Dublin, Oct. 06, 2015 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/kwr27v/global_travel) has announced the addition of the "Global Travel Technology Market - Opportunity, Trends and Forecast 2015-2019" report to their offering.
The global travel technology market to grow at a CAGR of 7.9% over the period 2014-2019.
This report also presents the vendor landscape and corresponding detailed information and analysis of the top four vendors in the global travel technology market.
Technology is seeping in the travel industry; globally, online travel sales has increased to more than $600 billion in 2014, which constitutes nearly one-third of the total travel sales. One of the fourth most such applications is flight tracking. Earlier, travel technology was related with computer reservation systems (CRS) of the airlines industry, but now it broadly includes the tourism sector along with its subset the hospitality industry. Mobile devices are becoming the most preferred medium for using travel technology. Along with this, the usage of big data analytics and social media is becoming the latest trend in adopting the travel technology.
Many travel suppliers are focusing on developing in-house applications and software for their business processes, as constantly changing business models require flexible and scalable technology. Increased cost efficiency and reduced IT budgets have compelled many travel suppliers to outsource services to third-party solution providers for key technologies. As a result, they have started using monthly fee subscriptions associated with software as a service (SaaS) and hosted solutions.
According to the report, Organizations spend significant amounts of money on business travel. The cost involved in these business trips includes not only travel expenses but also other costs associated with planning and arranging business meetings, accommodation, food and beverages, transportation, and recreation and entertainment.
Further, the report states that building the right multi-channel strategy is a concern for many travel agencies. Most travel technologies have similar functions. As a result, many travel agencies are unable to adopt the correct channel to target their customers.
The market is divided into the following segments based on products:
- GDS
- Airline and hospitality IT solutions
Key vendors
- Amadeus
- Navitaire
- Sabre
- Travelport
Other prominent vendors
- CRS Technologies
- Dolphin Dynamics
- eCare Technology Labs
- Expert Travel Services
- Fourth Dimension Software
- Lemax
- mTrip
- PcVoyages 2000
- Qtech Software
- Technoheaven Consultancy
- Toursys Solutions
- Tramada Systems
- TravelCarma
- Trip Solutions
- Web Booking Expert
For more information visit http://www.researchandmarkets.com/research/kwr27v/global_travel