A recent Amadeus study, Travel Technology Investment Trends, reveals a 14% increase in technology investment, accelerating the evolution in the travel sector. According to this analysis, airports, corporate travel managers and hotels lead in plans to increase technology spending.
Prioritizing machine learning, data analysis, digital payments and extended reality, the sector seeks to modernize to offer a more efficient and personalized travel experience. Highlighting, for example, the adoption of biometrics in airport services and airlines.
The study, presented in March 2024, covers eight sectors of the end-to-end travel process in ten markets, being the first comprehensive report of its kind. In addition, it reveals that 91% of travel companies expect an increase in investment in 2024, with a focus on technologies that improve retail, personalization and digital efficiency.
In 2024, technology spending is expected to increase in the sector, with airports leading the list at 17%, followed by businesses at 15% and hotels at 14%. Investment expectations are focused on smart retail, personalization and digital efficiency.
In addition, full-service airlines anticipate an 18% increase in revenue by modernizing retail. Meanwhile, 60% of airports plan to implement biometrics across the airport experience in the next five years.
The aforementioned study also highlights that 85% of hoteliers see personalization as a key revenue driver. It also highlights that NDC is the main technology that leisure travel agencies plan to adopt in the next 12 months, according to 40% of respondents.
Decius Valmorbida, President of Travel at Amadeus, points out that the increase in digital investment is aligned with improving the traveler experience. Francisco Pérez-Lozao Rüter, President of Hospitality at Amadeus, highlights the importance of technology to unlock the value of the travel ecosystem.
Machine learning is perceived as the most important technology for both 2024 and 2029, followed by data analytics and the cloud. The results of the study were presented in a virtual Extended Reality room, the Amadeus Lounge.
At MyLegalInbox, we welcome this study with enthusiasm and consider it excellent news for the sector. We anticipate a significant boost and are committed to contributing to the advancement and innovation in the travel industry. Through tailored legal and tax solutions, we are ready to support our clients on their path to success in this ever-evolving sector.
