The global travel technologies market is expected to post a CAGR of over 9% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growth of the travel and tourism industry. The travel and tourism industry contributed more than 8 trillion to the global economy in 2017 and is expected to grow at a CAGR of approximately 4% during the forecast period. It contributes a significant proportion to the gross domestic product (GDP) of several countries. The travel and tourism industry is also a key provider of employment, as it provides more than 300 million jobs, both directly and indirectly, across the world. The growth of the global travel technologies market is directly proportional to the growth of the revenues generated by companies in the travel and tourism value chain. Increasing revenues allows travel and tourism companies to spend more on technologies to streamline their processes and adopt advanced technologies to improve their booking revenues. Therefore, the growth of the travel and tourism industry will drive the growth of the global travel technologies market during the forecast period.
This market research report on the global travel technologies market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the widening application of AI in the travel industry as one of the key emerging trends in the global travel technologies market:
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Global travel technologies market: Widening application of AI in the travel industry
AI-enabled platforms provide the desired outcomes when they have the required volume of back-end data to obtain insights. The volume of customer data generated by the travel industry is high. Hence, AI is suitable for use in the industry. The vendors are introducing AI capabilities in their offerings to personalize products and services. For instance, in 2018, Sabre launched a pilot AI-powered chatbot called Ella using the Microsoft Bot Framework and Microsoft Azure Cognitive Services. The company intends to help travel agencies automate the resolution of the support and service requests of customers by integrating the chatbot with its travel platform. The use of chatbots is at a nascent stage in the travel industry. Travel companies are making their existing services available through chat channels. Beside chatbot-based applications, AI can also help improve and automate business travel bookings by providing travel managers quick access to the most cost-effective and rewarding options for their travel programs.
The growing penetration of the Internet and the increasing use of smartphones have transformed the consumption of travel services. For instance, the proportion of online bookings through the web and mobile channels is increasing rapidly due to convenience. The increasing use of mobile applications and websites to book travel tickets and hotel rooms is forcing travel services companies to invest in travel technologies. They are also developing applications that are compatible with mobile devices and subscribing to GDS to address the needs of their customers and provide an omnichannel booking experience, says a senior analyst at Technavio for research on enterprise application.
Global travel technologies market: Segmentation analysis
This market research report segments the global travel technologies market by product (GDS and airline and hospitality IT solutions) and geographical regions (APAC, EMEA, and the Americas).
The EMEA region led the market in 2018 with a market share of over 45%, followed by the Americas and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the growth of the tourism industry in countries such as China, India, Sri Lanka, Thailand, Vietnam, the Philippines, Singapore, and Indonesia.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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