Travel Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2028
Travel technology refers to the integration of information and communication technology in the travel, tourism and hospitality industry. It allows organizations to automate various processes, such as booking and tracking flights, hotels, tours and enable a common interface to connect travel agents with the consumers. It also aids in creating customized itineraries, finding the most suitable prices and schedules, converting currency, managing travel insurance and offering travel advice to the user.
According to this latest study , The Global Travel Technology market was valued at USD 8.44 billion in 2021 and is expected to reach USD 17.91 billion by the year 2028, at a CAGR of 11.35%.
Significant growth in the travel and tourism sector, along with the rising need for automation across industries, is among the key factors driving the market. Furthermore, widespread adoption of artificial intelligence (AI) and SaaS-based models are also providing a boost to the market growth. For instance, organizations are increasingly employing robotic process automation (RPA) to streamline and automatically process applications, manage bookings and paperwork to minimize human errors. Also, AI provides interactive conversational platforms, such as virtual support agents and chatbots, that can directly address the consumer’s requirements, thereby enhancing their overall experience.
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Travel Technology Market - Size, Competitive Landscape and Segmentation Analysis:
Travel Technology Market Reports provide a high-level overview of market segments by product type, applications, leading key players, and regions, as well as market statistics. The research insights focus on the impact of the Covid-19 epidemic on performance and offers a thorough examination of the current market and market dynamics. This crucial understanding of the report's objective can help you make better strategic decisions about investment markets by assessing elements that may affect current and future market circumstances. The leading key players in the Global and Regional market are summarized in a research to understand their future strategies for growth in the market.
The key players covered in the Travel Technology market report is:
- Amadeus
- Navitaire
- Sabre
- Travelport
- CRS Technologies
- mTrip
- Qtech Software
- Tramada Systems
- PcVoyages 2000
- Lemax
By solutions and services, Travel Technology has been segmented into:
- Airline & Hospitality IT Solutions
- Global Distribution System (GDS)
By Application, Travel Technology has been segmented into:
- Travel Industry
- Tourism Industry
- Hospitality Industry
Market Segment by Regions and Countries Level Analysis:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
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Covid-19 Impact and Recovery Analysis on Industry:
We've kept track of Covid-19's direct impact on this market as well as its indirect impact on other industries. During the analysis period, the impact of the Covid-19 pandemic on the market is predicted to be significant. From a worldwide and regional viewpoint, this report examines the influence of the pandemic on the Travel Technology industry. The study categories the Travel Technology industry by type, application, and consumer sector to determine market size, market features, and market growth. It also includes a thorough examination of the factors that influenced market development before and after the Covid-19 pandemic. In addition, the research did a pest analysis in the sector to investigate major influencers and entrance obstacles.
Key Questions Answered in This Report:
- How has the global travel technology market performed so far and how will it perform in the coming years?
- What are the key regional markets?
- What has been the impact of COVID-19 on the global travel technology market?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global travel technology market and who are the key players?
- What is the degree of competition in the industry?
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