Global Computer Reservation Systems (CRS) Market Projected to Reach USD 3,700 Million by 2026

27-Nov-2020 | Facts and Factors

Findings from Facts and Factors report “Computer Reservation Systems (CRS) Market By Type (On-Premise, and Web-Based), By Application (Air Travel, Cruise, Hotels and Resorts, Car Rental, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global computer reservation systems (CRS) market in 2019 was approximately USD 1,600 million. The market is expected to grow at a CAGR of 15% and is anticipated to reach around USD 3,700 million by 2026.

Computer Reservation Systems (CRS) Market Size

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The Global Computer Reservation Systems (CRS) Market Is Powered By Economic Development, Political Prosperity, Vigorous Tourism Promotions, High Disposable Income And Leisure Time Are Driving Travel And Tourism Growth Across The World. The computer reservation system (CRS) is a web-based as well as an on-premises program that is used by travel agents and travel management firms to collect and execute transactions relating to air travel, accommodation, car hire, or other operations. In the tourism industry, the computer reservation system (CRS) is perhaps the most commonly used technical method.

Basically, it is an automated device used to facilitate purchases and provide knowledge about the supply, price, and booking of goods and services easily and reliably. It was initially developed and used by airlines for booking flight tickets, but now CRS is used directly as well as by intermediaries to store and deliver information about tourism goods and services to the public, which also enables reservations to be made. The primary aim of CRS was to establish a one-stop-shop for services and to reduce physical and spatial distances between mediators and customers. These delivery networks, with universal reach, offer information for airlines, hotels, car rental providers, travel agents, businesses, and more.

Browse the full “Computer Reservation Systems (CRS) Market By Type (On-Premise, and Web-Based), By Application (Air Travel, Cruise, Hotels and Resorts, Car Rental, and Others): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026report at https://www.fnfresearch.com/computer-reservation-systems-crs-market

Several applicants in the tourism sector have endorsed the usage of CRS technologies as it can ideally enhance the service offered by many. The concept or description of a computer reservation system (CRS)or central reservation system is a type of reservation program used to update and preserve a hotel's inventory and rate details so that hotels can handle guest reservations in real-time and the process surrounding those reservations.

Via a multitude of delivery platforms, such as 3rd party booking portals, direct internet booking engines, the global distribution system, wholesalers, and more, these reservations are handled. A CRS centralizes the information used by single or more properties from the property management systems, delivery networks, contact centers, and telephone reservation systems. As part of their delivery plan, a CRS can move the reservation data from the PMS/s to the distribution channels in real-time so that hotels can meet guests through as many channels as needed. The interface allows room assignments for single to multi-property chains and groups to be handled, which is especially useful for administrators that want multi-property and multi-channel systems to handle a single source.

The demand for computer reservation systems (CRS)market was projected at around USD 1,600 million in 2019, and by the end of 2026, existing and expected developments would hit estimations of around USD 3,700 million. The companies and experts predict the worldwide computer reservation systems (CRS) market growth in terms of CAGR of around 15%. The growing application of computer reservation systems in the field of the tourism industry.

The demand for computer reservation systems(CRS) is expected to be driven by the region's rising number of tourist arrivals. Computer reservation systems (CRS) are increasingly recognized by the tourism industry. To broaden their business reach, players in the global computer reservation systems (CRS) market are collaborating with regional travel agencies. Vendors are now focusing, in addition to collaborations, on introducing new solutions and enhancing their offerings in order to capture more market share. Advances in mobile and internet technology such as the World Wide Web (WWW) and smartphones allow customers to book their airline tickets directly.

The growing need for real-time inventory to monitor the availability of hotel rooms, the number of cars available, the number of available flight seats, etc for service providers, thus increasing the need for web-based applications that trigger the growth of the market for computer reservation systems. In addition, the consumer's preference for leisure travel, combined with the fast rate of infiltration of smartphones, tablets, and high-speed internet connectivity, is having a positive effect on the growth of the computer reservation systems sector.

The growth of the computer reservation systems (CRS)market over the forecast period is further fueled by the advancement of global logistics networks and cost-effective solutions provided by cloud-based technologies. The growth of the computer reservation systems (CRS)industry is projected to fuel rapid growth in the travel and tourism industry, along with the growing number of airlines and the expansion of LCCs.

In terms of geography, Europe is one of the largest computer reservation systems (CRS)markets followed by North America. Factors such as the strong economy, the high rate of acceptance of computer reservation systems (CRS) through aviation and hotel, tourism industry, in order to drive the region's demand for computer reservation systems (CRS), the heavy involvement of leading suppliers of computer reservation systems, the investment of private companies in the development and growth of R&D activities are all prepared.

Report Scope

Report Attribute

Details

Market Size in 2019

USD 1,600 Million

Projected Market Size in 2026

USD 3,700 Million

CAGR Growth Rate

15% CAGR

Base Year

2019

Forecast Years

2020-2026

Key Market Players

TravelClick, Travel Tripper, Sabre, IBC Hospitality Technology, Amadeus, SHR Windsurfer, Vertical Booking, Travelopro, HotelFriend AG, WebCRS, ProvabTechnosoft Pvt. Ltd, Clock Software, Pegasus CRS, Abacus, ACCELaero, Axess, KIU, and GuestCentric CRS, and Others

Key Segment

By Offering, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Some of the leading players in the global market include

TravelClick, Travel Tripper, Sabre, IBC Hospitality Technology, Amadeus, SHR Windsurfer, Vertical Booking, Travelopro, HotelFriend AG, WebCRS, ProvabTechnosoft Pvt. Ltd, Clock Software, Pegasus CRS, Abacus, ACCELaero, Axess, KIU, and GuestCentric CRSamong others.

The taxonomy of the computer reservation systems (CRS) market by its scope and segmentation is as follows:

By Offering Segmentation Analysis

  • On-Premise
  • Web-Based

By Application Segmentation Analysis

  • Air Travel
  • Cruise
  • Hotels and Resorts
  • Car Rental
  • Others

By Regional Segmentation Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • Germany
    • The UK
    • France
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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