Published on : Mar 17, 2017
ALBANY, NY, March 17, 2017: The report is titled, “Global Travel Technologies Market 2017-2021.” The study examines the growth of the market followed over the last few years and the prospects of growth in the near future. The research report details out the causes accountable for the variations in the market and analyses them thoroughly. The impact of certain trends has also been discussed in the report. It further provides data on the market shares, strategies, and products of leading companies.
Travel technologies are referred to as IT solutions employed by OTAs, hotels, and airline companies in order to supervise end-to-end travel solutions. IT solutions such as digital marketing solutions, data management solutions, e-commerce software solution, platform solutions, mobile solutions, and GDS are being implemented primarily in the travel industry. According to the report, the global travel technologies market is anticipated to rise at a CAGR over 8% over the forecast period.
The growing need for automating travel management systems is expected to drive the growth of the market in the coming years. The prime factors influencing the rising demand for automated systems from the service providers in the travel and tourism industry is the need to minimize cost, streamline the regular business processes, enhance safety, visibility, and security, automate the tracking systems, and decrease the operational costs. Thus, these service providers of travel and tourism use travel automation technologies such as e-payment systems and GDs in order to automate the transactional and operational processes.
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Moreover, as the manual legacy systems and process are inefficient in handling high volume transactions in online travel agencies, they travel agencies are thus shifting from traditional methods to automated systems. Furthermore, it has also been observed that the need for IT solutions such as cloud computing, big data analytics, and Internet of Things is rising with the developments in the travel industry via automated travel management systems. The global travel technologies market is also expected to be driven by the growing adoption of wearable technologies and biometrics.
Based on product, the travel technologies market is bifurcated into global distribution system (GDS) and airline and hospitality IT solutions. In 2016, GDS led the market with the leading shares and is expected to retain a leading position in the coming years owing to the rising adoption of this technology by travel agents for automating the reservation processes. Region-wise, Europe and the Middle East and Africa is expected to lead the market until 2021 owing to the presence of lower online travel agencies and a fragmented hotel market. Some of the leading players in the market are Travelport, Sabre, Amadeus, Web Booking Expert, TravelCarma, Lemax, and Dolphin Dynamics.
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