We’re creating a more connected travel industry, underpinned by sustainability and long-term investor relations.
These two areas, which we estimate can amount to a potential addressable market of 2.6 billion Euros, are key to our strategy of diversification. The fact that we chose Madrid is based on a few key factors. First of all, the huge talent pool that it gives us access to. Each year, 17,000 new engineering graduates, with 4,500 of them specializing on telecommunications and computing, and 600 graduates in math and statistics come out of Spanish universities. There is also the presence of top internationally recognised business schools, and last but not least, a strong financial sector with a long tradition of innovation in the payments business. This new R&D centre will be the 17th for Amadeus, and the first one in Spain. We now have centres in Nice, London, Sydney, Antwerp, Aachen, Frankfurt, Boston, Miami, Toronto, Strasbourg, Tucson, Bangalore, Bogota, Warsaw, Istanbul and Bangkok. All of this underlines our strong commitment to innovation and R&D, with an investment of nearly 2.8 billion Euros since 2004, which has expanded international recognition for us as a pioneering company in the travel industry. Just a few weeks ago, the European Commission again put us at the top of the 2013 EU Industrial R&D Investment Scorecard for the travel and tourism industry.
Innovation and R&D have long been at the core of Amadeus’ business model. Being ahead of the technological curve is crucial for us to keep our position as a leader in IT services for the travel industry, and also to fulfill our goals of growth and diversification into new business areas. Today, we take a step further in that direction, as we announce the setup of a new R&D centre based in Madrid. The new centre will focus on designing and developing solutions for the Payments and Travel Intelligence segments, and we expect to have close to 40 people working in it by the end of 2015, a number which will be increased accordingly to the growth of both businesses.