The global travel technology market size reached US$ 9.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028, according to a new report by IMARC Group.
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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Market Trends
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
Lemax
mTrip
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
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