Computer Reservation Systems Market Size, Trends and Insights By Type (On-Premise, Web-Based), By Application (Air travel, Hotels, Car rental, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Travel Tripper
- TravelClick
- SHR Windsurfer
- IBC Hospitality Technology
- Amadeus
- Others
Reports Description
Global Computer Reservation Systems Market was valued at USD 2,456 Million in 2024 and is expected to reach USD 3,917.1 Million by 2033, at a CAGR of 4.78% during the forecast period 2024 – 2033.
Computer reservation systems are web based on the software used in inventory management by airlines, hotels and other facilities and allow direct access to check availability, make reservations and print tickets. Travel agencies and travel management companies primarily use this software to retrieve and carry out transactions related to air travel, hotels, car rentals, and other activities.
Computer Reservation Systems Market: Growth Factors
Rapidly Expanding Tourism Industry
The rapidly growing tourism industry across the globe is mainly boosting the demand for computer reservation systems in various applications. The tourism sector is the fastest growing sector across the due to growing disposable income and changing lifestyles. The global tourism sector generates 11% of global GDP and employs 200 million people across the globe.
According to the United Nations World Tourism Organisation in 2023, the number of international tourist arrivals worldwide was around 1.3 billion, which is a 33% increase from the last year. This growth is mainly due to various factors such as a boom in the tourism industry due to recovery from the COVID-19 pandemic, increased air connectivity, and stronger recovery in many emerging economies and destinations.
Furthermore, the Tourism sector is witnessing rapid technological innovations and the nature of modern tourism is changing. There are various types of attractions, at many different tourist destinations. Thus, the rapidly expanding tourism industry across the globe is expected to create lucrative opportunities for computer reservation systems during the forecast period.
Supportive Government Policies
Supportive government policies and initiatives to boost the tourism industry across the globe are expected to drive the demand for the computer reservation system market during the forecast period. Additionally, increasing in international tourist arrivals coupled with growing travel activities is expected to propel the implementation and installation of computer reservation system in travel industry.
For instance, the Government of India has envisioned USD 56 Bn forex, creating around 140 Mn jobs in tourism by 2030 through inclusive growth and particularly focusing on cruise tourism, ecotourism and adventure tourism. Thus, such growing forex inflow is expected to propel the implementation of the computer reservation system. Additionally, the growing emergence of adventure tourism and medical tourism is expected to create lucrative opportunities for the market during the forecast period.
Computer Reservation Systems Market: Restraints
High Cost of Computer Reservation Systems
The high implementation cost of the computer reservation system and growing data privacy and security concerns are restraining the market growth. The initial implementation cost of the computer reservation system is very high, which in turn discourages its implementation in the many end use applications, thereby restraining the market growth.
Furthermore, maintenance and operation of computer reservation systems require skilled expertise and manpower, this is very costly and restraining its adaption and hindering market growth.
Additionally, growing threats of cybersecurity and increasing incidences of data breaches are creating difficulties in market growth, thereby reducing the market growth. According to the data published by the International Air Transport Association, in 2023, there were 50 major cyber-attacks incidents were reported. Thus, increased cyber threats against airlines and booking platforms are reducing the market growth.
Computer Reservation Systems Market: Opportunities
Advent of Technological Innovations in the Computer Reservation Systems
Various technological innovations are propelling the tourism sector, thereby creating lucrative opportunities for the market. Technological innovations such as mobile applications, wearable devices, and location-based services empower tourists with real-time information, navigation assistance, and interactive guides, enhancing their overall satisfaction and engagement during various travel visits.
Furthermore, various emerging technologies such as artificial intelligence, block chain, algorithms, and artificial intelligence driven chatbots are transforming the entire landscape of the tourism sector, thereby boosting the installation of computer reservation systems in the tourism sector. Through, algorithms and recommendation engines travel companies are understanding customer preferences, enabling them to offer tailored recommendations, such as suggesting destinations, hotels, or activities based on previous choices.
Computer Reservation Systems Market: Segmentation Analysis
The Global Computer Reservation Systems market is segmented by type, application and by region. By Type, the global computer reservation system market is segmented into On Premise and Web-Based platforms. Among all of these, web based platforms segment dominated the global computer reservation systems market and is expected to keep its dominance during the forecast period.
A web-based computer reservation system runs on a web browser and is accessible from any device with an internet connection. Web-based platforms can be used for a variety of purposes such as content discovery, inventory management, training, communication and web application management.
The lower cost of these web based platforms as compared to on-premise computer reservation systems is mainly driving its market growth. The on premise segment is expected to grow at a significant growth rate during the forecast period owing to the growing demand for customizable booking systems in many end use applications.
By Application, the market is segmented into Air travel, Hotels, Car rental and Others. Among all of these, the Air travel segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period.
The rapid digital transformation and technological advancements in the airline industry have been pivotal in driving the growth of online airline booking platforms. Artificial Intelligence and Machine learning enhance personalization and improve the customer experience by offering tailored flight options and pricing.
The hotel segment is expected to grow at significant growth rates during the forecast period. The growing number of hotel establishments and increasing investments in the hotel industry are propelling the implementation of computer reservation systems in the hotel industry, thereby driving market growth.
For instance, Indian hotel revenues saw a robust 20% increase in 2023 and are expected to grow at healthy growth rates during the forecast period. The Indian hotel industry is on the verge of exponential growth, with projections indicating a 7-9% revenue increase by 2025.
The Car Rental application segment is expected to hold a substantial market share during the forecast period. The exponential rise in the number of people taking car rides and leisure trips across the globe is expected to create lucrative opportunities for this segment during the forecast period.
Through, the incorporation of a computer reservation system, the car rental companies are managing the customer and corporate information management. Rising internet penetration across developing as well as developed countries has further created lucrative opportunities for the market.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 2,456 Million |
| Projected Market Size in 2033 | USD 3,917.1 Million |
| Market Size in 2023 | USD 2,360 Million |
| CAGR Growth Rate | 4.78% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Type, Application and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Computer Reservation Systems Market: Regional Analysis
By Region, the global Computer Reservation Systems market is segmented into North America, Asia Pacific, Europe, Middle East & Africa and Latin America. Among all these, North America held the highest market share in 2023 and is expected to maintain its dominance during the forecast period.
The rapidly expanding tourism industry in the U.S., Canada and Mexico, the growing influx of foreign tourists, increasing investment in the hospitality sector, increasing adventure tourism and growing technological advancements in the computer reservation system are some of the factors driving the market growth.
The U.S. is the major market in this region and is expected to grow significantly during the forecast period owing to the presence of many technology giants and the rapidly expanding tourism industry.
Asia Pacific is expected to grow significantly during the forecast period owing to the growing technological advancements, changing consumer preferences, and favourable regulatory developments. Many Asia Pacific countries and sub regions such as China, India, and South East Asian nations are experiencing strong growth in their internet travel marketplaces, which in turn increases the implementation of various computer reservation systems thereby creating lucrative opportunities for the market.
Furthermore, the growing middle class population, chaining lifestyle, growing leisure times among Gen Z and Millennials and increasing disposable income are some of the factors propelling the market growth in this region.
Europe held the third largest market share in 2023 and is expected to keep its dominance during the forecast period. Many countries such as Germany, France, the U.K., Russia and Spain are mainly driving the market growth of this region.
Online booking companies are capitalizing on this rising traveller demographic by providing low-cost flights and bespoke vacation experiences. These rapidly expanding tourism markets provide several potential for online booking platforms to grow their user base and gain a larger proportion of the industry.
List of the prominent players in the Computer Reservation Systems Market:
- Travel Tripper
- TravelClick
- SHR Windsurfer
- IBC Hospitality Technology
- Amadeus
- Sabre
- Vertical Booking
- Travelopro
- HotelFriend AG
- WebCRS
- Provab Technosoft Pvt. Ltd
- Clock Software
- Pegasus CRS
- Abacus
- ACCELaero
- Axess
- KIU
- GuestCentric CRS
- Others
These key players are adopting various organic and inorganic growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
The Computer Reservation Systems Market is segmented as follows:
By Type
- On-Premise
- Web-Based
By Application
- Air travel
- Hotels
- Cruise
- Car rental
- Others
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Computer Reservation Systems Market, (2024 – 2033) (USD Million)
- 2.2 Global Computer Reservation Systems Market: snapshot
- Chapter 3. Global Computer Reservation Systems Market – Industry Analysis
- 3.1 Computer Reservation Systems Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rapidly Expanding Tourism Industry
- 3.2.2 Supportive Government Policies
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Type
- 3.7.2 Market Attractiveness Analysis By Application
- Chapter 4. Global Computer Reservation Systems Market: Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Computer Reservation Systems Market: Company Market Share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Computer Reservation Systems Market: Type Analysis
- 5.1 Global Computer Reservation Systems Market Overview: By Type
- 5.1.1 Global Computer Reservation Systems Market Share, By Type, 2023 and 2033
- 5.2 On-Premise
- 5.2.1 Global Computer Reservation Systems Market by On-Premise, 2024 – 2033 (USD Million)
- 5.3 Web-Based
- 5.3.1 Global Computer Reservation Systems Market by Web-Based, 2024 – 2033 (USD Million)
- 5.1 Global Computer Reservation Systems Market Overview: By Type
- Chapter 6. Global Computer Reservation Systems Market: Application Analysis
- 6.1 Global Computer Reservation Systems Market Overview: By Application
- 6.1.1 Global Computer Reservation Systems Market Share, By Application, 2023 and 2033
- 6.2 Air travel
- 6.2.1 Global Computer Reservation Systems Market by Air Travel, 2024 – 2033 (USD Million)
- 6.3 Hotels
- 6.3.1 Global Computer Reservation Systems Market by Hotels, 2024 – 2033 (USD Million)
- 6.4 Car rental
- 6.4.1 Global Computer Reservation Systems Market by Car Rental, 2024 – 2033 (USD Million)
- 6.5 Others
- 6.5.1 Global Computer Reservation Systems Market by Others, 2024 – 2033 (USD Million)
- 6.1 Global Computer Reservation Systems Market Overview: By Application
- Chapter 7. Computer Reservation Systems Market: Regional Analysis
- 7.1 Global Computer Reservation Systems Market Regional Overview
- 7.2 Global Computer Reservation Systems Market Share, by Region, 2023 & 2033 (USD Million)
- 7.3. North America
- 7.3.1 North America Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.3.1.1 North America Computer Reservation Systems Market, by Country, 2024 – 2033 (USD Million)
- 7.3.1 North America Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.4 North America Computer Reservation Systems Market, by Type, 2024 – 2033
- 7.4.1 North America Computer Reservation Systems Market, by Type, 2024 – 2033 (USD Million)
- 7.5 North America Computer Reservation Systems Market, by Application, 2024 – 2033
- 7.5.1 North America Computer Reservation Systems Market, by Application, 2024 – 2033 (USD Million)
- 7.6. Europe
- 7.6.1 Europe Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.6.1.1 Europe Computer Reservation Systems Market, by Country, 2024 – 2033 (USD Million)
- 7.6.1 Europe Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.7 Europe Computer Reservation Systems Market, by Type, 2024 – 2033
- 7.7.1 Europe Computer Reservation Systems Market, by Type, 2024 – 2033 (USD Million)
- 7.8 Europe Computer Reservation Systems Market, by Application, 2024 – 2033
- 7.8.1 Europe Computer Reservation Systems Market, by Application, 2024 – 2033 (USD Million)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.9.1.1 Asia Pacific Computer Reservation Systems Market, by Country, 2024 – 2033 (USD Million)
- 7.9.1 Asia Pacific Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.10 Asia Pacific Computer Reservation Systems Market, by Type, 2024 – 2033
- 7.10.1 Asia Pacific Computer Reservation Systems Market, by Type, 2024 – 2033 (USD Million)
- 7.11 Asia Pacific Computer Reservation Systems Market, by Application, 2024 – 2033
- 7.11.1 Asia Pacific Computer Reservation Systems Market, by Application, 2024 – 2033 (USD Million)
- 7.12. Latin America
- 7.12.1 Latin America Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.12.1.1 Latin America Computer Reservation Systems Market, by Country, 2024 – 2033 (USD Million)
- 7.12.1 Latin America Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.13 Latin America Computer Reservation Systems Market, by Type, 2024 – 2033
- 7.13.1 Latin America Computer Reservation Systems Market, by Type, 2024 – 2033 (USD Million)
- 7.14 Latin America Computer Reservation Systems Market, by Application, 2024 – 2033
- 7.14.1 Latin America Computer Reservation Systems Market, by Application, 2024 – 2033 (USD Million)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.15.1.1 The Middle-East and Africa Computer Reservation Systems Market, by Country, 2024 – 2033 (USD Million)
- 7.15.1 The Middle-East and Africa Computer Reservation Systems Market, 2024 – 2033 (USD Million)
- 7.16 The Middle-East and Africa Computer Reservation Systems Market, by Type, 2024 – 2033
- 7.16.1 The Middle-East and Africa Computer Reservation Systems Market, by Type, 2024 – 2033 (USD Million)
- 7.17 The Middle-East and Africa Computer Reservation Systems Market, by Application, 2024 – 2033
- 7.17.1 The Middle-East and Africa Computer Reservation Systems Market, by Application, 2024 – 2033 (USD Million)
- Chapter 8. Company Profiles
- 8.1 Travel Tripper
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 TravelClick
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 SHR Windsurfer
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 IBC Hospitality Technology
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Sabre
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Amadeus
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 GuestCentric CRS
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Vertical Booking
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 Travelopro
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 HotelFriend AG
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 WebCRS
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.12 Provab Technosoft Pvt. Ltd
- 8.12.1 Overview
- 8.12.2 Financials
- 8.12.3 Product Portfolio
- 8.12.4 Business Strategy
- 8.12.5 Recent Developments
- 8.13 Clock Software
- 8.13.1 Overview
- 8.13.2 Financials
- 8.13.3 Product Portfolio
- 8.13.4 Business Strategy
- 8.13.5 Recent Developments
- 8.14 Pegasus CRS
- 8.14.1 Overview
- 8.14.2 Financials
- 8.14.3 Product Portfolio
- 8.14.4 Business Strategy
- 8.14.5 Recent Developments
- 8.15 Abacus
- 8.15.1 Overview
- 8.15.2 Financials
- 8.15.3 Product Portfolio
- 8.15.4 Business Strategy
- 8.15.5 Recent Developments
- 8.16 ACCELaero
- 8.16.1 Overview
- 8.16.2 Financials
- 8.16.3 Product Portfolio
- 8.16.4 Business Strategy
- 8.16.5 Recent Developments
- 8.17 Axess
- 8.17.1 Overview
- 8.17.2 Financials
- 8.17.3 Product Portfolio
- 8.17.4 Business Strategy
- 8.17.5 Recent Developments
- 8.18 KIU
- 8.18.1 Overview
- 8.18.2 Financials
- 8.18.3 Product Portfolio
- 8.18.4 Business Strategy
- 8.18.5 Recent Developments
- 8.19 Others
- 8.19.1 Overview
- 8.19.2 Financials
- 8.19.3 Product Portfolio
- 8.19.4 Business Strategy
- 8.19.5 Recent Developments
- 8.1 Travel Tripper
List Of Figures
Figures No 1 to 20
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2033
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
|
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- Travel Tripper
- TravelClick
- SHR Windsurfer
- IBC Hospitality Technology
- Sabre
- Amadeus
- Sabre
- Vertical Booking
- Travelopro
- HotelFriend AG
- WebCRS
- Provab Technosoft Pvt. Ltd
- Clock Software
- Pegasus CRS
- Abacus
- ACCELaero
- Axess
- KIU
- GuestCentric CRS
- Others
FAQs
The growing tourism industry and various benefits of computer reservation systems are major drivers in global Computer Reservation Systems market.
The “Air travel” had the largest share in the global market for Computer Reservation Systems.
The “On-Premise” category dominated the market in 2023.
The key players in the market are Travel Tripper, TravelClick, SHR Windsurfer, IBC Hospitality Technology, Sabre, Amadeus, Sabre, Vertical Booking, Travelopro, HotelFriend AG, WebCRS, Provab Technosoft Pvt. Ltd, Clock Software, Pegasus CRS, Abacus, ACCELaero, Axess, KIU, GuestCentric CRS, Others.
“North America” had the largest share in the Computer Reservation Systems Market.
The global market is projected to grow at a CAGR of 4.78% during the forecast period, 2024-2033.
The Computer Reservation Systems Market size was valued at USD 2,456 Million in 2024.