According to the latest report by IMARC Group, titled "Travel Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global travel technology market is currently witnessing strong growth. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 7% during 2021-2026.
- 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.
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