New York, NY, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Computer Reservation Systems (CRS) Market By Type (On-Premise, and Web-Based), By Application (Air Travel, Cruise, Hotels and Resorts, Car Rental, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
According to the research study, the global Computer Reservation Systems (CRS) Market was estimated at USD 1,600 million in 2019 and is expected to reach USD 3,700 million by 2026. The global Computer Reservation Systems (CRS) Market is expected to grow at a compound annual growth rate (CAGR) of 15% from 2020 to 2027.
The Global Computer Reservation Systems (CRS) Market Is Powered By Economic Development, Political Prosperity, Vigorous Tourism Promotions, High Disposable Income And Leisure Time Are Driving Travel And Tourism Growth Across The World.
The computer reservation system (CRS) is a web-based as well as the on-premises programme that is used by travel agents and travel management firms to collect and execute transactions relating to air travel, accommodation, car hire or other operations. In the tourism industry, the computer reservation system (CRS) is perhaps the most commonly used technical method. Basically, it is an automated device used to facilitate purchases and provide knowledge about the supply, price, and booking of goods and services easily and reliably. It was initially developed and used by airlines for booking flight tickets, but now CRS is used directly as well as by intermediaries to store and deliver information about tourism goods and services to the public, which also enables reservations to be made. The primary aim of CRS was to establish a one-stop-shop for services and to reduce physical and spatial distances between mediators and customers. These delivery networks, with universal reach, offer information for airlines, hotels, car rental providers, travel agents, businesses and more.
Browse through 27 Tables & 89 Figures spread over 185+ Pages and in-depth TOC on “Global Computer Reservation Systems (CRS) Market Size & Share 2020 Analysis and Industry Forecast to 2026”.
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Top Market Players
Some of the leading and top companies in the Computer Reservation Systems (CRS) market contain TravelClick, Travel Tripper, Sabre, IBC Hospitality Technology, Amadeus, SHR Windsurfer, Vertical Booking, Travelopro, HotelFriend AG, WebCRS, Provab Technosoft Pvt. Ltd, Clock Software, Pegasus CRS, Abacus, ACCELaero, Axess, KIU, and GuestCentric CRS among others.
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Several applicants in the tourism sector have endorsed the usage of CRS technologies as it can ideally enhance the service offered by many. The concept or description of a computer reservation system (CRS) or central reservation system is a type of reservation programme used to update and preserve a hotel's inventory and rate details so that hotels can handle guest reservations in real-time and the process surrounding those reservations. Via a multitude of delivery platforms, such as 3rd party booking portals, direct internet booking engines, the global distribution system, wholesalers and more, these reservations are handled. A CRS centralises the information used by single or more properties from the property management systems, delivery networks, contact centres and telephone reservation systems. As part of their delivery plan, a CRS can move the reservation data from the PMS/s to the distribution channels in real-time so that hotels can meet guests through as many channels as needed. The interface allows room assignments for single to multi-property chains and groups to be handled, which is especially useful for administrators that want multi-property and multi-channel systems to handle a single source.
The demand for computer reservation systems(CRS) is expected to be driven by the region's rising number of tourist arrivals. Computer reservation systems (CRS) is increasingly recognized by the tourism industry. To broaden their business reach, players in the global computer reservation systems (CRS) market are collaborating with regional travel agencies. Vendors are now focusing, in addition to collaborations, on introducing new solutions and enhancing their offerings in order to capture more market share. Advances in mobile and internet technology such as the World Wide Web (WWW) and smartphones allow customers to book their airline tickets directly.
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The growing need for real-time inventory to monitor the availability of hotel rooms, the number of cars available, the number of available flight seats, etc for service providers, thus increasing the need for web-based applications that triggers the growth of the market for computer reservation systems. In addition, the consumer's preference for leisure travel, combined with the fast rate of infiltration of smartphones, tablets and high-speed internet connectivity, is having a positive effect on the growth of the computer reservation systems sector. The growth of the computer reservation systems (CRS) market over the forecast period is further fueled by the advancement of global logistics networks and cost-effective solutions provided by cloud-based technologies. The growth of the computer reservation systems (CRS) industry is projected to fuel rapid growth in the travel and tourism industry, along with the growing number of airlines and the expansion of LCCs.
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In terms of geography, Europe is one of the largest computer reservation systems (CRS) markets followed by North America. Factors such as the strong economy, the high rate of acceptance of computer reservation systems (CRS) through aviation and hotel, tourism industry, in order to drive the region's demand for computer reservation systems (CRS), the heavy involvement of leading suppliers of computer reservation systems, the investment of private companies in the development and growth of R&D activities are all prepared.
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The taxonomy of the computer reservation systems (CRS) market by its scope and segmentation is as follows:
Global Computer Reservation Systems (CRS) Market: Offering Analysis
- On-Premise
- Web-Based
Global Computer Reservation Systems (CRS)Market: Application Analysis
- Air Travel
- Cruise
- Hotels and Resorts
- Car Rental
- Others
Key Insights from Primary Research
- The robust industrialization in China is supposed to display the highest growth in the regional market as it is one of the developed economies.
- Increase urbanization is supposed to fuel market growth. The companies are supposed to invest in R&D to innovate the better product. Innovation will open new opportunities for the computer reservation systems (CRS)thus is expected to propel the industry demand in the upcoming years.
- The “web-based” category, on the basis of offering segmentation, was the leading revenue-generating category accounting for more than 50.0% share, in 2019.
- The “air travel” category, on the basis of application segmentation, was the leading revenue-generating category accounting for more than40.0% share, in 2019.
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