Enjoy complimentary customisation on priority with our Enterprise License!
The travel technologies market share is expected to increase by USD 3.70 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.67%.
This travel technologies market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the travel technologies market segmentation by product (GDS and airline and hospitality IT solutions) and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The travel technologies market report also offers information on several market vendors, including Amadeus IT Group SA, Avani Cimcon Technologies, BCD Travel Services BV, CRS Technologies India Pvt. Ltd., DirectVision SRL, Dolphins Dynamics Ltd., ecare Technology Labs Pvt. Ltd., Expedia Group Inc., Fareportal Inc, Kaptio Travel, Lemax Ltd., MisterFly SAS, Pc Voyages 2000 Inc., Qtech Software Pvt. Ltd., Sabre Corp., Technoheaven, Tecnologia e Sistemas de Distribuicao Lda, Tramada Systems Pty Ltd., Travelport LP, and Trip Solutions among others.
Download Report Sample to Unlock the Travel Technologies Market Size for the Forecast Period and Other Important Statistics
The increasing consolidation of online travel agencies is notably driving the travel technologies market growth, although factors such as concerns over cybersecurity may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the travel technologies industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Travel Technologies Market Driver
One of the key factors driving growth in the travel technologies market is the increasing consolidation of online travel agencies. The global travel technologies market has multiple large players that are competing to gain more market shares. With the growth of the travel and tourism market, the competition in the market has also increased, which has led to various M&A activities. Furthermore, the intense competition in the market is expected to compel established vendors to increase their market presence through strategic alliances. With the increasing number of strategic alliances, the penetration of vendors in the market will increase, which will drive the growth potential of the market among a wider customer base and new geographical locations. For instance, in July 2020, Lastminute.com announced that it would acquire Bengaluru-based iTraveller.com to foray into the Indian online travel booking market. The increasing consolidation of online travel agencies will drive the global travel technologies market and strengthen the strategic alliances and increase the product portfolio and customer base in 2021 and during the forecast period.
Key Travel Technologies Market Trend
The widening application of AI in the travel industry is another factor supporting the travel technologies market share growth. AI-enabled platforms provide the desired outcomes when they have the required volume of back-end data to obtain insights. The volume of customer data generated by the travel industry is high. Vendors are introducing AI capabilities in their offerings to personalize products and services. Travel companies are making their existing services available through chat channels. However, they have realized the potential of AI technology, both in terms of service cost reduction and scope to use it as a new sales channel to increase revenue. Hence, travel companies are starting to invest in intelligent conversational platforms that can address the needs of their customers without human intervention. Besides chatbot-based applications, AI can also help improve and automate business travel bookings by providing travel managers with quick access to the most cost-effective and rewarding options for their travel programs.
Key Travel Technologies Market Challenge
Cybersecurity will be a major challenge for the travel technologies market during the forecast period. Online transactions are associated with risks related to data security and privacy. The travel and hospitality industry holds a large volume of important customer data, including personally identifiable information (PII) and online financial transactions. There have been several instances of data breaches in the travel and tourism industry. For instance, customer data, including credit card information was stolen from two major airline companies, namely British Airways and Cathay Pacific. Cybercriminals also use the flaws in the systems of the vendors to gain access to the customer data of the travel service providers that use them. Protecting data from cybercriminals is of prime importance for both travel and hospitality service providers and vendors. Therefore, cybersecurity is a challenge to the growth of the global travel technologies market.
This travel technologies market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global travel technologies market as a part of the global airline market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the travel technologies market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the travel technologies market encompasses successful business strategies deployed by the key vendors. The travel technologies market is fragmented, and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.
amadeus.com - The company offers a wide range of travel technologies to support traveler servicing, revenue maximization, and process optimization.
amadeus.com - Through the air distribution segment, the company offers the GDS platform, an international network that provides real-time searches, pricing, booking, ticketing, and other processing solutions to travel providers and travel agencies.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The travel technologies market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the travel technologies market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential for profit margin optimization and the evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
For more insights on the market share of various regions Request PDF Sample now!
31% of the market’s growth will originate from North America during the forecast period. The US is the key market for travel technologies market in North America. Market growth in this region will be slower than the growth of the market in the APAC, MEA, and South American regions.
The growth of the travel and tourism industry will facilitate the travel technologies market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 significantly impacted the aviation, tourism, and travel industries. Hence, a rapid decline was observed in the adoption of travel technologies in the region in 2020. However, the revenue growth of the market is expected to recover slowly during 2021-2025 due to the increasing efforts by governments to support the economy and the growing control over the pandemic.
To gain further insights on the market contribution of various segments Request PDF Sample
The travel technologies market share growth by the GDS segment will be significant during the forecast period. The use of GDS also enables travel and hospitality service providers to expand their global customer base. With new distribution capability, travel agencies receive rich content about travelers to help airlines provide customized offers. Some vendors offer add-on solutions and services with their GDS to travel service providers to help them position their promotions effectively, such as the display and management of merchandising content through media vehicles.
This report provides an accurate prediction of the contribution of all the segments to the growth of the travel technologies market size and actionable market insights on the post-COVID-19 impact on each segment.
|
Travel Technologies Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.67% |
|
Market growth 2022-2026 |
$3.70 billion |
|
Market structure |
Fragmented |
|
YoY growth (%) |
6.5 |
|
Regional analysis |
North America, Europe, APAC, the Middle East and Africa, and South America |
|
Performing market contribution |
North America at 31% |
|
Key consumer countries |
US, China, UK, Germany, and France |
|
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
|
Key companies profiled |
Amadeus IT Group SA, Avani Cimcon Technologies, BCD Travel Services BV, CRS Technologies India Pvt. Ltd., DirectVision SRL, Dolphins Dynamics Ltd., ecare Technology Labs Pvt. Ltd., Expedia Group Inc., Fareportal Inc, Kaptio Travel, Lemax Ltd., MisterFly SAS, Pc Voyages 2000 Inc., Qtech Software Pvt. Ltd., Sabre Corp., Technoheaven, Tecnologia e Sistemas de Distribuicao Lda, Tramada Systems Pty Ltd., Travelport LP, and Trip Solutions |
|
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, and 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 report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 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.
