LONDON--(BUSINESS WIRE)--The travel technologies market is poised to grow at a CAGR of over 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Travel agencies are focusing on automating business processes to save the time spent on repetitive tasks and provide better customer services. They are adopting robotic process automation (RPA) to automate the entire booking process. RPA works across applications and systems through software bots that operate round-the-clock across the world. These bots are also highly reliable, flexible, scalable, and relatively inexpensive. Furthermore, the reporting capabilities of RPA allow effective tracking, and error detection and resolution, which results in significant process improvement. Thus, the growing adoption of RPA will drive the travel technologies market growth during the forecast period.
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As per Technavio, the widening application of AI in the travel industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Travel technologies Market: Widening Application of AI in the Travel Industry
The volume of customer data generated by the travel industry is high. This makes AI suitable for the travel industry. AI-enabled platforms provide the desired outcomes leveraging back-end data to obtain insights. 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. AI also helps improve and automate business travel bookings by providing travel managers quick access to the most cost-effective and rewarding options for their travel programs.
“Other factors such as the introduction of ML and Big Data features in products and increase in experiments with blockchain will have a significant impact on the growth of the travel technologies market value during the forecast period,” says a senior analyst at Technavio.
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Travel Technologies Market: Segmentation Analysis
This market research report segments the 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, 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 ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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