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Travel Technology Market to Reach $21 Billion, Globally, by 2032 at 8.6% CAGR: Allied Market Research
Increase in use of voice search and voice control and rise in contactless payment options, drives the growth of the global travel technology market.
NEW CASTLE, Del., Nov. 10, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Travel Technology Market by Component (Platform and Service), Application (Travel Industry, Tourism Industry, and Hospitality Industry), End User (Commercial and Individual), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032″ According to the report, the market was valued at $9.4 billion in 2022, and is estimated to reach $21 Billion by 2032, witnessing a CAGR of 8.6% from 2023 to 2032. The report offers a detailed analysis of change in market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
The travel technology market is expected to witness notable growth owing to an increase in use of voice search and voice control, rise in contactless payment options, and surge in use of AI. Moreover, rise in demand for contactless solutions is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, higher initial investment limits the growth of the travel technology market.
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Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2023–2032 |
Base Year |
2022 |
Market Size in 2022 |
$9.4 Billion |
Market Size in 2032 |
$21 Billion |
CAGR |
8.6 % |
No. of Pages in Report |
331 |
Segments covered |
Component, Application, End User, and Region |
Drivers |
Increase in use of voice search and voice control Rise in contactless payment options Rise in use of artificial intelligence |
Opportunities |
Rise in demand for contactless solutions |
Restraints |
Higher initial investment |
COVID-19 scenario
- Firstly, the rapid adoption of contactless technology was driven by the imperative to minimize physical touchpoints and reduce the risk of viral transmission. This shift has become a lasting trend in the industry, promoting safety and hygiene for travelers.
- Airlines, hotels, and other travel businesses quickly integrated contactless check-ins, mobile payments, and touchless services, providing a seamless and safer travel experience. Health and safety protocols emerged as a central focus, with technology playing a pivotal role.
- Travel technology also proved crucial for managing the crisis, with businesses using chatbots, AI-driven customer service, and messaging platforms to keep travelers informed about disruptions, cancellations, and rescheduling options.
- COVID-19 accelerated the digital transformation of the travel industry. Businesses invested in e-commerce platforms, mobile apps, and data analytics to better understand evolving traveler behavior and preferences.
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The solution segment to rule the market
By component, the platform segment held the major share in 2022, garnering nearly two-third of the global travel technology market revenue, owing to creation mobile applications for travel and hospitality companies that give consumers easy access to booking and reservation details along with extra features such as maps, schedules, and reviews. However, the service segment would also showcase the fastest CAGR of 10.9% during the forecast period, owing to manage reservations, bookings, and recommendations, including modifying, or cancelling reservations and sending confirmations and reminders to travelers.
The travel industry segment to rule the market
By application, the travel industry segment held the major share in 2022, garnering nearly half of the global travel technology market revenue, owing to automated bookings, payments, and back-office tools for travel agencies which enables consumers to make their online bookings without a travel agent. However, the tourism industry segment would also display the fastest CAGR of 10.8% throughout the forecast period, owing to tourism enabled management applications which helps users to plan itineraries, store travel documents, and set reminders, it also offers weather updates, flight status notifications, and other real-time information.
The commercial segment to dominate by 2032
By end user, the commercial segment accounted for nearly two-third of the global travel technology market share in 2022, and is expected to rule the market during the forecast period as it helps to manage and streamline the reservation and booking process. As a result, these online booking platforms for airline and hotel reservation systems enable travelers to make reservations easily, and commercial sector to maximize occupancy and revenue. However, the individual segment would also display the fastest CAGR of 10.5% throughout the forecast period, owing to travelers access a wealth of information about destinations, including reviews, photos, and recommendations from other travelers to make informed decisions about the destination.
Asia-Pacific garnered the major share in 2022
By region, North America garnered the highest share in 2022, holding nearly one-third of the global Travel Technology market revenue in 2022, and is projected to retain its dominance by 2032, owing to the growing adoption of metaverse solutions such as chatbots, AR and VR across travel industry. The Asia-Pacific region would also portray the fastest CAGR of 12.1% during the forecast period, owing to increase in use of e-commerce platforms across various countries of Asia-Pacific. In addition, E-commerce platforms have ventured into the travel sector, offering travel packages, discounts, and loyalty programs offered through various websites which have fueled the growth of travel technology in Asia-Pacific.
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Leading Market Players
- Travelport
- Amadeus IT Group SA
- Tramada Systems Pty Ltd.
- Sabre GLBL Inc.
- Lemax Ltd.
- Digitrips
- Qtech Software Pvt.Ltd.
- Trip Solutions
- Avani Cimcon Technologies
- WebCRSTravel Technologies Pvt.
The report analyzes these key players in the global travel technology market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Protecht launches advanced controls management solution
SYDNEY, Nov. 25, 2024 /PRNewswire/ — Protecht Group, a global leader in enterprise risk management solutions, has released its innovative controls management solution. This cutting-edge tool empowers organizations to design, implement, and maintain a robust controls framework, streamlining compliance and enhancing operational efficiency.
Protecht’s controls management solution addresses the challenges faced by risk and compliance leaders in managing controls across complex regulatory environments. By integrating controls management into the organization’s broader ERM framework, the solution provides a centralized approach to mitigate risks, achieve compliance, and enable organizations to focus on strategic growth.
As organizations face increasing regulatory pressures, the need for a unified, efficient approach to controls management has never been greater. Many businesses struggle with fragmented processes, duplicated efforts across frameworks, and limited visibility into controls effectiveness. Protecht’s controls management solution simplifies these complexities by providing a single source of truth for controls assurance activities.
Key features of Protecht’s controls management solution
- Centralized controls library: Offers a single repository for all control data, tailored to align with organizational needs and regulatory frameworks.
- Simplified control testing: Streamlines the testing process with pre-built templates, automated scheduling, and real-time tracking of progress and results.
- Framework library: Enables seamless mapping between controls and multiple regulatory standards to eliminate redundancies and simplify compliance efforts.
- Advanced reporting and dashboards: Provides real-time insights into control effectiveness and areas requiring improvement, ensuring confidence in decision-making and risk management strategies.
“Protecht’s Controls Management solution simplifies the way organizations handle compliance and risk assurance,” says Damien Stevens, Chief Product & Marketing Officer at Protecht. “By integrating controls into the broader enterprise risk framework, we provide our customers with the tools they need to mitigate risks, optimize efficiency, and align their control environments with their strategic objectives.”
Supporting resources
To help organizations maximize the benefits of the new solution, Protecht offers a range of resources, including:
- Live webinars showcasing the solution’s capabilities for risk and IT professionals alike
- Product tours showing how the solution lets you solve specific controls-related problems
- A comprehensive eBook on building effective controls frameworks
- Opportunities to book a demo and see the solution in action
Find out more and download a brochure at www.protechtgroup.com/solutions/controls-management
About Protecht Group
Headquartered in Sydney, Australia, with offices in London and Los Angeles, Protecht Group provides innovative risk management solutions, including the Protecht ERM platform. Trusted by organizations across government, financial services, education, and other industries, Protecht empowers businesses to manage risk holistically, transitioning from spreadsheets and manual processes to efficient, integrated systems.
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Robert Rahman Joins Dinosaur Group Holdings to Head its New Global Corporate Credit Securities Market Unit in the US, Europe & Asia
NEW YORK, Nov. 25, 2024 /PRNewswire/ — Dinosaur Financial Group LLC. (DFG), a New York based Investment Firm and Dinosaur Merchant Bank Ltd. (DMBL), a London based Institutional Brokerage announced the joining of Robert Rahman as the Global Head of the newly created Global Corporate Credit Securities (GCCS) unit.
Dinosaur Group’s new GCCS initiative seeks to provide clients with an alternative to the bulge bracket that will not compete with clients and seeks to offer those clients, a partner that can deliver reliable and trustworthy execution capabilities in a difficult liquidity backdrop. Robert’s new unit will complement the firm’s existing global footprint in Fixed Income.
Robert will oversee the sales, trading, and research business globally for Corporate Investment Grade, High Yield, Distressed, Stressed, Special Situations, Levered Loans, Re-Org Equities, Trade Claims, Private Credit and Converts within the GCCS unit.
Before Dinosaur, he was the Head of High Yield, Distressed and Loans within the capital markets division of Oppenheimer and Co (OPY) where he worked for the last 16 years. He has also been a senior member of Morgan Stanley’s High Yield sales team and has over 30 years of experience in all aspects of Institutional Credit. Robert started his career as a Credit Analyst within Salmon Brothers revered “Corporate Bond Research” team and at Donaldson, Lufkin & Jenrette’s “Leveraged Finance Research” team.
Announcing his appointment, Glenn Grossman, CEO, Dinosaur Group said, “Robert’s deep client and issuer relationships along with his previous success in leading and building global credit teams will help the group to provide institutional clients with an additional liquidity platform for one stop credit trading across the world. We are very excited to see the new business grow under his leadership.”
Elliot Grossman, Managing Director added, “With Robert’s leadership, the group seeks to help institutional investors by providing capital to help facilitate trades versus being another riskless agency credit shop.”
Speaking about joining the Dinosaur group and his plans for the new business, Robert said, “I was attracted to the group given its established track record of providing client solutions in Fixed Income, globally for the past 25 years. My focus will be to provide institutional investors with an enhanced global liquidity platform for the US, European and Asian markets. I look forward to building this business at DFG.”
He also stated, “Sourcing trading block paper is nuanced and requires deep and long-standing client relationships from the trader, analyst, PM and CIO level. The new team will look to gain Fixed Income clients’ trust, add value and provide liquidity while so many competitors retrench.”
About Dinosaur Group Holdings
Dinosaur Group Holdings (DGH) is the holding company for Dinosaur Financial Group LLC. (DFG), an investment firm registered with the SEC and a member of FINRA and SIPC, Dinosaur Merchant Bank Ltd. (regulated by the FCA) and New York-based SEC-registered investment firm DCM Advisors, LLC.
Deploying a team of approximately 150 professionals, the overall organization provides global execution services, financing and advisory expertise/insights for equities, fixed income, commodities and derivatives, investment management as well as a suite of investment banking services providing financial solutions and capital markets execution to the middle market client base, both domestically and globally. Clients and counterparties spanning six continents are primarily institutions, family offices, asset managers, hedge funds, and corporations. Dinosaur Group takes pride in the business’ stable management, strong compliance, solid operations, and diverse talent.
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Fintech PR
New GitLaw platform makes creating legal documents free and fast
BIRMINGHAM, England, Nov. 25, 2024 /PRNewswire/ — Each year 32% of small businesses experience a legal issue but only 25% of these are able to access professional help. Of those who did engage lawyers, many had to draw on personal savings just to meet fees. The current legal system is unaffordable with the balance tipped against those without vast financial resources.
GitLaw.co, launching this week, is looking to change that. GitLaw has published hundreds of legal document templates which are entirely free to download or customize through its platform. GitLaw is built by a group of tech entrepreneurs including Nick Holzherr who previously founded Whisk.com, a software platform acquired by Samsung in 2019.
GitLaw’s name is inspired by Git technology and open source software development. This collaborative model allows legal documents to be freely available to use, modify or share, with complete version history transparency. GitLaw’s vision is to create a collaborative open source community for legal documents. GitLaw’s specialized features help users efficiently customize and finalize legal templates. Users can submit templates as well as suggest changes to existing documents, resulting in free community-driven standards for legal documents.
The service is initially targeted at small businesses in the US and UK. “As a startup founder I have first hand experience of having to navigate legal battles without budgets for lawyers and I wish I’d had something like GitLaw – a reliable repository of free legal documents” said Nick Holzherr, one of the founders of GitLaw. “We already have 300 documents that cover key contract types like NDAs (Non Disclosure Agreements), Employment Agreements and Privacy Policies, and we hope the community will continue to provide more documents”. Most of the documents on GitLaw today are created and contributed by reputable law firms, lawyers, investors and organizations.
While the platform targets the 400m global small businesses first, the company has a mission to bring GitLaw to wider audiences. “In the medium term I hope we’ll be able to cover a lot more areas of law like civil law.
Longer term, I can envision GitLaw being used to support the creation of national laws, enabling citizens to contribute, provide feedback, and transparently track every change made to their legislation.” said Holzherr.
GitLaw is free to use and available at www.gitlaw.co
Pictures available at https://gitlaw.co/press
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