Dublin, March 28, 2022 (GLOBE NEWSWIRE) -- The "Travel Technologies - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Travel Technologies Market to Reach $12.5 Billion by 2026
Amid the COVID-19 crisis, the global market for Travel Technologies estimated at US$8.6 Billion in the year 2020, is projected to reach a revised size of US$12.5 Billion by 2026, growing at a CAGR of 6.8% over the analysis period.
Global Distribution System (GDS), one of the segments analyzed in the report, is projected to record 6.1% CAGR and reach US$9.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Airline & Hospitality IT Solutions segment is readjusted to a revised 8.4% CAGR for the next 7-year period.
The U.S. Market is Estimated at $1.7 Billion in 2021, While China is Forecast to Reach $1.9 Billion by 2026
The Travel Technologies market in the U.S. is estimated at US$1.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2026 trailing a CAGR of 8.2% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.8% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.5% CAGR.
The COVID-19 outbreak has hit the travel and tourism industry, due to the restrictions on travel, lockdowns and restrictions placed in various countries affected by the pandemic. The post COVID-19 period will witness significant changes in the way people or seek holidays.
The disruption to the travel industry is having significant impact on players operating in the travel technology market with revenues reaching new lows in recent months. Though the travel and tourism industry faces risks in the form of cancellations and business disruptions amidst the ongoing pandemic, the industry is likely to regain some momentum in the coming times thus providing potential growth opportunities for the travel technology market.
Recovery will be mainly driven by essential travel needs specifically those related to business travel and personal emergencies. Domestic travel is likely to recover faster than international travel, as already being witnessed in China. This will ensure that funds designated for outbound travel will be now directed at local consumption, thus driving local economies.
The market will also benefit from the rising use of technologies such as artificial intelligence (AI) and robotic process automation (RPA). RPA facilitates the automation of certain repetitive processes, which enables in offering improved customer service. Through the automation of the booking process, the technology offers time savings.
RPA leverages software bots to function across systems and applications, to carry out repetitive manual and administrative functions and perform decision making. The use of RPS enhances the booking process, as the bots are scalable, flexible, affordable, and reliable. Also, RPA`s reporting capabilities facilitate accurate tracking, detection and resolution of errors, which lead to considerable improvement in processes.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of COVID-19 Pandemic and a Looming Global Recession
- COVID-19 Impact on Travel & Tourism Industry: Growth Rate (%) of Industry Revenues in Select Countries for 2020 Vs 2019
- COVID-19 Impact on Tourism Industry: % Change in International Tourist Arrivals by Region for 2019 and Q1 2020
- COVID-19 Proving Disastrous for Tourism-Oriented Countries
- Countries with Maximum Vulnerability to COVID-19 Impact on Tourism Industry: Travel & Tourism Industry as % of GDP by Country for 2019
- Digitalization Augurs Well for the Market
- With Travel Industry Hit Hard by the Crisis, Impact Imminent on Travel Technology Market
- An Introduction to Travel Technology
- Global Travel Technologies Market: Growth Prospects & Outlook
- GDS Emerges as the Largest Segment
- Competition
- Recent Market Activity
- Travel Technologies - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
2. FOCUS ON SELECT PLAYERS (Total 35 Featured)
- Amadeus IT Group, S.A
- Navitaire LLC
- CRS Technologies India Pvt. Ltd
- Dolphins Dynamics
- Expedia Group
- Kaptio Travel
- Lemax Ltd
- mTrip
- PCVoyages 2000, Inc.
- Qtech Software Pvt. Ltd
- Sabre Corporation
- Tramada Systems
- Travelport Worldwide Ltd.
3. MARKET TRENDS & DRIVERS
- Business Travel Spending Trend: Major Contributor to Growth of Travel Technology Market
- COVID-19 Pandemic Brings Corporate Travel to a Standstill, Impacting Tech Adoption
- Hotel Industry to Embrace Next Generation Technologies to Function Amidst the Changing Working Environment
- Popular Technology Trends Transforming Hospitality & Travel Industry
- Growing Role of Innovative Technologies in Travel Industry
- Innovations to Fuel Market Prospects
- Rising Integration of Big Data in Travel Technology Solutions
- Growing Role of AI and ML in Travel & Tourism Industry
- Blockchain and AI to Radically Transform Travel Industry
- Mobile Devices: The Preferred Mode for Travel Technologies
- Next-Generation 5G Networks to Benefit Travel Technologies
- Virtual Reality Technology to Transform Tourism Industry with Immersive Experiences
- Augmented Reality Gains Prominence in Travel Industry
- Robotic Process Automation Technology Supports Automation of Repetitive Processes
- Biometric Recognition Technologies for Automated Identification and Authentication in Hotels and Payments
- Intelligent Conversational Platforms Emerge as Ideal Solutions for Customer Support in Travel & Tourism Industry
- Rise in Smart Connected Devices Drives Adoption of IoT Technologies in Travel Industry
- As Online Travel Booking Market Takes a Hit due to COVID-19, Travel Technologies Market to be Impacted
- Global Distribution System Market: An Overview
- Smart Hospitality Gathers Steam
- Urbanization, Consumer Spending Levels Set the Tone for Travel & Tourism Technology Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/31epup
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