Enjoy complimentary customisation on priority with our Enterprise License!
The travel technologies market size is estimated to grow at a CAGR of 8.27% between 2022 and 2027. The market size is forecast to increase by USD 4,593.36 million. The growth of the market depends on several factors, including the increasing use of smartphones and mobile applications, the growing adoption of online booking systems, and the rising popularity of vacation rentals and home-sharing platforms. Travel technologies refer to a range of digital tools and applications that enable and enhance various aspects of travel, including planning, booking, and experiencing journeys. These technologies can include websites, mobile applications, virtual reality (VR) experiences, artificial intelligence (AI), and other innovations that are aimed at making travel more efficient, convenient, and enjoyable for travelers.
This travel technologies market report extensively covers market segmentation by application (travel industry, tourism industry, and hospitality industry), product (global distribution system, airline, and hospitality IT solutions), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The rising popularity of vacation rentals and home-sharing platforms is the key factor driving the growth of the market. The vacation rentals and home-sharing platforms offer travelers a unique and personalized experience, often at a lower cost than traditional hotels. One example of a popular vacation rental platform is Airbnb. This platform allows homeowners to rent out their properties to travelers on a short-term basis.
Moreover, travelers have the opportunity to stay in a local's home, giving them a more authentic experience of the destination, they are visiting. Additionally, Airbnb often offers more space and amenities compared with a hotel room, such as a kitchen and living area, which can make travelers feel more at home during their stay. Therefore, these factors are anticipated to drive the growth of the market during the forecast period.
The emergence of VR and AR in travel planning is the primary trend in the market. The emergence of VR and AR in the travel industry has revolutionized the way people plan and experience their trips. These technologies have become increasingly prevalent in the travel technologies market, offering travelers a new level of immersive and interactive experiences. One example of the integration of VR and AR in the travel industry is the use of virtual tours.
Moreover, the introduction of VR and AR in the travel industry has brought significant benefits to both travelers and businesses. From a business standpoint, these technologies have helped travel agencies and hotels to showcase their offerings in a more immersive and captivating manner. For travelers, VR and AR have revolutionized the way they research, plan, and experience their trips. Thus, the above-mentioned factor is expected to drive the growth of the global travel technologies market during the forecast period.
Threat from growing terrorism is a challenge that affects the growth of the market. There has been an increase in terrorist activities globally, especially since 2016. The main motive of terrorism is to create panic among people, which leads to a change in their behavior. For example, racially or ethnically motivated terrorism (REMT) has been a serious threat to society and to the global community overall. In August, the worst terrorist attack in 2021 occurred in Kabul, Afghanistan.
In addition, the increased demands for greater security around oil and gas pipelines and electricity transmission lines lead to higher costs. It also increases the cost of insurance and reinsurance. Therefore, the increase in terrorist activities is likely to hamper the growth of the global travel technologies market during the forecast period.
The market share growth by the travel industry segment will be significant during the forecast period. The travel industry plays a vital role in the global travel technologies market, delivering innovative solutions and innovations that improve the overall travel experience. One of the essential factors driving the growth of the global travel technologies market in the travel industry segment is the increase in the number of online travel agencies (OTAs).
Get a glance at the market contribution of various segments View Free PDF Sample
The travel industry segment showed a gradual increase in the market share of USD 3,483.11 million in 2017. The travel industry is leveraging virtual reality (VR) and augmented reality (AR) technology to improve the pre-travel experience. Using VR, travelers can virtually explore destinations and hotels, providing an in-depth overview before booking. AR, on the other hand, allows tourists to overlay digital information onto real environments, providing interactive and informative experiences about tourist attractions or historical sites. Therefore, these benefits are anticipated to drive the growth of the market during the forecast period.
Global distribution system (GDS) provides access to real-time inventory data from connected travel providers, including the availability of room types, airline seats, cars, and buses for travel agents through registration. GDS enables travel agents to search, plan, and book tickets and services for their customers. Using GDS allows travel agencies to improve the quality of customer service. Using GDS also allows travel and hospitality service providers to expand their global customer base. Therefore, these factors will drive the growth of the GDS segment in the global travel technology market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America holds a major role in the global travel technologies market, with its state-of-the-art infrastructure and advanced innovations. From online travel agencies to travel management systems, the region has witnessed significant growth in this market.
Moreover, one of the essential factors driving the growth of the travel technologies market in North America is the existence of significant players in the region. Players such as Expedia, Booking.com, and Airbnb have established themselves as industry leaders, and their technological solutions have revolutionized the way people plan and book their trips. Also, North America's various and vibrant travel industry acts as a spur for the growth of travel technology solutions. Therefore, such factors will propel the growth of the regional travel technologies market during the forecast period.
In 2020, the outbreak of the COVID-19 pandemic had a negative impact on the travel technologies market in North America. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of domestic and international travel. Moreover, aware travelers are increasingly pursuing eco-friendly and socially reliable options. Eco-friendly tourism, tolerable accommodations, and low-impact travel are attaining traction, forcing the industry toward greater environmental stewardship. As a result, such factors are anticipated to propel the growth of the travel technologies market in North America during the forecast period.
The Travel Technologies Market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Travel Technologies Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The travel technologies market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Travel Technologies Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
164 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.27% |
|
Market growth 2023-2027 |
USD 4,593.36 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
7.79 |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 36% |
|
Key countries |
US, China, India, UK, and Germany |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Amadeus IT Group SA, Dolphins Dynamics Ltd., ecare Technology Labs Pvt. Ltd., Expedia Group Inc., Lemax d.o.o., Sabre Corp., Technoheaven, Tramada Systems Pty Ltd., DirectVision SRL, CRS Technologies India Pvt. Ltd., Digitrips, Kaptio, BCD Group, Qtech Software Pvt. Ltd., Avani Cimcon Technologies, Travelport LP, Fareportal Inc., Pc Voyages 2000 Inc., Trip Solutions, and Tecnologia e Sistemas de Distribuicao Lda |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
