The pace of the travel industry is set to accelerate due to the 14 percent increase in technology investment.
The investment, taking place throughout 2024, will increase technology spending led by airports, corporate travel managers and hotels.
Amadeus's global research, Travel Technology Investment Trends, highlighted the strong appetite across the travel sector. 91 percent of travel companies surveyed expected moderate to aggressive increases in investment within their organisations.
The research examined eight distinct sectors across the end-to-end journey in ten markets. It benchmarked investment intentions and technology priorities for global full-service and low-cost airlines, airports, hotels, travel sellers, corporations, and travel payment departments.
The travel technology market is also expected to rise over 2024, with 67 percent of senior decision-makers within the sector expected to increase investment in technology.
The average increase in spending forecasted for 2024 is 17 percent for airports, 15 percent for corporations, 14 percent for hotels, 13 percent for airlines, 13 percent for travel sellers and 12 percent for travel payments.
"The findings match our on-the-ground experience with customers. Every area of the travel industry is increasing in investment in digital transformation. It's crucial this spending delivers maximum impact and improves the traveller experience across the travel ecosystem," said Decius Valmorbida, president, travel, Amadeus.
"Existing technologies, such as biometrics, are already helping to make trips more contextualised and relevant. At the same time, the emergence of Generative AI promises to increase the pace of change."
Some key sector technology investment expectations include an 18 percent increase in full-service airline revenue and a 60 percent increase in airport biometrics.
Travel industry leaders perceived machine learning as the most important technology for their businesses. All sectors also consider data analytics and cloud computing as top investment priorities.
"We know that the right technology is the key to connecting and unlocking the value of our travel ecosystem. Hoteliers, airlines and the whole sector are right to be ambitious about the next generation of technology we are building together," said Francisco Pérez-Lozao Rüter, President, Hospitality, Amadeus.
Travel Technology Investment Trends results will be launched in Extended Reality in an Amadeus Lounge created in collaboration with Amadeus' strategic partner, Accenture.
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