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phocuswright.com

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  • 2 min

Phocuswright’s Travel Innovation and Technology Trends 2025

📱 Travel companies are using GenAI for customer service, sales, marketing, and content creation. Google launched Agentspace in December 2024, while Salesforce released AgentForce 2.0 the same month, with CEO Marc Benioff envisioning one billion AI agents by 2026 and a market potential in the trillions. Nvidia's Jensen Huang also identified a multi trillion-dollar opportunity in January 2025. Autonomous agents are set to increase automation, possibly replacing human tasks while improving efficiency. AI in travel requires clean data, with Snowflake winning "Innovator of the Year" at The Phocuswright Conference 2024. Companies are appointing chief AI officers to manage the transition.
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  • 6 min

30 data-driven insights to make your organization smarter

📈 Phocuswright's data projects global gross bookings to grow from $1.6 trillion in 2024 to $1.72 trillion in 2025. Online gross bookings will increase from $1.0 trillion in 2024 to $1.2 trillion by 2026, capturing 65% of the market. In 2024, online short-term rental bookings hit $176.3 billion. Over 75% of online air ticket sales were direct from airlines. North America's gross bookings are expected to reach $568.5 billion in 2025. Funding for travel startups fell to a 10-year low in 2023 at $5.2 billion, with $4.3 billion by 3Q24. B2B startups are outpacing B2C in funding, and 50% of travelers anticipate using GenAI within the next year.
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The future of the TMC

📊 American Express GBT is currently attempting to acquire CWT, facing resistance from the U.K. Competition and Markets Authority over concerns of limiting choices for multinational corporations. Traditional TMCs like American Express GBT, BCD Travel, and CWT have been in service for decades and invested millions in technology updates. New entrants within the last 10 years, such as Navan, Travelperk, and Spotnana, are building tech stacks around the IATA New Distribution Capability (NDC) and embracing the API economy, challenging the established TMCs' dominance. Major TMCs have responded by investing in their tech stacks and online booking tools (OBTs) to rival new entrants.
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Phocuswright Research Roundup 4Q24

🏖️ Travel has risen in the U.K., France, Germany, Italy, and Spain over the previous year, with decisions influenced by value and price. Social media usage is increasing for trip planning and idea sourcing. The report surveys consumers in these countries who traveled in 2023 and are planning to travel in 2024. It examines European consumer behavior, technology's impact on travel planning, and future travel expectations amidst rising costs and sustainability concerns.
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