This year will bring a 14% increase in travel tech investment, according to Amadeus’s Travel Technology Investment Trends report.
Travel companies along with airlines, airports, hotels, travel agents, corporate travel management and travel payment sectors, foresee moderate to aggressive investments in technology in their organisations in 2024.
Over two-thirds of senior decision-makers in these travel sectors surveyed by Amadeus expect to see an average increase in investment of 14% in technology this year, compared with 2023.
By sector, the average investment increases forecast for 2024 are as follows:
The report reveals that the most important technologies seen as top priorities for investment are machine learning, data analytics, digitalisation, digital payments, and cloud computing.
Key expectations from respondents:
- Full-service airlines believe they will see an 18% increase in revenue by switching to modern retailing and are optimistic that the transition to ‘offer and order’ systems will take place in the next five years.
- 60% of airports will roll-out biometrics across check-ins, bag-drops, lounges and boarding gates over the next five years.
- About 85% of hospitality sector respondents believe technology-driven personalisation will help them achieve a 5% incremental increase in revenue.
- A third of corporate travel managers intend to digitise end-to-end expense management processes in the next year.
- A third of travel payments organisations are planning to better manage payment flows by implementing improved orchestration in the next 12 months.
