Overview and Scope
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.
Sizing and Forecast
The artificial intelligence (AI) market size has grown exponentially in recent years. It will grow from $0.09 billion in 2023 to $0.15 billion in 2024 at a compound annual growth rate (CAGR) of 58.6%. 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) market size is expected to see exponential growth in the next few years. It will grow to $0.92 billion in 2028 at a compound annual growth rate (CAGR) of 57.5%. 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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Segmentation & Regional Insights
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
North America was the largest region in the artificial intelligence (AI) in hospitality market in 2023. 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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Major Driver Impacting Market Growth
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 February 2023, according to a survey of 1,420 IT professionals by Rackspace Technology, a US-based cloud computing company, 37% of IT decision-makers in hospitality and travel embraced artificial intelligence and machine learning, up from 13% in 2021. Moreover, around 67% aim to enhance speed and efficiency, 59% to predict business performance, and 46% to minimize risks using these technologies. Therefore, rising digitalization in the hospitality industry will drive the growth of artificial intelligence (AI) in the hospitality market.
Key Industry Players
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
The artificial intelligence (ai) in hospitality market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
………
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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