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Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Travel Technologies market. Market segmentation includes Segment (Global Distribution System (GDS), and Airline & Hospitality IT Solutions).

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5 November 6:30 p.m., California- According to the new market research report, the global market for Travel Technologies is projected to grow at a CAGR of 6.8% reach US$13.6 Billion by 2027, driven by the growing use of technologies and automation for improving customer service and ensuring efficient of processes. The global Travel Technologies market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Global Distribution System (GDS), one of the segments analyzed and sized in this study, is forecast to grow at over 6.1% and reach a market size of US$9.1 billion by the end of the analysis period. The United States is forecast to readjust to a 6.6% CAGR. Within Europe, the worst affected by the pandemic, Germany will reach a market size of US$1.1 billion growing at a CAGR of 6.5% over the next couple of years. In addition, over US$233 million worth of projected demand in the region will come from Rest of European markets. In Japan, the Global Distribution System (GDS) segment will reach a market size of US$456 million by the close of the analysis period. Facing a global backlash over the coronavirus outbreak and spread, China the world's second largest economy faces economic and geopolitical challenges including economic distancing which can likely put China's monopoly of global supply chains in crisis. The Global Distribution System (GDS) segment in this country against this backdrop will grow at a CAGR of 7.5% over the next couple of years to create an addressable market opportunity worth US$1.6 billion by the year 2027.

Over the years, the travel market has become technology-oriented, increasingly leveraging various sophisticated technologies. Travel technology allows agencies to book tours, flights, and transfers, among others. It enables the automation of booking and tracking tours, hotels, and flights, and facilitates a common interface for connecting travel agents and customers. It helps in creating personalized itineraries, obtaining the most relevant schedules and prices, providing users travel advice, and travel insurance management, among others. At present, mobile devices are the highly preferred platform for using travel technologies. Service providers leverage emerging technologies to improve experience of customers and their loyalty. The goal for efficient operation is fueled by the significant growth in travelers and the rise in customer expectations. With growing affordability and rising disposable incomes, air travel has grown exponentially in the last few years, resulting in considerable increase in the number of airlines. The global travel technologies market has been witnessing growth supported by the rising use of technologies such as artificial intelligence (AI) and robotic process automation (RPA). RPA facilitates the automation of certain repetitive processes, which enables in offering improved customer service. Through the automation of the booking process, the technology offers time savings. RPA leverages software bots to function across systems and applications, to carry out repetitive manual and administrative functions and perform decision making. The use of RPS enhances the booking process, as the bots are scalable, flexible, affordable, and reliable. Also, RPA's reporting capabilities facilitate accurate tracking, detection and resolution of errors, which lead to considerable improvement in processes. The market is also witnessing the implementation of Big Data and ML in products, and the potential use of blockchain. The security protocols in blockchain could facilitate seamless and safe travel across borders. However, the market is being hampered by issues related to synchronization by online travel agencies and booking engines. A transition to hosted and SaaS-based systems are likely to offer growth opportunities for the market.

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. The views, opinions and findings presented are based on validated engagements from a total executive pool size of 597. Among this pool, 119 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 24 unique participations, a total of 12 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

Key Competitors Covered in the Report -
Amadeus IT Group SA
Sabre Corporation
Dolphin Dynamics Ltd.
ecare Technology Labs Pvt. Ltd.
Experts Travel Services
Fourth Dimension Software
Lemax, Inc.
mTrip
Qtech Software Pvt. Ltd.
Technoheaven Consultancy Pvt., Ltd.
Tramada Systems Pty., Ltd.
Travelport, LP

Segments Covered in the Report -
Segment (Global Distribution System (GDS), Airline & Hospitality IT Solutions)

Geographies Analyzed in the Report -
World
USA
Canada
Japan
China
Europe
France
Germany
Italy
UK
Spain
Russia
Rest of Europe
Asia-Pacific
Australia
India
South Korea
Rest of Asia-Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East
Iran
Israel
Saudi Arabia
UAE
Rest of Middle East
Africa.

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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world`s only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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