TBM Staff - Mumbai According to Fact.MR, a market research and competitive intelligence provider, the global travel technologies market is anticipated to achieve a valuation of US$ 13 billion by 2033, expanding at 8% CAGR over the next ten years.
Travel technology applies to information and communication technology in the travel and hospitality sectors. Solution providers offer various software and applications to travel companies to plan and book flights and tours, facilitate seamless transactions, and for other tour-related processes. The airline industry widely uses travel technology solutions, which rely heavily on online reservation systems.
Substantial development in the travel and tourism sector and an increasing requirement for automation across industries are major factors propelling the global demand for travel technologies. Moreover, the growing adoption of SaaS-based models and artificial intelligence (AI) is fuelling market growth. AI provides interactive conversational systems, such as chatbots and virtual support agents, which can directly address the consumer’s needs, improving their overall experience.
Technological improvements such as the use of recognition technologies, incorporation with the Internet of Things (IoT), and the adoption of smart devices are having a beneficial impact on market growth. Numerous facial and fingerprint recognition technologies are used in hotels and other public areas to automate payment processes, check-in, and check-out. Other factors, such as rapid urbanization, rising consumer spending power, and intensive R&D activities, are expected to bolster market growth over the coming years.
“The main factors boosting global travel technologies market growth are steadily expanding travel & tourism industry, rising demand for online travel bookings, and increasing usage of advanced technologies such as AI and IoT,” says a Fact.MR analyst.
Key Takeaways from Market Study
• The global travel technologies market is valued at US$ 6 billion in 2023.
• Worldwide demand for travel technologies is estimated to evolve at a CAGR of 8% from 2023 to 2033 (forecast period).
• The global market is forecasted to garner US$ 13 billion by 2033.
• The global distribution system (GDS) segment is projected to evolve at a CAGR of 6.1% from 2023 to 2033.
• North America captured a 39% global market share in 2022.
