[February 08, 2017] |
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Top 3 Trends Impacting the Global Travel Technologies Market Through 2021: Technavio
Technavio's latest market research report on the global
travel technologies market provides an analysis of the
most important trends expected to impact the market outlook from
2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global travel technologies market from 2017-2021. (Graphic: Business Wire)
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The top three emerging market trends driving the global travel
technologies market according to Technavio ICT
research analysts are:
-
Emergence of augmented reality
-
Rise of Internet of Things (IoT)
-
Advent of big data technology and BI solutions
Emergence of augmented reality
Real-time information is crucial for the success of travel industry
businesses. Augmented
reality helps the travelers to plan their trips with the help of
information gathered from online sources. Augmented reality technologies
help the travelers to view their lodging and boarding facilities in a
hotel in a real-time like environment. Augmented reality has a variety
of features that are designed for traveler convenence. Augmented
reality technology can be accessed through mobile devices and augmented
reality apps.
"The adoption of augmented reality technology in the travel industry
is in a nascent stage. Leading vendors are developing travel
technology solutions based on augmented reality technology. Leading
online travel agencies such as Priceline have also realized that
augmented reality enhances the booking experience for travelers," says
Amit Sharma, a lead analyst at Technavio for enterprise
application research.
Rise of Internet of Things
The number of smart connected devices is rising worldwide and is
expected to reach 21 billion by 2020. As the number of devices
increases, it becomes increasingly difficult to manage, monitor, and
maintain data in the travel industry. The IoT uses several technologies
such as RFID, sensors, barcodes, and GPS. The adoption of IoT solutions
is high in the BFSI, healthcare,
and telecom sectors. The travel industry is also adopting IoT solutions
gradually. The airline industry has implemented IoT solutions to
simplify the operational process. In 2015, London City Airport
implemented IoT solutions for M2M communication to make the airline
operations smoother. Leading IoT solution providers and IT firms such as
IBM and Cisco Systems (News - Alert) have helped London City Airport to deploy IoT
solutions successfully.
Advent of big data technology and BI solutions
IT solutions are helping enterprises by providing important business
data and improving business performance. The travel industry has emerged
as one of the major end-users of BI solutions. Airlines and OTAs collect
and analyze data with business intelligence software to help them
get business insights into the market. Also, BI can be integrated with
business processes such as expense management, inventory management,
human resources management, and marketing and sales.
"BI solutions help in decision-making with automated models and
algorithms. For instance, in 2016, BI and predictive analytics helped
enhance the travel experience for passengers by providing all the
travel-related information via smartphones," said Amit.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
If you are interested in more information, please contact our media team
at media@technavio.com.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170208005059/en/
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