Report : Tour Operator Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component (Software and Services), Enterprise Size (Large Enterprises and SMEs), and Subscription Type (One Time Subscription, Monthly Subscription, and Annual Subscription) and Geography
Rising Awareness of Tourism Firms Worldwide Driving Growth of Tour Operator Software Market
According to our latest market study on “Tour Operator Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Software and Services), Enterprise Size (Large Enterprises and SMEs), and Subscription Type (One Time Subscription, Monthly Subscription, and Annual Subscription),” the market was valued at US$ 574.25 million in 2020 and is projected to reach US$ 1,295.07 million by 2027; it is expected to grow at a CAGR of 12.3% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players with their developments in the market.
Rising globalization, increasing trade volumes, and positive economic outlook are a few of the major macroeconomic factors driving the growth of the tourism market. Growing digitalization of payments and travel bookings is another important reason that is increasing the demand for travel solutions across the world. In the past 5 years, the launch of new tourist destinations offered lucrative opportunities in the global travel and tourism industry. With rising number of tourism operators, there is an increasing demand for fascinating tours packages. Travel technology software are used across the hospitality and travel industry to provide information along with communication technology to the user, which is driving the growth of the tour operator software market. Xola, Inc.; Travefy, Inc.; Rezdy Pty Ltd; TRYTN; TrekkSoft AG; and Checkfront, Inc. are among the key players that have been profiled during the study of the tour operator software market.
Impact of COVID–19 Pandemic on Tour Operator Software Market
The emergence and outbreak of COVID-19 is adversely affecting numerous developed and developing countries. As of December 2020, the US, India, Brazil, Russia, and France are among the worst affected countries in terms confirmed cases and reported deaths. The outbreak is hindering economies and numerous industries in various countries due to lockdowns, travel bans, and business shutdowns. Lockdown across many countries is hampering the travel and tourism sector. The temporary restrictions on the domestic and international travel by the government of different regions is also showcasing negative trend in the tourism sector. The continuity of the COVID-19 spread, would be severely dangerous for the tour operator software market players in the coming years.
Tour Operator Software Market Breakdown – by Region, 2019 (%)
The global tour operator software Market has been segmented as follows:
Tour Operator Software Market – by Component
Tour Operator Software Market – by Enterprise Size
Tour Operator Software Market – by Subscription Type
Tour Operator Software Market – by Region