Travel Technology means using technology for trip planning and automates travel process bookings, inventory, payments, itineraries, and back-office operations for travel agencies and tour operators to enable online bookings for customers and increase bookings and revenues. It plays an important role in the travel and tourism industry. It has changed the way travel companies target traveller’s, offering all travel services such as hotels, flights, tours, transfers, and activities on online platform to plan their entire trip within minutes and improve visitor experience. Travel technology help businesses streamline their processes or even automate processes traditionally requiring active human involvement. This helps a business reduce staffing requirements, cut costs, and increase the income they generate, leading to improved financial results.
Moreover, in recent years travel technology has evolved to include innovative features such as artificial intelligence for personalized recommendations, virtual reality for immersive travel experiences, and blockchain for secure transactions. Cybersecurity plays an important role in the travel industry, which is why so many identity checks are performed both when buying tickets and when boarding the plane. Cybersecurity travel technology, such as facial, fingerprint and document recognition, makes airports increasingly controlled environments.
In addition, the Internet of Things is used in travel and hospitality, to help personalize and streamline travel experiences. Hotels that embrace IoT, for example, allow guests to control different internet-enabled devices in their rooms from their smartphones. They also control TVs, thermostats, lights, and other devices. It is a technology that will bring great novelties to the tourism sector. It incorporates sensors connected to the internet in physical objects such as buildings, vehicles, or suitcases. Some hotels offer the possibility of controlling the television. Some suitcases have a device to locate them from the mobile and avoid losses at airports. Furthermore, many hotels have already implemented management software to manage the data collected by these devices and personalize their customers’ experiences.
The travel technology market is segmented on the basis of component, application, end user, and region. On the basis of component, it is bifurcated into platform and services. On the basis of application, it is divided into travel industry, tourism industry, and hospitality industry. On the basis of end user, it is fragmented into commercial and individual. On the basis of region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The global travel technology industry is dominated by key players such as Travelport, Amadeus IT Group SA, Tramada Systems Pty Ltd., Sabre GLBL Inc., Lemax Ltd., Digitrips, Qtech Software Pvt.Ltd., Trip Solutions, Avani Cimcon Technologies, and WebCRSTravel Technologies Pvt. Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the travel technology market.
Moreover, in recent years travel technology has evolved to include innovative features such as artificial intelligence for personalized recommendations, virtual reality for immersive travel experiences, and blockchain for secure transactions. Cybersecurity plays an important role in the travel industry, which is why so many identity checks are performed both when buying tickets and when boarding the plane. Cybersecurity travel technology, such as facial, fingerprint and document recognition, makes airports increasingly controlled environments.
In addition, the Internet of Things is used in travel and hospitality, to help personalize and streamline travel experiences. Hotels that embrace IoT, for example, allow guests to control different internet-enabled devices in their rooms from their smartphones. They also control TVs, thermostats, lights, and other devices. It is a technology that will bring great novelties to the tourism sector. It incorporates sensors connected to the internet in physical objects such as buildings, vehicles, or suitcases. Some hotels offer the possibility of controlling the television. Some suitcases have a device to locate them from the mobile and avoid losses at airports. Furthermore, many hotels have already implemented management software to manage the data collected by these devices and personalize their customers’ experiences.
The travel technology market is segmented on the basis of component, application, end user, and region. On the basis of component, it is bifurcated into platform and services. On the basis of application, it is divided into travel industry, tourism industry, and hospitality industry. On the basis of end user, it is fragmented into commercial and individual. On the basis of region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
The global travel technology industry is dominated by key players such as Travelport, Amadeus IT Group SA, Tramada Systems Pty Ltd., Sabre GLBL Inc., Lemax Ltd., Digitrips, Qtech Software Pvt.Ltd., Trip Solutions, Avani Cimcon Technologies, and WebCRSTravel Technologies Pvt. Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the travel technology market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the travel technology market analysis from 2022 to 2032 to identify the prevailing travel technology market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the travel technology market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global travel technology market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Platform
- Service
By Application
- Travel Industry
- Tourism Industry
- Hospitality Industry
By End User
- Commercial
- Individual
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Amadeus IT Group SA
- Sabre GLBL Inc.
- DIGITRIPS
- Qtech Software Pvt.Ltd.
- Travelport
- Trip Solutions
- Avani Cimcon Technologies
- Lemax Ltd.
- Tramada Systems Pty Ltd.
- WebCRSTravel Technologies Pvt. Ltd
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TRAVEL TECHNOLOGY MARKET, BY COMPONENT
CHAPTER 5: TRAVEL TECHNOLOGY MARKET, BY APPLICATION
CHAPTER 6: TRAVEL TECHNOLOGY MARKET, BY END USER
CHAPTER 7: TRAVEL TECHNOLOGY MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the travel technology market was valued at $9.4 billion in 2022, and is estimated to reach $21 billion by 2032, growing at a CAGR of 8.6% from 2023 to 2032.Travel technologies refer to the tools, systems, software, and platforms that are employed within the travel and tourism industry to facilitate various aspects of travel, from planning and booking to the actual travel experience. These technologies include a wide range of applications, including online booking engines, travel reservation systems, mobile apps, travel-related websites, global distribution systems, and various software solutions for travel management and analytics. Travel technologies are designed to enhance the efficiency, convenience, and overall travel experience for both travelers and travel service providers, including airlines, hotels, travel agencies, and destination management companies. They often incorporate features such as real-time information, personalization, and integration with payment systems to streamline the travel process.
Travel technology offers customers significantly more accessible and affordable access to travel-related services. Travel technology businesses are expected to take the lead in the travel and tourism sector in terms of inspiration, research, purchasing, and booking of travel, hotels, activities, and transportation, as broadband and digital payment accessibility improves globally. These long-term trends will be advantageous to businesses in the online travel agency, ride-hailing, travel inspiration, and travel IT infrastructure sectors.
In addition, the travel technology market is expected to witness notable growth owing to an increase in use of voice search and voice control, rise in contactless payment options, and rise in use of artificial intelligence. Moreover, rise in demand for contactless solutions is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, higher initial investment limits the growth of the travel technology market.
On the basis of component, platform dominated the travel technology market share in 2022, owing to create mobile applications for travel and hospitality companies that give consumers easy access to booking and reservation details along with extra features such as maps, schedules, and reviews. As a result, these platforms are used by travel agencies, airlines, hotels, tour operators, and other travel-related businesses to boost customer happiness, optimize workflow, and stay updated in the ever-evolving travel sector. However, the services segment is expected to witness the fastest growth, owing to managing reservations, bookings, and recommendations, including modifying or canceling reservations and sending confirmations and reminders to travelers. As a result, it helps travelers with information and reviews from other travelers, helping them make informed decisions on destinations, accommodations, and activities.
Region-wise North America dominated the travel technology market size in 2022, owing to the growing adoption of metaverse solutions such as chatbots, AR and VR across travel industry. However, Asia-Pacific segment is expected to witness the fastest growth, owing to increase in use of e-commerce platforms across various countries of Asia-Pacific. In addition, E-commerce platforms have ventured into the travel sector, offering travel packages, discounts, and loyalty programs offered through various websites which have fueled the growth of travel technology in Asia-Pacific.
The impact of the COVID-19 pandemic on travel technology was multifaceted, with several key areas of transformation. Firstly, the rapid adoption of contactless technology was driven by the imperative to minimize physical touchpoints and reduce the risk of viral transmission. This shift has become a lasting trend in the industry, promoting safety and hygiene for travelers. Airlines, hotels, and other travel businesses quickly integrated contactless check-ins, mobile payments, and touchless services, providing a seamless and safer travel experience. Health and safety protocols emerged as a central focus, with technology playing a pivotal role. Temperature checks, contact tracing, and digital health passports became essential components of travel technology, giving travelers the assurance of safe travel. Travelers increasingly relied on apps and websites to stay updated on evolving health and safety measures, as well as COVID-19-related travel restrictions. Travel technology also proved crucial for managing the crisis, with businesses using chatbots, AI-driven customer service, and messaging platforms to keep travelers informed about disruptions, cancellations, and rescheduling options. The surge in travel cancellations created a heightened demand for refunds, putting additional pressure on travel companies and their technology infrastructure.
Moreover, COVID-19 accelerated the digital transformation of the travel industry. Businesses invested in e-commerce platforms, mobile apps, and data analytics to better understand evolving traveler behavior and preferences. The ability to adapt to these changing circumstances and provide travelers with the information and services they needed became essential for survival in the industry. One of the most significant shifts was the substantial reduction in business travel due to travel restrictions and the rise of remote work. This trend prompted a shift in the focus of travel technology toward leisure and domestic travel, which saw increased demand during the pandemic.
Key Findings of the Study
By component, the platform segment led the travel technology market analysis in terms of revenue in 2022.By application, the tourism industry is anticipated to have fastest growth rate for travel technology market.
By end user, commercial segment led the travel technology market in terms of revenue in 2022.
By region, North America generated the highest revenue for travel technology market forecast.
The key players profiled in the travel technology industry analysis are Travelport, Amadeus IT Group SA, Tramada Systems Pty Ltd., Sabre GLBL Inc., Lemax Ltd., Digitrips, Qtech Software Pvt.Ltd., Trip Solutions, Avani Cimcon Technologies, and WebCRSTravel Technologies Pvt. Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the travel technology industry.
Companies Mentioned
- Amadeus IT Group SA
- Sabre GLBL Inc.
- DIGITRIPS
- Qtech Software Pvt.Ltd.
- Travelport
- Trip Solutions
- Avani Cimcon Technologies
- Lemax Ltd.
- Tramada Systems Pty Ltd.
- WebCRSTravel Technologies Pvt. Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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