Travel Technologies Market Is Projected To Touch US$ 13 Billion By 2033

Rockville, US, 2023-Jul-27 — /EPR Network/ —

Global demand for travel technologies is estimated to increase at a CAGR of 8% from 2023 to 2033. Currently, the global travel technologies market is valued at US$ 6 billion and is predicted to reach a market size of US$ 13 billion by the end of 2033.

Fact.MR, in its latest business intelligence study, depicts the nuts and bolts of the global Travel Technology market. The report presents detailed information regarding the drivers, restraints, opportunities and trends affecting market growth.

Each segment along with its sub-segment is analyzed in terms of value and volume. Further, the report elaborates the market behavior of each vendor operating in the Travel Technology market.

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Key Companies Profiled:

• Amadeus IT Group, S.A
• Qtech Software Pvt. Ltd
• Navitaire LLC
• Kaptio Travel
• Lemax Ltd
• mTrip
• Expedia Group
• TravelWorks
• Dolphins Dynamics
• Sabre Corporation

 Key findings of the Travel Technology market study:

• Regional breakdown of the Travel Technology market based on predefined taxonomy.
• Innovative manufacturing processes implemented by Travel Technology vendors in detail.
• Region-wise and country-wise fragmentation of the Travel Technology market to grasp the revenue, and growth outlook in these areas.
• Changing preferences among consumers across various regions and countries.
• Factors (Positive and Negative) impacting the growth of the global Travel Technology market.

Competitive Landscape

The global market is highly competitive. Key players in the travel technologies market are competing for market share. With the expansion of the travel and tourism business, competition has intensified, resulting in a slew of mergers and acquisitions. Moreover, intense competition in the worldwide market is projected to push established vendors to expand their market position through strategic partnerships. Furthermore, numerous start-ups are focusing on new developments to address long-standing issues.

• Deal Engine, a Miami-based start-up, is addressing a well-known issue for airlines and their customers: post-booking flight adjustments. Historically, airlines have contracted pricey contact centers to handle many of their customers’ change requests, which became onerous during the pandemic.
• EaseMyTrip.com, one of India’s major travel technology portals, launched a self-booking tool for corporates in November 2022. This tool uses AI technologies such as machine learning and data mining to make it more effective and resourceful. Corporates and business travellers can easily book their travels utilizing this tool since it simplifies their booking process.
• MakeMyTrip (MMT) developed a new and revolutionary payment model called ‘Book Without Payment’ in October 2022, which allows international and domestic travellers to book a hotel without making any advance payment.
• American Express Global Business Travel (GBT) and Sabre launched a multi-faceted strategic partnership in December 2021 with the goal of developing innovations that would help define the future of corporate travel distribution. Under the terms of the agreement, which went into effect in January 2022, the corporation increased its commitment to Sabre and committed to a multi-million-dollar, long-term annual investment in collaborative technology development with Sabre.
• Booking Holdings Inc. announced in December 2021 that it had completed its previously announced USD 1.2 billion acquisition of Getaroom from Court Square Capital Partners. Getaroom is a business-to-business hotel room distributor that has amalgamated with Booking Holdings Inc.

Key Segments of Travel Technologies Industry Research

• By Product :
  • Global Distribution System (GDS)
  • Airline & Hospitality IT Solutions
• By Application :
  • Travel Industry
  • Tourism Industry
  • Hospitality Industry
• By Region :
  • North America
  • Latin America
  • Europe
  • Asia Pacific & China
  • Middle East & Africa

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Queries addressed in the Travel Technology market report:

• Why are the Travel Technology market players targeting region for increased product sales?
• What patented technologies are the players utilizing in the global Travel Technology market?
• Which regions are displaying the fastest growth in the Travel Technology market?
• What are the underlying micro-macroeconomic factors affecting the global Travel Technology market?

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Reports published by Fact.MR are a result of the combination of our experts and digital technologies. We thrive to provide innovative business solutions to the clients as well as tailor the reports aligning with the clients’ requisites. Our analysts perform comprehensive research to offer ins and outs of the current market situation. Clients across various time zones tend to utilize our 24/7 service availability.

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