About travel technology
Technology is seeping in the travel industry; globally, online travel sales has increased to more than $600 billion in 2014, which constitutes nearly one-third of the total travel sales. One of the fourth most such applications is flight tracking. Earlier, travel technology was related with computer reservation systems (CRS) of the airlines industry, but now it broadly includes the tourism sector along with its subset the hospitality industry. Mobile devices are becoming the most preferred medium for using travel technology. Along with this, the usage of big data analytics and social media is becoming the latest trend in adopting the travel technology.
Technavio's analysts forecast the global travel technology market to grow at a CAGR of 7.9% over the period 2014-2019.
Covered in this report
This report covers the present scenario and the growth prospects of the global travel technology market for the period 2015-2019. This reports includes revenue generated from third-party service providers. This report does not include in-house IT spending by airlines, hotels, and other travel agencies. This report also presents the vendor landscape and corresponding detailed information and analysis of the top four vendors in the global travel technology market. The market is divided into the following segments based on products:
Technavio Announces the Publication of its Research Report – Global Travel Technology Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Travel Technology Market: Amadeus, Sabre, TravelPort and Navitaire
Other Prominent Vendors in the market are: CRS, Dolphin Dynamics, eCare, Expert Travel, Fourth Dimension, Lemax, mTrip, PcVoyages 2000, Qtech, Technoheaven, Toursys, Tramada, TravelCarma, Trip Solutions, and Web Booking Expert.
Commenting on the report, an analyst from Technavio’s team said: “Many travel suppliers are focusing on developing in-house applications and software for their business processes, as constantly changing business models require flexible and scalable technology. Increased cost efficiency and reduced IT budgets have compelled many travel suppliers to outsource services to third-party solution providers for key technologies. As a result, they have started using monthly fee subscriptions associated with software as a service (SaaS) and hosted solutions.”
According to the report, Organizations spend significant amounts of money on business travel. The cost involved in these business trips includes not only travel expenses but also other costs associated with planning and arranging business meetings, accommodation, food and beverages, transportation, and recreation and entertainment.
Further, the report states that building the right multi-channel strategy is a concern for many travel agencies. Most travel technologies have similar functions. As a result, many travel agencies are unable to adopt the correct channel to target their customers.
Amadeus, Sabre, TravelPort, Navitaire, CRS, Dolphin Dynamics, eCare, Expert Travel, Fourth Dimension, Lemax, mTrip, PcVoyages 2000, Qtech, Technoheaven, Toursys, Tramada, TravelCarma, Trip Solutions, Web Booking Expert.