Travel tech market expected to hit US$13 billion by 2033
Increasing Demand for global distribution systems (GDS) is projected to boost the growth of the global travel technologies market, expanding at 8% CAGR (Compound Annual Growth Rate) over the next 10 years.
According to research by market research and competitive intelligence provider Fact.MR, the global travel technologies market is anticipated to achieve a valuation of US$13 billion by 2033. The market is currently valued at US$6 billion in 2023.
Substantial development in the travel and tourism sector and an increasing requirement for automation are major factors propelling the global demand for travel technologies.
The growing adoption of SaaS-based models and artificial intelligence (AI) is also fuelling market growth. AI provides interactive conversational systems, such as chatbots and virtual support agents, which can directly address the consumer’s needs, improving their overall experience.
Numerous facial and fingerprint recognition technologies are now used in hotels and other public areas to automate payment processes, check-in and check-out, and technological improvements such as the use of recognition technologies and the adoption of smart devices are also having a beneficial impact on market growth.
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