IMARC Group, a leading market research company, has recently releases report titled “Travel Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global travel technology market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the travel technology market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 9.3 Billion |
| Market Forecast in 2028 | US$ 14.2 Billion |
| Growth rate (2023 to 2028) | CAGR of 7.5% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is travel technology?
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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What are the growth prospects and trends in the travel technology industry?
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.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Airline & Hospitality IT Solutions
- Global Distribution System (GDS)
Breakup by Application:
- Travel Industry
- Tourism Industry
- Hospitality Industry
Breakup by Region:
- 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
Who are the key players operating in the industry?
The report covers the major market players including:
- 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
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