USD 1.56 Bn growth in Travel Technologies Market | North America to Occupy 35% Global Market Share | Technavio
NEW YORK, Jan. 11, 2022 /PRNewswire/ -- The global travel technologies market size is anticipated to increase by USD 1.56 billion between 2020 and 2025, expanding at a CAGR of about 4% during the forecast period. The travel technologies market is fragmented due to the presence of several regional and global vendors. The growing competition in the market is forcing vendors to differentiate themselves in terms of quality, regulatory compliance, and innovations and offer products with varied features. Vendors are also making significant investments in procuring quality products to offer efficient services to their customers.
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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. are some of the major market participants.
The increasing adoption of RPA to reduce the cost of product development will offer immense growth opportunities. However, cybersecurity issues will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Travel Technologies Market 2021-2025: Segmentation
Travel Technologies Market is segmented as below:
- Product
- GDS
- Airline And Hospitality IT Solutions
- Geography
- North America
- Europe
- APAC
- South America
- MEA
By product, the GDS segment generated maximum revenue in the market in 2020. GDS offers the real-time inventory data of connected travel service providers. This is one of the major factors driving the growth of the segment.
By geography, the market will witness maximum growth in North America. The region currently holds 35% of the global market share. This can be attributed to the strong growth of the travel and tourism industry in the region. In addition, the high volume of inbound tourism is contributing to the growth of the travel technologies market in North America.
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Travel Technologies Market 2021-2025: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the Travel Technologies Market. Backed with competitive intelligence and benchmarking, our research report on the Travel Technologies Market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
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Travel Technologies Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist travel technologies market growth during the next five years
- Estimation of the travel technologies market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the travel technologies market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of travel technologies market vendors
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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 | USD 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. |
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