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#How have key drivers contributed to the rapid growth of the artificial intelligence (ai) in hospitality market?
The rising digitalization in the hospitality industry is expected to propel the growth of the artificial intelligence (AI) in hospitality market going forward. Digitalization in the hospitality industry refers to the comprehensive integration and utilization of digital technologies and solutions to transform and enhance various aspects of hospitality services. As businesses within the sector increasingly leverage advanced technologies, there is a growing demand for AI solutions to further enhance and optimize operations, improve operational efficiency, personalize guest experiences, and enhance decision-making through data-driven insights. For instance, in September 2022, Boston Consulting Group, Inc., a US-based management consulting company, nearly half of travel and tourism companies have successfully undergone digital transformations, which is 25% higher than the average across other industries. Therefore, rising digitalization in the hospitality industry will drive the growth of artificial intelligence (AI) in the hospitality market.
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How has the artificial intelligence (ai) in hospitality market size evolved, and what are the latest forecasts for its expansion?
The artificial intelligence (AI) in hospitality market size has grown exponentially in recent years. It will grow from $0.15 billion in 2024 to $0.24 billion in 2025 at a compound annual growth rate (CAGR) of 57.0%. The growth in the historic period can be attributed to increasing demand for enhanced customer experience, growing adoption of chatbots and virtual assistants, potential of AI in travel and hospitality, advanced analytics and ai-enabled robots could tackle many on-property functions in the hospitality industry.
The artificial intelligence (AI) in hospitality market size is expected to see exponential growth in the next few years. It will grow to $1.46 billion in 2029 at a compound annual growth rate (CAGR) of 57.8%. The growth in the forecast period can be attributed to generative AI for dynamic content generation, IoT, blockchain, and cloud integration, guest experience enhancement, and rising consumer demand. Major trends in the forecast period include significant market growth, adoption of advanced technologies, focus on personalization and customer service, challenges and concerns, and optimization of operations.
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Which major companies dominate the artificial intelligence (ai) in hospitality market?
Major companies operating in the artificial intelligence (AI) in hospitality market are Google LLC, Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Amazon Web Services Inc., Intel Corporation, International Business Machines (IBM) Corporation, Cisco Systems Inc., Microsoft Corporation, Oracle Corporation, NVIDIA Corporation, Salesforce Inc, NEC Corporation, Infosys Limited, HCL Technologies Limited, KLM Royal Dutch Airlines, AltexSoft Inc, Hilton Worldwide Holdings Inc, Amadeus IT, Sabre Corporation, CRS Technology, Cvent Holding Corp, Navitaire, Lemax, Tramada System, Lola, mTrip, Qtech Software, Infor Inc
What trends will shape the future of the artificial intelligence (ai) in games market?
Major companies operating in artificial intelligence (AI) in the hospitality market are developing advanced technologies for hotels and resorts, such as AI and ML platforms, to better serve customers with advanced features. An AI and ML platform for hotels and resorts leverages advanced algorithms to streamline operations, enhance guest experiences, and optimize decision-making processes through data-driven insights. For instance, in March 2022, Revnomix Hotel Data, an India-based hotel revenue management company, launched RevSeed 2.0, a new version of RevSeed that is based on artificial intelligence (AI) and machine learning (ML), aiming to provide real-time analysis of the market and demand, assist in making strategic price decisions for hotel rooms and services, and offer revenue management strategies such as volume, rate, market-linked, and other strategies.
Which region dominates the artificial intelligence (ai) in hospitality market, and what factors contribute to its leadership?
North America was the largest region in the artificial intelligence (AI) in hospitality market in 2024. The regions covered in the artificial intelligence (AI) in hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the artificial intelligence (ai) in hospitality market segmented, and which segment holds the largest share?
The artificial intelligence (AI) in hospitality market covered in this report is segmented –
1) By Technology: Machine Learning, Natural Language Processing, Chatbots Or Travel Bots, Blockchain, Big Data, Other Technologies
2) By Hospitality Type: Food And Beverage, Lodging Or Accommodation, Other Hospitality Type
3) By Application: Customer Purchases, Travel Choices, Restaurants, Entertainment, Journey Patterns And Itinerary, Other Applications
Subsegments:
1) By Machine Learning: Predictive Analytics, Recommendation Systems, Personalization Engines
2) By Natural Language Processing: Sentiment Analysis, Language Translation, Voice Recognition
3) By Chatbots Or Travel Bots: Customer Service Bots, Booking Assistants, FAQ Bots
4) By Blockchain: Smart Contracts, Payment Solutions, Identity Verification
5) By Big Data: Data Analytics, Data Management Solutions, Customer Insights
6) By Other Technologies: Augmented Reality (AR), Virtual Reality (VR), Internet Of Things (Iot) Solutions
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What defines the structure and scope of the artificial intelligence (ai) in hospitality market?
Artificial intelligence (AI) in hospitality refers to integrating artificial intelligence technologies and solutions in the hospitality industry to enhance guest experiences, streamline operations, and optimize various aspects such as customer interactions, service delivery, and business processes. It involves the application of machine learning, natural language processing, chatbots, blockchain, big data analytics, and other emerging technologies to improve efficiency, provide personalized services, and innovate across diverse segments, including accommodation, dining, entertainment, and customer interactions.
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