Huge Growth >> The travel and tourism industry is one of the world’s largest industry segments, contributing $7 trillion to global GDP in 2013, according to the World Travel & Tourism Council’s Economic Impact of Travel & Tourism 2014. The industry encompasses travel suppliers, including airlines, hotels, car rental brands, rail carriers, cruise lines and tour operators around the world, as well as travel buyers, including online and offline travel agencies, TMCs and corporate travel departments.
The travel and tourism industry has been a growing area of the broader economy. For example, based on 40 years of data from the IATA Monthly Traffic Analysis Archives, air traffic has historically grown at an average rate of approximately 1.5 times the rate of global GDP growth. According to IATA’s Airline Industry Forecast 2013-2017, overall air travel is expected to sustain a growth rate approaching the historical 5% to 6% growth trend at least through 2017, and Boeing’s Current Market Outlook projects a 5% CAGR in global passenger traffic growth from 2013 to 2033, measured in revenue passenger kilometers. Internal estimates indicate that there are currently approximately 430,000 global hotel properties, representing an estimated total spend of $5.3 billion, and internal estimates also indicate a current addressable market with respect to Airline Solutions of approximately $4.4 billion.
Technology is integral to that growth, enabling the operation of the modern travel ecosystem by powering the industry lifecycle from distribution to operations. With the increasing complexity created by the large, fragmented and global nature of the travel industry, reliance on technology will only increase. That reliance drove technology spending by the air transportation and hospitality industries to $60 billion in 2013, with expenditures expected to exceed $70 billion in 2017, according to Gartner Enterprise IT Spending by Vertical Industry Market, Worldwide, 2011-2017. Some recent trends in the travel industry which we expect to benefit from, and are building comprehensive solutions for, include:
Everything I say is in my opinion, do your own DD and make your decision wisely! Don't spend more then you can afford to lose!
