(MENAFN- IMARC Group)
IMARC Group's report titled“ travel technology market Report by Product Type (Airline & Hospitality IT Solutions, Global Distribution System (GDS)), Application (Travel Industry, tourism Industry, Hospitality Industry), and Region 2024-2032 “. The global travel Technology market size reached US$ 10.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 17.8 Billion by 2032, exhibiting a growth rate (CAGR) of 6.4% during 2024-2032.
Factors Affecting the Growth of the Global Travel Technology Industry:
The travel industry is currently undergoing a notable transition termed as digital transformation. This shift focuses on leveraging technology to elevate the overall travel experience for individuals. It encompasses various facets of the travel journey, with a specific focus on elevating customer satisfaction. For instance, travel companies are increasingly investing in and providing mobile applications (apps) to their clientele. These apps function as convenient tools for travelers, granting them access to a diverse array of services via their smartphones or tablets. Additionally, travelers now have the option to conduct transactions for their bookings and expenses digitally, utilizing credit cards, digital wallets, or other electronic payment methods instead of cash or physical checks, thereby driving market expansion.
In recent times, there has been a significant surge in the demand for travel globally. Individuals are increasingly eager to discover new places, immerse themselves in diverse cultures, and forge enduring bonds with loved ones. Travel has become more within reach and budget-friendly, facilitating greater participation in vacations and leisure pursuits among both individuals and families. Furthermore, business professionals frequently find themselves traveling for various work engagements such as meetings, conferences, and negotiations. These combined factors are fueling the expansion of the travel market.
Growing Popularity of Personalized Travel:
Travel technology leverages advanced data analytics to gather and scrutinize extensive datasets encompassing customer behavior, preferences, and past travel habits. This dataset encompasses various elements such as previous bookings, visited destinations, travel timelines, and social media engagement. Consequently, travel firms harness AI-driven recommendation systems to propose suitable destinations, accommodations, and experiences tailored to individual traveler profiles. Moreover, AI-infused itinerary planners craft customized travel plans, considering traveler interests and constraints, suggesting sightseeing excursions, dining options, and activities aligned with preferences and available time.
Leading Companies Operating in the Global Travel Technology Industry:
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
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/travel-technology-market/requestsample
Global Travel Technology Market Report Segmentation:
By Product Type:
Airline & Hospitality IT Solutions Global Distribution System (GDS)
Global distribution system dominates the market as it provides access to a vast inventory of travel-related products and services, including flights, hotels, rental cars, and activities.
By Application:
Travel Industry Tourism Industry Hospitality Industry
Based on the application, the market is divided into travel industry, tourism industry, and hospitality industry.
Market Breakup by Region:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
Global Travel Technology Market Trends:
AI-driven chatbots and virtual assistants are becoming increasingly prevalent in travel. They provide real-time customer support, answer queries, and assist with booking and itinerary changes, improving customer service while reducing operational costs. Besides, the use of blockchain technology is on the rise in travel for secure and transparent transactions, including baggage tracking, identity verification, and fraud prevention. Blockchain enhances trust and security in the industry. Moreover, there is a growing emphasis on sustainability in travel technology. Companies are developing eco-friendly transportation options, carbon footprint tracking tools, and platforms that promote responsible tourism practices.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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