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Global Travel Technologies Market 2019-2023| 9% CAGR Projection Over the Next Five Years| Technavio

December 19, 2019 GMT
Global Travel Technologies Market 2019-2023| 9% CAGR Projection Over the Next Five Years| Technavio
Global Travel Technologies Market 2019-2023| 9% CAGR Projection Over the Next Five Years| Technavio

LONDON--(BUSINESS WIRE)--Dec 19, 2019--

The travel technologies market is poised to grow at a CAGR of over 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global travel technologies market 2019-2023 (Graphic: Business Wire)

Travel agencies are focusing on automating business processes to save the time spent on repetitive tasks and provide better customer services. They are adopting robotic process automation (RPA) to automate the entire booking process. RPA works across applications and systems through software bots that operate round-the-clock across the world. These bots are also highly reliable, flexible, scalable, and relatively inexpensive. Furthermore, the reporting capabilities of RPA allow effective tracking, and error detection and resolution, which results in significant process improvement. Thus, the growing adoption of RPA will drive the travel technologies market growth during the forecast period.

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As per Technavio, the widening application of AI in the travel industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Travel technologies Market: Widening Application of AI in the Travel Industry

The volume of customer data generated by the travel industry is high. This makes AI suitable for the travel industry. AI-enabled platforms provide the desired outcomes leveraging back-end data to obtain insights. Vendors are introducing AI capabilities in their offerings to personalize products and services. For instance, in 2018, Sabre launched a pilot AI-powered chatbot called Ella using the Microsoft Bot Framework and Microsoft Azure Cognitive Services. The company intends to help travel agencies automate the resolution of the support and service requests of customers by integrating the chatbot with its travel platform. AI also helps improve and automate business travel bookings by providing travel managers quick access to the most cost-effective and rewarding options for their travel programs.

“Other factors such as the introduction of ML and Big Data features in products and increase in experiments with blockchain will have a significant impact on the growth of the travel technologies market value during the forecast period,” says a senior analyst at Technavio.

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Travel Technologies Market: Segmentation Analysis

This market research report segments the travel technologies market by product (GDS, and airline and hospitality IT solutions) and geographical regions (APAC, EMEA, and the Americas).

The EMEA region led the market in 2018, followed by the Americas and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the growth of the tourism industry in countries such as China, India, Sri Lanka, Thailand, Vietnam, the Philippines, Singapore, and Indonesia.

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191219005457/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: INTERNET OTHER TRAVEL TECHNOLOGY TRAVEL SOFTWARE

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 12/19/2019 06:00 PM/DISC: 12/19/2019 06:00 PM

http://www.businesswire.com/news/home/20191219005457/en