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Global Travel Technologies Market to Exhibit 8% CAGR from 2017 to 2021
MarketResearchReports.biz has recently announced the addition of a detailed market research report analyzing the global market for travel technologies to its research report portfolio. The report, titled “Global Travel Technologies Market 2017-2021,” states that the market will exhibit a promising 8% CAGR over the period between 2017 and 2021.
The rising demand to automate travel management systems will be the key factor driving the market over the said period. Some of the major factors attributable to the rising demand for automated travel management systems are the need to minimize operation costs in the highly competitive global travel industry, need for streamlining expansive business operations and processes, and rising awareness regarding the benefits of automated tracking systems.
Owing to these factors, an increasing number of travel and tourism service providers are using travel automation technologies such as e-payment systems and global distribution system. The rising use of wearable technologies and biometrics is also expected to drive the global market for travel technologies in the next few years.
The global market for travel technologies has been segmented on the basis of product type into airline and hospitality IT solutions and the global distribution system (GDS). Of these, the segment of global distribution system accounted for the dominant share in the global market in 2016 and is expected to retain dominance through the forecast period as well. One of the key factors encouraging the increased use of GDSs by travel agents is the pressing need to automate reservation process so as to improve productivity.
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From a geographical perspective, the travel technologies market is examined in the report for regions such as Americas (North and South America), Asia Pacific (APAC), and Europe, Middle East, and Africa (EMEA). Of these, the EMEA segment accounted for the maximum share in the global market in 2016 and is expected to retain dominance throughout the forecast period. The presence of a highly fragmented hotel market in Eastern Europe and the lower penetration of online travel agencies in the overall region are some of the key factors attributable to EMEA’s dominance in the global travel technologies market.
The global market for travel technologies features a diversified and highly competitive market owing to the presence of a large number of domestic and international players. The level of competition is becoming more intense in the market as many companies have started offering cloud-based property management software solutions.
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Some of the key players operating in the global travel technologies market are Travelport, Amadeus, Sabre, Expert Travel Services, Dolphin Dynamics, CRS Technologies, ecare Technology Labs, Technoheaven Consultancy, Fourth Dimension Software, mTrip, Lemax, Trip Solutions, PCVoyages 2000, Toursys Solutions, Qtech Software, Tramada Systems, Web Booking Expert, and TravelCarma.
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