The artificial intelligence (ai) in travel global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Artificial Intelligence (AI) In Travel Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The artificial intelligence (AI) in travel market size has grown exponentially in recent years. It will grow from $92.46 billion in 2023 to $123.72 billion in 2024 at a compound annual growth rate (CAGR) of 33.8%. The growth in the historic period can be attributed to rise of digital transformation, increase in demand for personalized travel experiences, increase need for enhanced operational efficiency, growth in emphasis on security and safety, rise in proliferation of mobile and wearable technology, and increase in push for automation in customer service.
The artificial intelligence (AI) in travel market size is expected to see exponential growth in the next few years. It will grow to $397.86 billion in 2028 at a compound annual growth rate (CAGR) of 33.9%. The growth in the forecast period can be attributed to increasing demand for personalized travel experiences, rising adoption of contactless technologies, growing need for enhanced security and safety protocols, expansion of smart infrastructure in travel hubs, and rising proliferation of AI-driven analytics for operational efficiency. Major trends in the forecast period include adoption of AI-driven personalization, adoption of autonomous vehicles and AI-powered robots, adoption of AI-powered chatbots and virtual assistants, adoption of AI-powered predictive analytics, and advancements in contactless technologies.
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Scope Of Artificial Intelligence (AI) In Travel Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Artificial Intelligence (AI) In Travel Market Overview
Market Drivers –
The rise in global tourism is expected to propel the growth of the artificial intelligence (AI) in travel market going forward. Global tourism involves people traveling internationally for leisure, business, or other reasons, fostering cultural exchange, economic development, and worldwide connections. The surge in global tourism is driven by higher disposable incomes, easier access to international travel, a greater desire to explore different destinations, and advancements in travel technology. AI in travel enhances tourism by providing personalized recommendations, automating bookings, and optimizing customer service, which improves overall traveler experiences and operational efficiency. For instance, in 2024, according to the World Travel and Tourism Council, a UK-based travel company, in 2023, the travel and tourism sector accounted for 9.1% of the global GDP, marking a 23.2% rise compared to 2022. Therefore, the rise in global tourism drives the artificial intelligence (AI) in travel market.
Market Trends –
Major companies operating in the artificial intelligence (AI) in travel market are focusing on technological development such as integrating artificial intelligence in personalized travel to enhance customer experiences by delivering tailored recommendations, optimizing travel itineraries, and providing real-time assistance. AI in personalized travel customizes travel experiences by leveraging technology to analyze user data and preferences, providing tailored suggestions for destinations, accommodations, and activities based on individual needs and past behaviors. For instance, in May 2024, Expedia Group Inc., a US-based travel technology company, launched an AI-powered assistant called Romie. Romie is an AI travel assistant who is a personal travel agent, aiding in planning, booking, and handling last-minute travel changes. It learns the user’s preferences over time to offer personalized recommendations and features for group chat planning, smart search, and itinerary building.
The artificial intelligence (AI) in travel market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment mode: On-Premises, Cloud-Based
3) By Application: Customer Service, Booking And Reservations, Travel Planning And Personalization, Marketing And Advertising, Operations Management, Security And Fraud Detection
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Regional Insights –
North America was the largest region in the artificial intelligence (AI) in travel market in 2023. The regions covered in the artificial intelligence (AI) in travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the artificial intelligence (AI) in travel market are International Business Machines Corporation, Expedia Group Inc., Priceline.com, Booking.com B.V., Airbnb Inc., Sabre Corporation, TripAdvisor Inc., Agoda Company Pte. Ltd., SAP Concur, Travelport Worldwide Ltd., Hotelbeds Group, Skyscanner Ltd., Trivago N.V., MakeMyTrip Limited, Fareportal, Kayak Software Corporation, Despegar.com Inc., Cendyn Group LLC, Hopper, Cleartrip Private Limited, Sojern Inc., OTA Insight Ltd., Adara Inc., Viator Inc., Duetto
Table of Contents
1. Executive Summary
2. Artificial Intelligence (AI) In Travel Market Report Structure
3. Artificial Intelligence (AI) In Travel Market Trends And Strategies
4. Artificial Intelligence (AI) In Travel Market – Macro Economic Scenario
5. Artificial Intelligence (AI) In Travel Market Size And Growth
…..
27. Artificial Intelligence (AI) In Travel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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