According to new research from Phocuswright, the global travel market is forecasted to grow between 6-10 percent per year through 2026.  The industry has now exceeded pre-pandemic levels, recording a 24 percent jump in gross bookings in 2023, and a total spend of USD1.5 trillion.

Phocuswright, a leading global travel industry research authority and producer of the annual Phocuswright Conference, has urged the hospitality industry to rethink the traditional property management systems (PMS), and adopt AI to harness real-time data and transform hotel operations.