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Increase in the use of voice search and voice control and rise in contactless payment options, drive the growth of the global travel technology market.
PORTLAND, PORTLAND, OR, UNITED STATE, August 30, 2024 /EINPresswire.com/ -- According to the report, the global travel technology market was valued at $9.4 billion in 2022 and is projected to grow to $21 billion by 2032, reflecting a compound annual growth rate (CAGR) of 8.6% from 2023 to 2032. The report offers an in-depth analysis of evolving market trends, key segments, investment opportunities, value chains, regional dynamics, and the competitive landscape.
The market is expected to witness significant expansion due to several factors. The increased use of voice search and voice control technologies, the rise of contactless payment options, and the growing application of artificial intelligence (AI) are key contributors to market growth. Additionally, the rising demand for contactless solutions is projected to offer profitable opportunities during the forecast period. However, the high initial costs of implementing these technologies may limit market growth.
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Travel technologies encompass a broad range of tools, systems, software, and platforms utilized within the travel and tourism industry to streamline and enhance various aspects of the travel process. These technologies cover everything from planning and booking to the actual travel experience itself. Examples include online booking engines, travel reservation systems, mobile applications, travel-related websites, global distribution systems (GDS), and software solutions for managing travel logistics and analyzing data. These solutions are designed to improve the efficiency and convenience of travel, benefiting both travelers and service providers such as airlines, hotels, travel agencies, and destination management companies.
Travel technologies often integrate features such as real-time updates, personalization options, and seamless payment systems, all aimed at simplifying the travel experience. They enable travelers to easily access vital information, tailor their trips to their preferences, and complete transactions smoothly.
As broadband internet and digital payment systems become more widely available globally, travel technology companies are positioned to lead the way in transforming how people plan, research, purchase, and book travel-related services. This evolution is poised to benefit sectors such as online travel agencies (OTAs), ride-hailing services, travel inspiration platforms, and companies providing travel IT infrastructure. These long-term trends will continue to make travel more accessible and affordable for consumers while offering substantial opportunities for innovation and growth within the travel and tourism industry.
Impact of COVID-19:
The COVID-19 pandemic accelerated the adoption of contactless technologies, which were essential to reducing physical touchpoints and minimizing the risk of viral transmission. This shift has become a lasting trend in the travel industry, emphasizing traveler safety and hygiene. Airlines, hotels, and other businesses within the sector quickly adopted contactless check-ins, mobile payments, and touchless services to provide a safer and more seamless travel experience. Health and safety protocols became central to the industry's operations, with technology playing a critical role in their implementation.
Moreover, travel technology proved invaluable during the crisis, helping businesses manage disruptions, cancellations, and rescheduling. Tools like chatbots, AI-driven customer service, and messaging platforms helped keep travelers informed. The pandemic also accelerated the digital transformation of the travel industry, as companies invested in e-commerce platforms, mobile applications, and data analytics to better understand changing traveler behaviors and preferences.
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Regional Insights:
In 2022, North America held the largest share of the global travel technology market, accounting for nearly one-third of the revenue. The region is expected to maintain its dominance through 2032, driven by the growing adoption of metaverse technologies, such as chatbots, augmented reality (AR), and virtual reality (VR) across the travel industry. Meanwhile, the Asia-Pacific region is anticipated to grow at the fastest rate, with a CAGR of 12.1% during the forecast period. The rise of e-commerce platforms in Asia-Pacific, coupled with their expansion into the travel sector through travel packages, discounts, and loyalty programs, has fueled this growth.
Application Insights:
In terms of application, the travel industry segment accounted for the largest share in 2022, representing nearly half of the total market revenue. This growth is attributed to the increasing use of automated booking, payment, and back-office tools that enable customers to book trips online without needing a travel agent. However, the tourism industry segment is expected to achieve the fastest growth, with a CAGR of 10.8% over the forecast period. This is driven by tourism management applications that help users plan itineraries, store travel documents, set reminders, and provide real-time updates on weather, flight statuses, and other relevant information.
Component Insights:
By component, the platform segment dominated the market in 2022, capturing nearly two-thirds of the global travel technology market revenue. This growth is largely due to the development of mobile applications for travel and hospitality companies, which give consumers easy access to booking and reservation details and features such as maps, schedules, and reviews. Meanwhile, the service segment is expected to grow at the fastest rate, with a CAGR of 10.9%, driven by tools that help manage reservations, bookings, and recommendations, as well as handle modifications, cancellations, confirmations, and reminders for travelers.
End User Insights:
Among end users, the commercial segment held nearly two-thirds of the market share in 2022 and is expected to continue leading during the forecast period. This growth is fueled by online booking platforms for airline and hotel reservations that simplify the reservation process for travelers and help businesses optimize occupancy and revenue. However, the individual segment is projected to grow at a CAGR of 10.5%, driven by increased access to information about destinations, including reviews, photos, and recommendations that empower travelers to make informed decisions.
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Key Market Players:
The report highlights several key players in the global travel technology market, including:
Travelport
Amadeus IT Group SA
Tramada Systems Pty Ltd.
Sabre GLBL Inc.
Lemax Ltd.
Digitrips
Qtech Software Pvt. Ltd.
Trip Solutions
Avani Cimcon Technologies
WebCRSTravel Technologies Pvt. Ltd.
These companies have employed strategies such as expansion, new product launches, partnerships, and other initiatives to enhance their market presence and strengthen their positions in the industry. The report provides valuable insights into each market player's performance, operational segments, developments, and product portfolios.
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