Travel Technology Market 2023, Size, Outlook, Key player Analysis and Forecast by 2028

The latest report by IMARC Group, titled "Travel Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The global travel technology market size reached US$ 9.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 7.5% during 2023-2028.

Travel technology refers to the array of digital solutions and innovations that facilitate and enhance various aspects of the travel and tourism industry. It includes software, applications, and platforms designed to streamline and improve travel-related processes, including booking, reservation management, itinerary planning, online payments, and customer engagement. It plays a pivotal role in delivering personalized and convenient experiences to travelers by enabling real-time access to information, such as flight and hotel availability, pricing, and travel advisories. Moreover, it empowers travel agencies, airlines, hotels, and other industry stakeholders to efficiently manage operations, optimize resources, and reach a wider audience through online platforms and mobile apps. At present, travel technology is gaining immense traction in the travel sector across the globe, enriching both traveler experiences and industry efficiency.

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Travel Technology Market Trends and Drivers:

The global travel technology market is primarily driven by the rising demand for innovative solutions that enhance traveler experiences and streamline operational efficiency due to the rapid digitization of the travel and tourism industry. Apart from this, the increasing number of online booking platforms, mobile applications, and personalized itinerary management tools that have changed the way travelers plan and engage with their journeys is positively influencing market growth. Moreover, the advent of advanced technologies, including Artificial Intelligence (AI), Big Data analytics, and Augmented Reality (AR), that opens new avenues for tailored recommendations, real-time updates, and immersive travel experiences has catalyzed market growth. Furthermore, the global shift toward contactless and touchless services in the wake of the COVID-19 pandemic has accelerated the adoption of technology in areas such as contactless check-in, digital payments, and health and safety tracking, thereby contributing to market growth.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Product Type:

Airline & Hospitality IT Solutions
Global Distribution System (GDS)

Breakup by Application:

Travel Industry
Tourism Industry
Hospitality Industry

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa

Competitive Landscape With Key Players:

Amadeus IT Group SA
CRS Technologies India Pvt Ltd
Lemax
mTrip
Navitaire LLC
Qtech Software Private Limited
Sabre Corporation
Tramada Systems Pty Ltd
Travelport International Limited

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