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At what pace is the ai in hospitality and tourism market growing, and what is its estimated value?
The AI in hospitality and tourism market size has grown exponentially in recent years. It will grow from $15.69 billion in 2024 to $20.47 billion in 2025 at a compound annual growth rate (CAGR) of 30.5%. 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 $58.56 billion in 2029 at a compound annual growth rate (CAGR) of 30.1%. 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).
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What are the top drivers to the rising demand in the ai in hospitality and tourism market?
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.
How is the ai in hospitality and tourism market segmented?
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
Subsegments:
1) By Natural Language Processing (NLP) Applications: Language Translation, Voice Recognition, Text Analysis, Speech-To-Text Conversion
2) By Machine Learning Algorithms: Predictive Analytics, Demand Forecasting, Dynamic Pricing Models, Customer Segmentation
3) By Computer Vision And Image Recognition: Facial Recognition For Check-In, Visual Quality Inspection, Object Detection In Security, Automated Identification For Guest Preferences
4) By Chatbots And Virtual Assistants: Customer Service Chatbots, Booking And Reservation Assistants, Travel Information Assistants, In-Room Virtual Assistants
5) By Recommendation Systems: Personalized Destination Recommendations, Activity And Event Suggestions, Dining And Cuisine Recommendations, Hotel Room And Amenity Recommendations
6) By Sentiment Analysis: Customer Feedback Analysis, Review Monitoring And Analysis, Brand Reputation Management, Social Media Sentiment Tracking
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Who are the top competitors in the ai in hospitality and tourism market?
Major companies operating in the AI in hospitality and tourism market are Google LLC, Microsoft Corporation, Accenture PLC, International Business Machines Corporation, Oracle Corporation, Salesforce com Inc., Tata Consultancy Services Limited (TCS), Capgemini SE, Infosys Limited, Adobe Inc., Booking Holdings Inc., HCL Technologies Limited, Expedia Group Inc., Wipro Limited, Amadeus IT Group, Sabre Corporation, Concur Technologies (SAP Concur), Travelport Worldwide Limited, Cvent Inc., Trivago N.V., Skyscanner Ltd., Mews Systems, Hopper Inc., Kayak Software Corporation, RateGain Technologies, Revinate Inc., Hotelogix
What significant trends should we anticipate in the ai in hospitality and tourism market over the forecast period?
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.
Which regional trends are influencing the ai in hospitality and tourism market, and which area dominates the industry?
North America was the largest region in the AI in hospitality and tourism market in 2023. The regions covered in the AI in hospitality and tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The AI in Hospitality And Tourism Market Report 2025 Offer?
The ai in hospitality and tourism market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Artificial intelligence (AI) in hospitality and tourism involves using artificial intelligence technologies to enhance customer service, streamline operations, and provide personalized experiences. This includes applications such as chatbots for customer inquiries, predictive analytics for demand forecasting, and recommendation systems for personalized travel suggestions. These advancements improve efficiency, customer satisfaction, and operational effectiveness in the industry.
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