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
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.