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

Aaron Greenwood
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Aaron Greenwood
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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 budgetPercent of people
Greater58%
The Same31%
Smaller12%

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 effectPercent
None43%
I don’t know37%
It will damage my budget13%
It will increase my budget8%

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

Frequency of investmentPercent
Once a quarter (or more frequently)29%
Every 3 – 6 months10%
Every 6 – 12 months29%
Every 1-2 years28%

 

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.”

RatingIndustry is most excited aboutMost predicted 2017 challenges
1MobileMobile
2VRCompetition
3AI / ChatbotsFraud
4Payments (blockchain)Social
5Social mediaVR
63DEurope

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.

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