Amadeus research reveals strong Investment appetite in travel technology for 2024

New global research from Amadeus, Travel Technology Investment Trends, has revealed a strong appetite for investment across the travel sector in 2024, with a focus on technology and digital transformation.

Amadeus has released new global research, titled Travel Technology Investment Trends, indicating a significant appetite for investment in the travel sector in 2024. The study, which covers eight distinct sectors across the end-to-end journey in ten markets, is the first of its kind, providing comprehensive insights into investment intentions and technology priorities for global full-service and low-cost airlines, airports, hotels, travel sellers (online, business, and leisure), corporations, and travel payment departments worldwide.

Key Findings:

Advertisement

  • 91% of travel companies surveyed expect ‘moderate to aggressive’ increases in investment in their organizations in 2024.
  • Over two-thirds (67%) of senior decision-makers in the sector expect to increase investment specifically in technology this year compared to spend in 2023.
  • Full-service airlines anticipate an 18% increase in revenue from switching to modern retailing and are optimistic about the transition to ‘Offer & Order’ within the next four years.
  • 60% of airports expect to roll out biometrics across the complete airport experience in the next five years, including check-in, bag-drop, lounge, and boarding.
  • 85% of respondents from the hospitality sector anticipate that personalization could help them deliver more than 5% growth in incremental revenue.

Decius Valmorbida, president for travel at Amadeus, commented on the findings, stating, “The findings match our on-the-ground experience with customers – every area of the travel industry is increasing investment in digital transformation. It’s crucial this spending delivers maximum impact and improves the traveler experience across the travel ecosystem.”

Top Priority Technologies:

  • Machine learning was perceived by travel industry leaders as the most important technology for their businesses, both in 2024 and in five years’ time.
  • Data analytics and cloud are also seen as top investment priorities by all sectors.

The research highlights a positive outlook for the travel technology market in 2024, with a strong focus on digital transformation and improving the traveler experience.