(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 presently undergoing a significant digital transformation, utilizing technology to enhance the overall travel experience. This shift encompasses various facets of travel, with a focus on improving customer satisfaction. For example, travel companies are increasingly providing mobile applications (apps) to enable travelers to access services conveniently on their smartphones or tablets. Additionally, digital payments, such as credit cards and electronic wallets, are replacing cash or physical checks, contributing to market expansion.
In recent times, there has been a significant surge in the global demand for travel. More and more individuals are eager to discover new places, immerse themselves in diverse cultures, and forge enduring bonds with loved ones. The accessibility and affordability of travel have increased, allowing a greater number of people to go on leisurely journeys. Additionally, professionals frequently find themselves traveling for business meetings, conferences, and negotiations. These various factors are all playing a role in driving the growth of the travel industry.
Growing Popularity of Personalized Travel:
The advancement of travel technology is heavily dependent on utilizing data analytics to gather and examine extensive datasets concerning customer habits, preferences, and past travel behaviors. This information encompasses details such as previous trip bookings, visited locations, travel dates, and even social media interactions. Consequently, travel firms employ recommendation engines powered by artificial intelligence to propose suitable destinations, lodgings, and experiences that resonate with each traveler's characteristics. Additionally, AI-driven itinerary organizers can craft customized travel plans tailored to individual interests and limitations. These services extend to suggesting sightseeing excursions, making restaurant reservations, and arranging activities that align with the traveler's tastes and available schedule.
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:
The travel industry is witnessing a surge in AI-powered chatbots and virtual assistants, which offer immediate customer assistance, address inquiries, and facilitate booking modifications. This not only enhances customer service but also cuts down operational expenses significantly. Additionally, the adoption of blockchain technology is gaining momentum in the travel sector to ensure secure and transparent transactions for services like baggage monitoring, identity verification, and fraud detection. By fostering trust and security within the industry, blockchain is revolutionizing the way transactions are conducted. Furthermore, there is a noticeable shift towards sustainability in travel tech with companies introducing environmentally friendly transport options, tools to monitor carbon footprints, and platforms that advocate for 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.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email:
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 |United Kingdom: +44-753-713-2163
MENAFN13032024004122016232ID1107970249
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.