NEW YORK, Feb. 1, 2022 /PRNewswire/ -- The travel technologies market is estimated to grow by USD 1.56 billion from 2020 to 2025, and the market's growth is anticipated to accelerate at a CAGR of 4.03%.
Factors such as increasing consolidation of the online travel agencies is significantly driving the travel technologies market.
Our research report on "Travel Technologies market – Forecast and Analysis Report 2021-2025" has extensively covered factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market share during the forecast period.
Travel Technologies Market Report Key Highlights
Travel Technologies Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4% |
Market growth 2021-2025 |
$ 1.56 billion |
Market structure |
Fragmented |
YoY growth (%) |
2.79 |
Regional analysis |
North America, Europe, APAC, South America, and MEA |
Performing market contribution |
North America at 35% |
Key consumer countries |
US, UK, China, Germany, and France |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Amadeus IT Group SA, CRS Technologies India Pvt. Ltd., Dolphins Dynamics Ltd., ecare Technology Labs Pvt. Ltd., Expedia Group Inc., Lemax Ltd., Sabre Corp., Technoheaven, Tramada Systems Pty Ltd., and Travel Technology Consulting Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact 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. |
Do reach out to our analysts for more customized reports as per needs. Speak to our Analyst now!
Travel Technologies Market Trend
The increasing application of artificial intelligence in the travel industry is one of the key trends driving the global travel technologies market share growth. As the AI offers the travel managers with fast access to better and more cost-effective options for travel programs resulting in efficiency in the travel booking process. Moreover, the implementation of intelligent conversational platforms like chatbots to address the customer requirements with having human intervention. Thus, facilities such as offering chat channels reduce the costs and also boost revenue.
Travel Technologies Market Challenge
Cybersecurity is one of the key challenges for the growth of the global travel technologies market. 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. However, there have been several instances of data breaches in the travel and tourism industry. In addition, 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.
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Key market vendors insights
The travel technologies market is fragmented, and the vendors are deploying various organic and inorganic strategies to compete in the market.
Some of the key market vendors are:
For more detailed highlights on products offerings and the growth strategies adopted by other vendors, Download free sample report
The GDS segment will be significant in the travel technologies market share growth during the forecast period. The travel agencies through subscription can access the real-time inventory data of connected travel service providers, including aircraft seats, different types of room availability, and cars and buses to travel on GDS. Additionally, the travel agencies can also search, plan and book tickets and services on GDS for their customers. As a result, several travel and hospitality service providers are making significant investments in GDS every year.
Regional Market Analysis
North America will contribute to 35% of the global travel technologies market share growth during the forecast period. The US is the major market for travel technologies in North America.
The increase in the revenue of the tourism industry is expected to boost the travel technologies market growth in the region.
Request our free sample for additional highlights and key segments that are expected to impact the market during the forecast period.
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