automate travel management systems
- Increasing cyber attack to gather the information of customer
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