DUBLIN, March 25, 2022 /PRNewswire/ — The “Travel Technologies – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.

Global travel technology market to reach $12.5 billion by 2026

Amid COVID-19 crisis, Global Travel Technology Market Estimated at US$8.6 billion in 2020, is expected 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 expected to register a CAGR of 6.1% and reach US$9.1 billion at the end of the analysis period. After an in-depth analysis of the business implications of the pandemic and the economic crisis it induces, the growth of the IT solutions for airlines and hospitality segment is readjusted to a revised CAGR of 8.4% for the next period. 7 years old.

The US market is estimated at $1.7 billion in 2021, when China is expected to reach $1.9 billion by 2026

The US travel technology market is estimated at US$1.7 billion in the year 2021. Chinathe second largest economy in the world, is expected to reach a projected market size of US$1.9 billion by 2026 with a CAGR of 8.2% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 5.8% and 6.2% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 6.5%.

The COVID-19 outbreak has hit the travel and tourism industry, due to travel restrictions, closures and restrictions imposed in various countries affected by the pandemic. The post COVID-19 period will see significant changes in the way people search for vacations.

The disruption in the travel industry is having a significant impact on players operating in the travel technology market, with revenue hitting new lows in recent months. Although the travel and tourism industry faces risks in the form of cancellations and business disruptions amid the ongoing pandemic, the industry is likely to regain some momentum in times to come, thus providing potential growth opportunities for the travel technology market.

The story continues

The recovery will be driven primarily by essential travel needs, particularly those related to business travel and personal emergencies. Domestic travel is expected to resume faster than international travel, as already seen in China. This will ensure that funds earmarked for overseas travel will now be for local consumption, boosting local economies.

The market will also benefit from the growing use of technologies such as artificial intelligence (AI) and robotic process automation (RPA). RPA makes it easier to automate some repetitive processes, which helps provide better customer service. By automating the booking process, technology saves time.

RPA leverages software bots to run on all systems and applications, to perform repetitive manual and administrative functions, and to make decisions. Using RPS improves the booking process, as the bots are scalable, flexible, affordable and reliable. In addition, RPA’s reporting capabilities make it easier to accurately track, detect, and resolve errors, resulting in dramatic process improvements.

Main topics covered:

I. METHODOLOGY

II. ABSTRACT

1. MARKET OVERVIEW

• Overview of the influencer market

• Global Market Trajectories

• Impact of the COVID-19 pandemic and a looming global recession

• Impact of COVID-19 on the travel and tourism industry: growth rate (%) of industry revenue in selected countries for 2020 compared to 2019

• Impact of COVID-19 on the tourism industry: % change in international tourist arrivals by region for 2019 and the first quarter of 2020

• COVID-19 proves disastrous for tourism-focused countries

• Countries with maximum vulnerability to the impact of COVID-19 on the tourism industry: Travel and tourism industry as % of GDP by country for 2019

• Digitization bodes well for the market

• With the travel industry hit hard by the crisis, the impact is imminent on the travel technology market

• An introduction to travel technology

• Global Travel Technology Market: Growth Prospects and Prospects

• GDS emerges as the largest segment

• Competetion

• Recent market activity

• Travel technologies – Percentage of market share of the main global competitors in 2022 (E)

• Competitive Market Presence – Strong/Active/Niche/Trivial for Gamers Worldwide in 2022 (E)

2. FOCUS ON CERTAIN PLAYERS (Total 35 Featured)

3. MARKET TRENDS AND DRIVERS

• Business Travel Spending Trend: Major Contributor to Travel Technology Market Growth

• COVID-19 Pandemic Halts Business Travel, Impacting Technology Adoption

• The hospitality industry will embrace next-generation technologies to operate in a changing work environment

• Popular Technology Trends Transforming the Hospitality and Travel Industry

• Growing role of innovative technologies in the travel industry

• Innovations to fuel market insights

• Growing integration of big data into travel technology solutions

• Growing role of AI and ML in the travel and tourism industry

• Blockchain and AI to radically transform the travel industry

• Mobile devices: the preferred mode of travel technology

• Next-generation 5G networks for the benefit of travel technologies

• Virtual reality technology to transform the tourism industry with immersive experiences

• Augmented reality is gaining prominence in the travel industry

• Robotic process automation technology supports automating 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 the travel and tourism industry

• Rise of Smart Connected Devices Drives Adoption of IoT Technologies in Travel Industry

• As the online travel booking market takes a hit due to COVID-19, the travel technology market will be impacted

• Global Distribution Systems Market: An Overview

• Smart hospitality is gaining momentum

• Urbanization and consumer spending levels are driving the travel and tourism technology market

4. GLOBAL MARKET OUTLOOK

III. REGIONAL MARKET ANALYSIS

IV. COMPETETION

For more information about this report visit https://www.researchandmarkets.com/r/k00jed

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SOURCE Research and Markets