Optical Computing Market Size, Share, and Industry Analysis, By Component (Hardware, Software, and Services), By Technology (Photonic Integrated Circuits (PICs), Optical Interconnects, Optical Processing Units (OPUs), Optical Neural Networks, and Others), By End-user (IT and Telecom, Aerospace and Defense, Healthcare and Life Sciences, Automotive, Manufacturing, and Others), and Regional Forecast, 2021-2028-2032

• 

   Request a Free Sample To Get More Information on this Market

TRAVEL TECHNOLOGY MARKET REPORT OVERVIEW

The global travel technology market size was estimated at USD 10.45 billion in 2024 and expected to rise to USD 20.12 billion by 2033, experiencing a CAGR of 7.55% during the forecast period. North America dominated the travel technology market share.

One of the main drivers of the travel technology market growth is the tourism and travel sector's significant growth along with the growing requirement for automation across all industries. Additionally, the industry is growing due to the increasing use of SaaS-based models and artificial intelligence (AI).

With the widespread acceptance of contactless payments, travelers may now buy meals and entertainment while in flight without using cash or conventional credit cards. This improves safety and cleanliness while also streamlining the payment process especially in the wake of COVID-19 and also boosting the advancement in the market. The hotel business has additionally adopted contactless technology, enabling visitors to check into and out, enter their rooms, and pay for extras including laundry or room service without making physical touch.

COVID-19 IMPACT

"Need to Limit Physical Touchpoints to Boost Market Share"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic had a wide range of effects on the market, including significant changes in a few important areas. First off, the need to limit physical touchpoints and lower the risk of viral transmission propelled the quick adoption of contactless technology. This change, which encourages traveler safety and hygiene, has become a long-lasting trend in the sector. In order to provide an effortless and safer travel experience, hotels, airlines, and other travel-related firms swiftly integrated mobile payments, contactless check-ins, and other services.

LATEST TRENDS

"Growing Appeal of Holiday Rentals to Stimulate Market Development"

Travelers can enjoy a distinctive and customized stay with vacation rental properties and home-sharing services, frequently at a lesser price than typical hotels. Airbnb is one instance of a well-known vacation rental website. With the use of this website, homeowners can short-term rent out their homes to tourists.

Additionally, visitors have the option of staying in a local's house, which provides them with a more genuine sense of the place they are visiting. In addition, compared to a hotel room, Airbnb frequently offers greater space and facilities including a kitchen and sitting area, which can help guests feel more at home. As a result, it is projected that these variables will propel market expansion during the projected timeframe.

TRAVEL TECHNOLOGY SEGMENTATION

By Type

Based on type the global market can be categorized into airline & hospitality IT solutions, global distribution system (GDS).

• Airline & Hospitality IT Solutions: Throughout the projection period, the travel industry segment's market share rise will be noteworthy. With its cutting-edge solutions and advancements that enhance the entire travel experience, the airline & hospitality IT solutions is a major player in the market.

• Global Distribution System (GDS): Travel agencies that register with the global distribution system (also known as GDS) can obtain real-time inventory data from linked travel suppliers, such as the availability of different hotel kinds, airline seats, vehicles, and buses. Travel agencies may look for, arrange, and reserve ticket as well as amenities for their clients thanks to GDS. Travel businesses can enhance the caliber of their customer service by utilizing GDS.

By Application

Based on application the global market can be categorized into ticket service, hotel-related serviceothers.

• Ticket Service: A customer service system used by businesses to handle their services is called a service ticket system. This program arranges incoming client requests. The application generates a ticket to record client requests and correspondence.

• Hotel-Related Service: To enhance the pre-trip experience, the tourism industry is utilizing augmented reality (AR) and virtual reality (VR) technologies into hotel-related service. Travelers can virtually visit hotels and places with VR, giving them a comprehensive perspective before making a reservation. Contrarily, augmented reality (AR) enables travelers to superimpose digital data onto actual surroundings, offering engaging and educational experiences related to historical or touristic locations. Consequently, it is projected that these advantages will propel market expansion during the projected period.

DRIVING FACTORS

"Integration of Voice Commands to Support Completed Market Expansion "

Voice search as well as voice control are already standard elements in travel technology, providing a hands-free and incredibly practical way to improve the journey. Voice commands provide travelers with instant access to a multitude of information, ranging from checking the weather to learning about nearby attractions. Travelers may browse, compare, and book travel alternatives without having to manually enter data, making this information especially useful for arranging transportation and lodging. In order to keep travel plans current with shifting schedules, voice control is also crucial to itinerary management.

Voice-guided systems make navigation and directions safer and more effective, whereas real-time translation services help people who don't speak the same language. Personalized travel suggestions are provided by virtual assistants, which facilitates the discovery of new activities. Voice technology also improves accessibility for passengers with disabilities and is being incorporated into in-flight along with in-hotel services.

"Contactless Payments to Foster Industry Progress"

The market environment has undergone revolutionary changes as a result of contactless payment, which provides an accessible option that meets the changing demands and tastes of contemporary passengers. Travelers may quickly and securely make reservations for flights, lodging, rental vehicles, and other services without requiring time-consuming data entry, thanks to contactless payments. Travelers may check in more quickly, spend less time waiting in line, and have a more smooth and effective experience when they can touch a contactless card or smartphone at different travel service providers.

RESTRAINING FACTORS

"Heightened Security Requirements to Stop Market Evolution"

Terrorist activity has increased worldwide, particularly since 2016. The primary goal of terrorist activity is to instill fear in individuals so that they will behave differently.

Moreover, expenses rise as a result of the heightened security requirements around power transmission lines and pipelines carrying gas and oil. Furthermore, it raises the price of reinsurance and insurance. Thus, during the course of the projected period, the rise of terrorist actionis probably going to hinder the growth of the worldwide market.

• 

   Request a Free Sample To Get Analysis on Major Geographic Market

TRAVEL TECHNOLOGY MARKET REGIONAL INSIGHTS

"North America to Dominante the Market Due to Incorporation of Metaverse Technologies "

Due to the increased use of metaverse technologies including chatbots, augmented reality, and virtual reality in the travel sector, North America dominated the travel technology market sharein 2022. Theregion is anticipated to experience the highest development, nevertheless, because more countries in the region are using e-commerce platforms. Furthermore, e-commerce platforms have entered the travel industry, providing discounts, loyalty programs, and travel packages via a variety of websites, which has accelerated the development of travel technology throughout North America.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. Themarket report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market areexpected to benefit from substantial growth opportunities in the near future.

List of Top Travel Technology Companies

• Travelport International Limited (U.K.)
• Amadeus IT Group SA (Spain)
• Tramada Systems Pty Ltd (Australia)
• Sabre Corporation (U.S.)
• CRS Technologies India Pvt Ltd (India)
• myTrip (Israel)
• Navitaire LLC (U.S.)
• Qtech Software Private Limited (India)

INDUSTRIAL DEVELOPMENT

August 2023: In order to meet the growing demand for a rigid, fully-integrated solution that offers access and end-to-end service of all multi-source material, including NDC, Travelport teamed with Deem. By the heavy utilization of the solution the market will advance in the coming years.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolutiontrend, opportunities in themarket, important market drivers, and SWOTopportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.