Global Travel Technologies Market 2019-2023 | Widening Application of AI in the Travel Industry to Boost Growth | Technavio

LONDON–(BUSINESS WIRE)–The global travel technologies market is expected to post a CAGR of over
9% during the period 2019-2023, according to the latest market research
report by Technavio.

A key factor driving the growth of the market is the growth of the
travel and tourism industry. The travel and tourism industry contributed
more than 8 trillion to the global economy in 2017 and is expected to
grow at a CAGR of approximately 4% during the forecast period. It
contributes a significant proportion to the gross domestic product (GDP)
of several countries. The travel and tourism industry is also a key
provider of employment, as it provides more than 300 million jobs, both
directly and indirectly, across the world. The growth of the global
travel technologies market is directly proportional to the growth of the
revenues generated by companies in the travel and tourism value chain.
Increasing revenues allows travel and tourism companies to spend more on
technologies to streamline their processes and adopt advanced
technologies to improve their booking revenues. Therefore, the growth of
the travel and tourism industry will drive the growth of the global
travel technologies market during the forecast period.

This market research report on the global
travel technologies market 2019-2023
also provides an analysis
of the most important trends expected to impact the market outlook
during the forecast period. Technavio classifies an emerging trend as a
major factor that has the potential to significantly impact the market
and contribute to its growth or decline.

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only:
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In this report, Technavio highlights the widening application of AI in
the travel industry as one of the key emerging trends in the global
travel technologies market:

Global travel technologies market: Widening
application of AI in the travel industry

AI-enabled platforms provide the desired outcomes when they have the
required volume of back-end data to obtain insights. The volume of
customer data generated by the travel industry is high. Hence, AI is
suitable for use in the industry. The 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. The use of chatbots is
at a nascent stage in the travel industry. Travel companies are making
their existing services available through chat channels. Beside
chatbot-based applications, AI can also help improve and automate
business travel bookings by providing travel managers quick access to
the most cost-effective and rewarding options for their travel programs.

“The growing penetration of the Internet and the increasing use of
smartphones have transformed the consumption of travel services. For
instance, the proportion of online bookings through the web and mobile
channels is increasing rapidly due to convenience. The increasing use of
mobile applications and websites to book travel tickets and hotel rooms
is forcing travel services companies to invest in travel technologies.
They are also developing applications that are compatible with mobile
devices and subscribing to GDS to address the needs of their customers
and provide an omnichannel booking experience,”
says a senior
analyst at Technavio for research on enterprise application.

Global travel technologies market: Segmentation
analysis

This market research report segments the global 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 with a market share of over 45%,
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 ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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