According to IMARC Group’s latest report, titled “Travel Technology Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global travel technology market exhibited strong growth during 2015-2020. Looking forward, the market is expected the to grow at a CAGR of around 7% during 2021-2026.
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.
Travel technology is the consolidation of information and communication technology in the travel, tourism, and hospitality sectors. It enables various organizations and agencies to automate flight bookings, tours, and transfers while connecting the travel agents to the customers via a common interface. Travel technology is used to create customized itineraries, find reasonable prices and schedules, convert currency, manage travel insurance, and offer travel advice to the users.
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The key factor driving the global travel technology market is the growing consumer expenditure capacity, coupled with the extensive use of social media and big data analytics. The adoption of robotic process automation (RPA) in travel technology is another significant growth-inducing factor, as it saves time by automating the entire booking process. Moreover, several leading companies have introduced various fingerprint and facial recognition systems, which are employed in hotels and other public spaces to automate check-in, check-out and payment processes. The employment of these recognition technologies has created a positive impact on the market growth. Other factors, such as significant growth in the travel and tourism industry and extensive research and development (R&D) activities, are expected to create a positive outlook for the market in the coming years.
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List of Key Companies Covered in this Market Report:
- Amadeus IT Group SA
- CRS Technologies India Pvt Ltd
- Navitaire LLC
- Qtech Software Private Limited
- Sabre Corporation
- Tramada Systems Pty Ltd
- Travelport International Limited
The report has segmented the market on the basis of product type, application and geography.
Breakup by Product Type:
- Airline & Hospitality IT Solutions
- Global Distribution System (GDS)
Breakup by Application:
- Travel Industry
- Tourism Industry
- Hospitality Industry
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021- 2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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