Travel Technology Market Report 2023, Industry Trends, Share, Growth and Forecast Till 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 use of information and communication technology in the travel, tourism, and hospitality industries. It simplifies travel processes, such as flight tracking, travel planning, reservation management, and customer reviews for various travel agents and tour operators. Travel technology provides a range of software and applications to ensure smooth operations, increase booking rates, and enhance customer experience. Since it enables easy transactions, customized itineraries, and hassle-free travel insurance management, travel technology is gaining immense traction across the globe.

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Travel Technology Market Trends and Drivers:

The global travel technology market is primarily driven by the increasing automation across end use industries coupled with rapid growth in the travel and tourism sector. Moreover, the surging adoption of artificial intelligence (AI) and software-as-a-service (SaaS) models is positively influencing market growth. Additionally, the rising use of robotic process automation (RPA) by organizations to streamline processes and minimize human errors in managing bookings and paperwork has catalyzed market growth. Besides this, the shifting inclination toward SaaS-based and hosted solutions is propelling the market growth. Furthermore, numerous technological advancements, such as the increasing deployment of recognition technologies, integration with the Internet of Things (IoT), and the adoption of smart devices, are contributing to the market growth. Other factors, including extensive research and development (R&D) activities, inflating consumer disposable incomes, and rapid urbanization, are also anticipated to create a positive market outlook.

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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