Travel tech budgets on the rise

Travel tech budgets on the rise

TTE 2017 survey finds strong growth in technology budgets

TTE 2017 survey finds strong growth in technology budgets

Technology budgets are on the rise for 58% of buyers in the travel industry, according to a new survey by Travel Technology Europe. travel-tech

The largest show of its kind in Europe will take place 22-23 February at Olympia London.

More than half (58%) of tech buyers in the travel industry will have bigger budgets in 2017. This reflects well from the previous year as 57% said their budget was greater in 2016 compared to 2015 and only 10% had a smaller budget.

Change in 2017 budget Percent of people
Greater 58%
The Same 31%
Smaller 12%

Despite uncertainty over Brexit, 88% said it won’t affect their budget (43%) they weren’t sure (37%) or it may even increase their budget (8%). Only 13% said Brexit will damage their budget.

Brexit effect Percent
None 43%
I don’t know 37%
It will damage my budget 13%
It will increase my budget 8%

When it comes to investing in new technologies, 68% invest at least once a year.

Frequency of investment Percent
Once a quarter (or more frequently) 29%
Every 3 – 6 months 10%
Every 6 – 12 months 29%
Every 1-2 years 28%

 

David Chapple, event director for Travel Technology Europe, commented: “Despite there being huge social, economic and political changes on the horizon, Travel Technology Europe’s research shows some optimistic predictions for 2017.  Many technology budgets keep increasing and many keep investing in new technologies every quarter. The biggest challenges for the industry are mobile, competition, fraud, social, VR and Europe, whereas the industry is most excited about mobile, VR, AI/Chatbots, payments (Blockchain), social media and 3D.”

Rating Industry is most excited about Most predicted 2017 challenges
1 Mobile Mobile
2 VR Competition
3 AI / Chatbots Fraud
4 Payments (blockchain) Social
5 Social media VR
6 3D Europe

At Travel Technology Europe, up to 6,000 travel and technology leaders have a chance to gain insight from experts and peers of the industry, gaining valuable knowledge and contacts to keep up with the pace of the rapidly changing industry.

150 travel buyers took part in the 14th Travel Technology Europe annual survey in December 2016. 57% of respondents worked in the UK, 25% in continental Europe.

Aaron Greenwood
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Aaron Greenwood
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