The travel technologies market size is set to grow by US$1.56bn (eds. €1.35bn) from 2021 to 2025, with y/y growth estimated at 2.79%, according to Technavio.
The adoption of robotic process automation (RPA) and the increased application of artificial intelligence in the travel industry will be key factors accelerating the market growth.
The use of these applications offers cost-effective options for travel programs and minimises cost as well as boosts revenue. However, factors such as cybersecurity will challenge the growth of the travel technologies market participants.
According to Technavio, the market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
Amadeus IT Group SA, CRS Technologies India Pvt. Ltd., Dolphins Dynamics Ltd., ecare Technology Labs Pvt. Ltd., Expedia Group Inc., Lemax Ltd., Sabre Corp., Technoheaven, Tramada Systems Pty Ltd., and Travel Technology Consulting Inc. are some of the major market participants.
To leverage the current opportunities, market vendors must, says Technavio, strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Photo – top of page – by David Preston / Unsplash