The AI In Hospitality And Tourism Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s AI In Hospitality And Tourism Global Market Report 2024, The AI in hospitality and tourism market size has grown exponentially in recent years. It will grow from $12.06 billion in 2023 to $15.69 billion in 2024 at a compound annual growth rate (CAGR) of 30.1%. The growth in the historic period can be attributed to customer service automation, personalization, revenue management, operational efficiency, and predictive analytics.
The AI in hospitality and tourism market size is expected to see exponential growth in the next few years. It will grow to $45.06 billion in 2028 at a compound annual growth rate (CAGR) of 30.2%. The growth in the forecast period can be attributed to enhanced customer experience, operational efficiency, data analytics and insights, smart recommendations and chatbots, and virtual assistants. Major trends in the forecast period include personalized guest experiences, chatbots and virtual assistants, predictive analytics for demand forecasting, enhanced security and fraud prevention, and robotic process automation (RPA).
The growing tourism industry is expected to propel the growth of AI in hospitality and tourism market going forward. The tourism industry encompasses the activities and services related to the travel of individuals to destinations outside their usual environment for leisure, business, or other purposes. The tourism industry is expanding due to increased global mobility, rising disposable incomes, and the growing desire for unique travel experiences. AI in the tourism industry enhances customer service, streamlines operations, and personalizes travel experiences through advanced technologies such as chatbots, predictive analytics, and recommendation systems. For instance, in April 2024, according to Statistics Canada, a Canada-based government agency, tourism spending by international visitors in Canada increased by 1.8% in the first quarter, following a 4.0% increase in the previous quarter. This growth was mainly driven by spending on accommodation and food and beverage services, which both increased by 2.0%. Moreover, the number of non-resident travelers entering Canada grew by 1.7%. Therefore, the growing tourism industry is driving the growth of AI in hospitality and tourism market.
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The AI in hospitality and tourism market covered in this report is segmented –
1) By Type: Natural Language Processing (NLP) Applications, Machine Learning Algorithms, Computer Vision And Image Recognition, Chatbots And Virtual Assistants, Recommendation Systems, Sentiment Analysis
2) By Application: Customer Service And Support, Personalized Marketing And Advertising, Hotel And Room Booking Systems, Virtual Concierge Services, Smart Guest Room Automation, Data Analytics And Business Intelligence, Revenue Management And Pricing Optimization
3) By End-User: Hotels And Resorts, Airlines And Airports, Travel Agencies And Tour Operators, Restaurants And Food Service Providers, Cruise Lines And Maritime Tourism, Online Travel Platforms And Booking Websites
Major companies operating in AI in hospitality and tourism market are increasing their focus on developing advanced solutions, such as generative AI features, to enhance customer service in the hospitality sector. Generative AI refers to artificial intelligence systems designed to generate new content, such as text, images, music, or even code, that mimics human-like creativity and intelligence. For instance, in June 2024, Sabre Hospitality, a US-based technology company, launched SynXis Concierge.AI, marking its first venture into generative AI to enhance customer service in the hospitality sector. This innovative solution aims to revolutionize how hoteliers interact with customers by providing immediate, detailed, and accurate responses to inquiries, leveraging Sabre’s extensive data resources. Initially, the tool will be used by Sabre’s Customer Care and Delivery team to handle various customer interactions, including questions and issue resolution.
The ai in hospitality and tourism market report table of contents includes:
1. Executive Summary
2. AI In Hospitality And Tourism Market Characteristics
3. AI In Hospitality And Tourism Market Trends And Strategies
4. AI In Hospitality And Tourism Market – Macro Economic Scenario
5. Global AI In Hospitality And Tourism Market Size and Growth
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32. Global AI In Hospitality And Tourism Market Competitive Benchmarking
33. Global AI In Hospitality And Tourism Market Competitive Dashboard
34. Key Mergers And Acquisitions In The AI In Hospitality And Tourism Market
35. AI In Hospitality And Tourism Market Future Outlook and Potential Analysis
36. Appendix
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