The global travel market is flourishing. Growth is driven by several factors, including airport expansion in tier 1 and 2 cities, high demand in emerging economies, government infrastructure development, a rise in disposable income, and adoption of cloud technology by enterprises for travel solutions and analytics. A major challenge has been the lack of awareness about solutions and how to they can be leveraged. Successful travel solutions providers will be those that offer multiple try-before-you-buy, customizable, all-in-one solutions that integrate with internal finance teams while providing a uniform experience across all platforms.
“Global small-to-medium travel enterprises (SMEs) are looking toward travel solutions that provide new sources of revenue and act as a business enabler by streamlining their budget and aiding new growth opportunities,” said Gowtham Bandi, Senior Consulting Analyst, Digital Transformation (ICT) Practice, Frost & Sullivan. “Cloud travel solutions enable a platform for the enterprise to grow while trying new solutions at minimum cost.”
Global Travel Technology Market – Opportunity and Trends by Industry and Enduser examines global trends, challenges, and opportunities within the travel technology market with particular focus on India’s small-to-medium enterprise (SME) travel market. Car rental, retail, aviation, and cloud solutions are assessed in this analysis too.
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Developments and trends driving growth in the global travel technology market include:
- Focusing on customer experience and pricing transparency by travel solution providers;
- Building price and convenience orientated integrated solutions concentration on SME markets;
- Providing packed solutions to ensure high cohesion with expense and invoice management solutions; and
- Travel solution market’s evolution into a technologically equipped and sophisticated sector.
“In time, customer’s interaction channels will become commoditized and global travel technology’s focus will move toward providing the right price and automating process,” noted Bandi. “Personal assistance through artificial intelligence enabled platforms, advanced invoicing and expense management solution capabilities, and mega search sites will be some of the trends driving the future travel industry.”