Global Travel Technology Market to Grow at 6.4% During 2024-2032, Impelled by Significant Growth in Tourism Sector

June 03, 2021 | Technology & Media

According to the latest report by IMARC Group, titled "Travel Technology Market Report by Product Type (Airline & Hospitality IT Solutions, Global Distribution System (GDS)), Application (Travel Industry, Tourism Industry, Hospitality Industry), and Region 2024-2032," the global travel technology market reached a value of US$ 10.0 Billion in 2023. Travel technology is widely used to describe a travel system that includes information and communication technology across the travel, tourism and hospitality sectors. It facilitates travel processes, including flight tracking, travel planning, reservation management and customer reviews, for various travel agents and tour operators. They offer numerous software and applications for the smooth functioning of these operations, thereby improving booking rates and ensuring improved customer experience. These services are also extensively used for enabling easy transactions, creating customized itineraries and managing travel insurance in a convenient manner.

Global Travel Technology Market Trends:

The global market is primarily driven by considerable growth in the travel and tourism sector. Coupled with the increasing utilization of artificial intelligence (AI) and SaaS-based models with travel technology, this is creating a positive outlook for the market. Moreover, the rising requirement for automation across various sectors has led to the increasing deployment of robotic process automation (RPA) across the sector. These services streamline and process applications automatically while managing bookings and paperwork efficiently to minimize human errors. The market is further driven by the rising need for AI-supported virtual support agents and chatbots that aim to address consumer’s requirements directly in an attempt to improve customer satisfaction. Apart from this, the increasing deployment of fingerprint and facial recognition systems across hotels and public spaces so as to automate check-in, check-out and payment processes is also providing an impetus to the market growth. Some of the other factors contributing to the market growth include the growing integration of travel technology with the Internet of Things (IoT) and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is expected to grow at a CAGR of 6.4% during 2024-2032.

Market Summary:

On the product type, the market has been bifurcated into airline and hospitality IT solutions and global distribution systems (GDS).
Based on the application, the market has been divided into travel, tourism and hospitality industries.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Amadeus IT Group SA, CRS Technologies India Pvt Ltd, Lemax, mTrip, Navitaire LLC, Qtech Software Private Limited, Sabre Corporation, Tramada Systems Pty Ltd, and Travelport International Limited.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product Type, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Amadeus IT Group SA, CRS Technologies India Pvt Ltd, Lemax, mTrip, Navitaire LLC, Qtech Software Private Limited, Sabre Corporation, Tramada Systems Pty Ltd and Travelport International Limited
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
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Global Travel Technology Market to Grow at 6.4% During 2024-2032, Impelled by Significant Growth in Tourism Sector

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