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The global Travel Technology Market is estimated to surpass $12 billion mark by 2026 growing at an estimated CAGR of more than 7.7% during the forecast period 2021 to 2026. New technologies are helping to get us from Point A to Point B more efficiently than ever before. Innovative transportation tech, such as autonomous vehicles and e-bikes, is helping travellers get to wherever we want to go; no matter if it’s just down the block, across the country or a few hundred miles into outer space. Due to Covid-19, The value of contactless payments and the distribution of digital services has been advanced by social distancing. The increasing adoption and anticipation of contactless systems, forcing all firms to adapt to practice, is illustrated by customer behaviour. As the hotel industry braces for the return of travellers, the industry needs to identify modern customer contact points in order to digitise procedures and offer more confidence while offering more insight in the guest journey.
Travel Technology Market Segment Analysis – By Type
Transportation segment held the highest market share in 2020 and it is anticipated to witness significant market growth during the forecast period 2021-2026 with a CAGR of 8.23%. The market growth is attributed to factors such as growing adoption of IoT and automation technologies to enhance technological optimization for offering better customer experience. Additionally, growing government initiatives and PPP models for smart transportation, rising urban population and high demographic rates also benefits the market growth. While the move to e-commerce and the growth of mobile commerce has fuelled the anticipation of contactless payments, Covid-19’s social distancing has increased acceptance with many retail stores only accepting contactless or card payments. Mastercard analysis showed that 79 per cent of users use contactless payments to ensure protection and cleanliness, with 72 per cent reporting that they will continue to use contactless payment solutions with pace even though a pandemic fades, marking as one of the key strength to the market growth.
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Travel Technology Market Segment Analysis – By Technology
IoT and Big Data are the major technologies adopted for travel automation technology. Big data is a fact of life in modern tourism management, and nearly all businesses that are successful use their own data collection techniques. Improving personalization is one of the largest applications of this data, with travel firms using the details they obtain to make precise changes to their products, thereby leading to business growth. Another useful application of data is the study of actual market results. In particular, hotel owners may use big data for revenue regulatory purposes, leveraging historic occupancy rates and other past indicators to help forecast demand levels. When demand is predictable, pricing and advertising tactics can also be tailored to deliver better services to consumers. The Internet of Things (IoT), which includes internet-based interoperability between everyday devices that enables them to both transmit and receive data, is one of the most exciting new developments in travel technology. People are already witnessing evidence of its position in the travel and tourism industry and this will expand further in the years ahead. In hotel rooms, for instance, IoT technology can be used to provide guests with a system that connects to everything from lighting, heaters and air conditioning, allowing everything to be operated from one location. In the meantime, baggage cases can be mounted in airports with sensors that warn travellers as they walk by. Smart technology smarter airports is also one such arena for deployment of Internet of Things (IOT). All these benefits and growing applications owing to the technological advancements contribute to the upliftment of the market growth.
Travel Technology Market Segment Analysis – By Geography
Geographically, APAC region is anticipated to witness significant market growth during the forecast period 2021-2026 with a CAGR of 8.23%. This market growth is attributed to factors including rapid economic growth, increasing spending of the middle-class population, increasing focus on creating new experiences, surging urban population, and others. With a rise in disposable income, people are willing to invest more on travel and tourism which were historically considered to be luxury. Furthermore, widespread adoption of SaaS-based models are providing a boost to market growth. For instance, organizations are increasingly employing robotic process automation (RPA) to streamline and automatically process applications, manage bookings and paperwork to minimize human errors.
Travel Technology Market Drivers
Rise of Voice Search & Voice Control
In terms of technological developments in the travel industry, smartphones, smart speakers and AI assistants have all contributed to improve the importance of voice search. In particular, voice search is being used by a growing range of travel clients to locate and book plane tickets, hotel rooms and travel experiences. Therefore, designing the website with voice search in mind is important, so that the organisation can capitalise on this trend. In addition to this, voice control also plays an increasing role in real travel encounters as well. Voice-controlled machines can be used inside hotel rooms to monitor lighting and ventilation in rooms or to access visitor information without the need to talk to a staff member. This is also expected to continue to spread into other parts of the travel business as well.
Deployment of Contactless Payment
The reluctance to accept contactless payments is another significant type of travel technology. It would make it much faster for travel agencies to accept transactions, even in cases where consumers do not have access to cash or a credit or debit card. Since it is a time-saver, it will also boost the client experience. Contactless payment availability began as a convenience, but in the aftermath of the coronavirus pandemic, it has arisen as a core part of travel marketing. Some are hesitant to treat cash as travellers are worried about the transmission of the virus. The team members of the enterprises will also be secured by using contactless payments as often as possible. It is anticipated that the prominence of this technology on a large scale in the years ahead offers a growth opportunity for the market.
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Travel Technology Market Challenges
Cybersecurity Issues with Travel Technology
For those in travel management positions, cybersecurity is a significant focus field, and enterprises in the sector are more at risk of cyber threats and often more vulnerable to data breaches of other kinds. Travel firms are a big focus because they recruit a lot of people and have access to an array of consumer information. Phishing attacks, unauthorised access, financial fraud are some of the main challenges in this field, while modern dependence on data still puts enterprises at risk of human error caused by their own employees too. This entails investment in training in cybersecurity and numerous hardware and technological technologies in order to keep the enterprise and business safe. Each travel operator, hotel or transport company handles all kinds of sensitive data on their customers, as well as their own staff and suppliers. The consequences of organisations experiencing online data breaches are now higher than ever before.. Thus, data security issues act as constraint to the market growth. It is, therefore, important to keep up with the latest regulations and to comply with data protection laws.
Travel Technology Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Travel Technology Market. Amadeus IT, mTrip, Lemax, CRS Technologies, Navitaire, Sabre Corp., Qtech Software, Tramada Systems, Travelport International and others are considered to be the key players of the Travel Technology Market.
Acquisitions/Technology Launches/Partnerships
In July 2019, Ford Motor Company and Volkswagen AG revealed that through a strategic partnership with Argo AI, they are collaborating on autonomous vehicle technologies in the U.S. and Europe in a synergistic effort to stay successful in the evolving transportation environment.
In October 2021, Travel Tech Asia has been organised by ITB Asia team and is co-located with ITB Asia and MICE Show Asia, making it part of the biggest travel trade show in Asia Pacific.
Key Takeaways
Throughway of graphic overlays, personnel in the tourism industry can significantly improve consumer loyalty by supplying consumers with useful knowledge or even great entertainment. For instance, mobile applications can be used to increase photography through filters and effects.
Each travel operator, hotel or transport company handles all kinds of sensitive data on their customers, as well as their own staff and suppliers. The consequences of organisations experiencing online data breaches are now higher than ever before.
Within the list of core tech innovations, recognition technology is highly important due to its ability to eliminate friction from sales and make transactions smoother. Fingerprint identification, facial recognition, retina scanning and various other biometric markers are part of the technology itself.
Related Reports :
A. Transportation Management System Market
https://www.industryarc.com/Research/Transportation-Management-System-Market-Research-500516
B. Travel& Hospitality AI Market
https://www.industryarc.com/Report/18662/travel-hospitality-ai-market.html
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