The global travel industry saw its most severe decline in decades in 2020 (international travel was down 74% YoY) due to disruptions caused by the Covid-19 pandemic. It showed signs of recovery in 2021, with global tourist arrivals growing around 4% YoY, albeit significantly below pre-pandemic levels. As around 58% of the global population was fully vaccinated as of April 2022 (vs. only 6% in June 2021), there was a drop in cases, allowing for the gradual lifting of travel restrictions worldwide. Consequently, rising traveler confidence coupled with pandemic-era excess savings set the stage for the revival of the travel industry.

Technology solutions for the travel industry (travel tech) give travelers and travel service providers the flexibility and scalability required in a highly dynamic landscape. They also enable them to capitalize on pandemic-driven developments such as increased demand to minimize human interaction, a trend toward experience-rich wellness travel, and growth in demand for private air travel and car rentals. We take a deeper look at the various next-generation tools focusing on the travel industry, driving factors, and key incumbents and disruptors.