TBM Staff - Mumbai
New global research conducted by Amadeus, titled Travel Technology Investment Trends, has unveiled a strong inclination towards investment within the travel sector in 2024. The study indicates that nearly all (91%) surveyed travel companies anticipate ‘moderate to aggressive’ increases in investment within their organisations this year.
This comprehensive research, launched today, scrutinizes eight distinct sectors throughout the end-to-end travel journey across ten markets. It serves as a benchmark for investment intentions and technology priorities among global full-service and low-cost airlines, airports, hotels, travel sellers (online, business, and leisure), corporations, and travel payment departments, providing insights into their current standings and future aspirations.
The study highlights a positive outlook for travel technology investment in 2024, with over two-thirds (67%) of senior decision-makers in the sector anticipating an increase in technology investment compared to the previous year. Sector-wise, the average percentage increase in spend projected for 2024 is as follows:
Airports: 17%
Corporations: 15%
Hotels: 14%
Airlines: 13%
Travel sellers: 13%
Travel payments: 12%
Key technology investment expectations across sectors include a focus on smarter retailing, personalisation, and digital efficiency. Notable findings from respondents include expectations of revenue growth from modern retailing among full-service airlines, the widespread adoption of biometrics across airports, the potential revenue impact of personalisation for the hospitality sector, and the prioritisation of NDC implementation by leisure travel agents.
Decius Valmorbida, President, Travel, Amadeus, emphasised the importance of digital transformation in maximising the impact on traveller experiences across the travel ecosystem. Francisco Pérez-Lozao Rüter, President, Hospitality, Amadeus, highlighted the significance of investing in the next generation of technology to unlock value and enhance customer experiences.
Machine learning, data analytics, and cloud computing emerged as the top priority technologies for both 2024 and 2029, with generative AI also anticipated to gain prominence by 2029.
The research results were launched in Extended Reality in an Amadeus Lounge in collaboration with strategic partner Accenture. In the first half of 2024, Amadeus plans to release detailed reports examining each sector covered in the research.
The research methodology involved an online survey conducted by an independent market research agency, Opinium, with 1,253 leading travel technology decision-makers surveyed globally. The insights represent a diverse range of sectors and senior decision-makers from various countries, providing a comprehensive perspective on travel technology investment trends.
