Travel Technologies Market Is Projected To Touch US$ 13 Billion By 2033

 According to Fact.MR, a market research and competitive intelligence provider, the global travel technologies market is anticipated to achieve a valuation of US$ 13 billion by 2033, expanding at 8% CAGR over the next ten years.

Travel technology is applicable in information and communication technology employed in the travel and hospitality sectors. Solution providers offer various software and applications to travel companies to plan and book flights and tours, facilitate seamless transactions, and for other tour-related processes. The airline industry widely uses travel technology solutions, which rely heavily on online reservation systems.

Substantial development in the travel and tourism sector and an increasing requirement for automation across industries are major factors propelling the global demand for travel technologies. Moreover, growing adoption of SaaS-based models and artificial intelligence (AI) is fueling market growth. AI provides interactive conversational systems, such as chatbots and virtual support agents, that can directly address the consumer's needs, improving their overall experience.

Download a Free Sample Copy of this Report – https://www.factmr.com/connectus/sample?flag=S&rep_id=8305

Technological improvements such as the use of recognition technologies, incorporation with the internet of things (IoT), and the adoption of smart devices are having a beneficial impact on market growth. Numerous facial and fingerprint recognition technologies are used in hotels and other public areas to automate payment processes, check-in, and check-out. Other factors, such as rapid urbanization, rising consumer spending power, and intensive R&D activities, are expected to bolster market growth over the coming years.

Key Takeaways from Market Study

  • The global travel technologies market is valued at US$ 6 billion in 2023.
  • Worldwide demand for travel technologies is estimated to evolve at a CAGR of 8% from 2023 to 2033 (forecast period).
  • The global market is forecasted to garner US$ 13 billion by 2033.
  • The global distribution system (GDS) segment is projected to evolve at a CAGR of 6.1% from 2023 to 2033.
  • North America captured 39% share of the global market in 2022.

“The main factors boosting global travel technologies market growth are steadily expanding travel & tourism industry, rising demand for online travel bookings, and increasing usage of advanced technologies such as AI and IoT,” says a Fact.MR analyst.

Key Segments of Travel Technologies Industry Research

By Product :

  • Global Distribution System (GDS)
  • Airline & Hospitality IT Solutions

By Application :

  • Travel Industry
  • Tourism Industry
  • Hospitality Industry

By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific & China
  • Middle East & Africa

Regional Analysis

North America is leading the global travel technologies market and is expected to continue to do so throughout the forecast period as well. The presence of significant players with advanced technologies is massively contributing to regional market growth. Moreover, the United States is the leading market in the North American region.

Competitive Landscape

The global market is highly competitive. Key players in the travel technologies market are competing for market share. With the expansion of the travel and tourism business, competition has intensified, resulting in a slew of mergers and acquisitions. Moreover, intense competition in the worldwide market is projected to push established vendors to expand their market position through strategic partnerships. Furthermore, numerous start-ups are focusing on new developments to address long-standing issues.

  • Deal Engine, a Miami-based start-up, is addressing a well-known issue for airlines and their customers: post-booking flight adjustments. Historically, airlines have contracted pricey contact centers to handle many of their customers' change requests, which became onerous during the pandemic.
  • EaseMyTrip.com, one of India's major travel technology portals, launched a self-booking tool for corporates in November 2022. This tool uses AI technologies such as machine learning and data mining to make it more effective and resourceful. Corporates and business travellers can easily book their travels utilizing this tool since it simplifies their booking process.
  • MakeMyTrip (MMT) developed a new and revolutionary payment model called 'Book Without Payment' in October 2022, which allows international and domestic travellers to book a hotel without making any advance payment.
  • American Express Global Business Travel (GBT) and Sabre launched a multi-faceted strategic partnership in December 2021 with the goal of developing innovations that would help define the future of corporate travel distribution. Under the terms of the agreement, which went into effect in January 2022, the corporation increased its commitment to Sabre and committed to a multi-million-dollar, long-term annual investment in collaborative technology development with Sabre.

Key Companies Profiled

  • Amadeus IT Group, S.A
  • Qtech Software Pvt. Ltd
  • Navitaire LLC
  • Kaptio Travel
  • Lemax Ltd
  • mTrip
  • Expedia Group
  • TravelWorks
  • Dolphins Dynamics
  • Sabre Corporation

Get Full Access of the Complete Report:– https://www.factmr.com/report/travel-technologies-market  

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global travel technologies market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.

The study divulges essential insights on the market on the basis of product (global distribution system (GDS), airline & hospitality IT solutions) and application (travel industry, tourism industry, hospitality industry), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Contact:
US Sales Office :
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E-Mail: sales@factmr.com

 

Comments

Post a Comment

Popular posts from this blog

Interesterified Fats Market Is Anticipated To Increase At 4.8% CAGR By 2033

The global Interesterified Fats market is valued at  US$ 7.5 billion  in 2023 and is estimated to exhibit expansion at a steady CAGR of  5.4%  over the next ten years. As such, worldwide sales of Interesterified Fatss are forecasted to reach  US$ 12.7 billion  by the end of 2033. Fact.MR, in its latest business intelligence study, depicts the nuts and bolts of the global Interesterified Fats Market. The report presents detailed information regarding the drivers, restraints, opportunities and trends affecting market growth. Each segment along with its sub-segment is analyzed in terms of value and volume. Further, the report elaborates the market behavior of each vendor operating in the Interesterified Fats market. Download Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=2971 Key Companies Profiled Cargill Incorporated Willowton Group Bunge (Loders Croklaan) AAK KAMANI Pvt. Ltd....
Read more

Specialty Feed Additives Market to Reach US$ 20.5 Billion at a CAGR of 5.2% by 2033

  Worldwide demand for  specialty feed additives market  is projected to increase at  5.2%  CAGR From 2023 to 2033. Currently, the   global specialty feed additives market   enjoys a valuation of  US$ 12.3 billion  and is expected to reach  US$ 20.5 billion  by the end of 2033. On the other hand, through 2033, it is projected that shifting regulatory criteria for the usage of various feed ingredients and the high manufacturing costs of specialised feed additives will restrain market growth overall. For instance, the use of antibiotic growth promoters in animal feed has been outlawed in several nations due to the development of zoonotic infections caused by their excessive use, which resulted in animal drug resistance. The food additive industry underwent significant modifications and reforms as a result of this restriction, which also temporarily slowed market growth. For more insights into the Market, Request a Sample of t...
Read more

Advanced PCMs Market in South Korea is Projected to Reach a Value of US$ 802.8 Million by 2034.

  The global advanced phase change material (PCM) market is entering a phase of rapid expansion, driven by the rising focus on energy efficiency and sustainable technologies. The global advanced phase change material market is projected to advance at a CAGR of 14.8% and climb to a value of US$ 15.04 billion by 2034 . Market Overview and Growth Trajectory Advanced phase change materials, including organic , inorganic , and bio-based types, are gaining traction across multiple industries such as building & construction , textile & protective clothing , and energy systems . In 2024, the global market size is estimated at around US$ 3.78 billion , marking the beginning of a decade of strong growth. Rising energy costs, environmental regulations, and the push for low-carbon technologies are accelerating the adoption of PCMs. By 2034, the market is expected to quadruple in value, reaching US$ 15.04 billion , supported by increasing investments in green construction, cl...
Read more