Fact.MR, a supplier of market research and competitive information, projects that the global market for travel technology will reach US$ 13 billion in value by 2033, growing at an 8% CAGR during the following ten years.
Information and communication technology are relevant to the travel and hospitality industries. To help travel organisations plan and book flights and tours, facilitate easy transactions, and carry out other procedures associated to tours, solution providers offer a variety of software and applications. Travel technology solutions, which mainly rely on online reservation systems, are widely used in the airline business.
The global need for travel technologies is being significantly fueled by significant development in the travel and tourist industry as well as a rising need for automation across industries. Additionally, market expansion is being fueled by the rising use of SaaS-based models and artificial intelligence (AI). Interactive conversational systems, such chatbots and virtual customer service representatives, are made possible by AI and can better the customer experience by directly addressing their demands.
The use of smart devices, the usage of recognition technologies, and integration with the Internet of Things (IoT) are some examples of technological advancements that are positively impacting market expansion. Hotels and other public places utilise a variety of facial and fingerprint recognition technology to automate payment procedures, check-in, and check-out. In the upcoming years, additional factors like quick urbanisation, expanding consumer spending power, and intense R&D activities are anticipated to support market expansion.
The constantly growing travel and tourism sector, increasing need for online reservations, and rising use of cutting-edge technologies like AI and IoT are what are driving the global travel technology market’s growth, according to a Fact.MR analyst.
