Travel Technology Solutions Market - Introduction
- Travel technology solutions are applicable in information and communication technology that is used in the hospitality and travel industry. Solution providers offer different software and applications to travel agencies for planning and booking tours, flights, to enable easy transactions, and other tour related operations.
- Travel technology solutions are majorly adopted by the airline industry that deals with online reservation systems to a large extent. The mobile is the most preferred device to use different types of travel technology applications. Solution providers are offering multiple mobile applications for different operating systems of mobiles.
- Solution providers are adopting the cloud based platform to increase the data access process and performance of the software and to improve the performance of the travel technology solution
- Travel agencies, airports, and the government travel sector are expected to adopt travel technology solutions to provide better customer service. This solution helps to improve the travel booking process and is a more flexible, reliable, and scalable resource to manage travel data.
- The global travel and tourism industry is expected to face huge downfall during 2020 due to the increasing ratio of Coronavirus infected people across the globe
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Key Drivers of the Travel Technology Solutions Market
- Increase in business travel expenditure and growing adoption of social media platforms and Big Data analytics solutions drives growth of the travel technology solutions market. Increasing adoption of hosted solutions and Software as a Service (SaaS) is expected to boost the demand for travel technology solutions during the forecast period.
- Adoption of artificial intelligence in travel technology solutions is anticipated to create business opportunity for travel technology solutions companies to provide advanced solutions based on AI technology to analyze and improve the decision making process.
Synchronization and open source software issues expected to hinder the market
- Synchronization issues of travel technology solutions faced by online travel agencies and booking engines is expected to restrain the market growth of travel technology solutions.
- Increasing open source software on the internet is also expected to hinder the market growth.
- Global businesses are facing huge downfall because of increasing coronavirus impact on major countries. The travel and tourism industry is also expected to experience low business opportunities during the 2020 period.
Impact of COVID 19 on Global Travel Technology Solutions Market
- The travel technology solutions market is expected to face financial crisis during the 2020 financial year. The travel and tourism is basic income source for several major countries. All international and domestic flights and all transports are closed due to COVID-19. The demand for travel technology solution are affected by increasing lockdown condition across the all regions. The adoption of travel technology solution are low as compare to previous year due to low demand from travel and tourism sectors.
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North America to hold major share of the global travel technology solutions market
- North America was holding prominent share of the travel technology solutions market due to increasing adoption of advanced travel technology solutions by travel agencies and companies to minimize travel expenditure and growing demand for application of real time changes in travel plans. The America travel technology solutions market has negative impact by increasing business lockdown due to COVID 19 across the region.
- The travel technology solutions market in Asia Pacific and Europe is expected to face financial crisis during the 2020 financial year, due to increasing spread of coronavirus. The markets in Asia Pacific and Europe are expected to expand at a prominent growth rate after the financial crisis. Additionally, companies are expanding their geographical presence to capture more market share in Asia Pacific and Europe.
Key players operating in the global travel technology solutions market
- Amadeus IT Group, S.A
Amadeus IT Group, S.A. is a global provider of IT solutions and global distribution systems. The company offers the software solution to travel providers and travel agencies for search, pricing, ticketing, booking, and other real time travel processes. Amadeus offers solutions in analytics and intelligence, business management, customer management, and payment solutions.
- Sabre GLBL Inc.
Sabre GLBL Inc. is a global distribution system and travel solutions providing company. It offers airline solutions, hospitality solutions, and travel network solutions. Sabre GLBL Inc. providers travel technology solutions to 60 countries worldwide.
Other key players operating in the global travel technology solutions market include Travelport Worldwide Ltd, mTrip, Tramada Systems Pty Ltd, Lemax Ltd., and Expedia Group.
Global Travel Technology Solutions Market: Research Scope
Global Travel Technology Solutions Market, by Type
- Global Distribution System (GDS)
- Airline & Hospitality IT Solutions
Global Travel Technology Solutions Market, by Application
- Travel Industry
- Tourism Industry
- Hospitality Industry
Global Travel Technology Solutions Market, by End-user
Global Travel Technology Solutions Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.