The Travel And Hospitality AI 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 Travel And Hospitality AI Global Market Report 2024, The travel and hospitality AI market size has grown strongly in recent years. It will grow from $0.78 billion in 2023 to $0.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to increasing customer expectations, technological advancements, big data analytics, the rise of mobile and internet usage, and operational efficiency.
The travel and hospitality AI market size is expected to see strong growth in the next few years. It will grow to $1.21 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to increased demand for personalization, enhanced customer service, operational efficiency, predictive analytics, fraud detection, and security. Major trends in the forecast period include personalized customer experiences, chatbots and virtual assistants, predictive analytics for demand forecasting, enhanced security and fraud detection, and smart hotel rooms.
Increasing demand for personalized experiences is expected to propel the growth of the travel and hospitality AI market going forward. Personalized experiences are customized interactions, services, or products tailored to an individual’s preferences, behaviors, and needs, enhancing their engagement and satisfaction by making them feel uniquely catered to. The demand for personalized experiences is rising due to consumers’ increasing expectations for tailored interactions that enhance satisfaction and engagement. Travel and hospitality AI enhances personalized experiences by analyzing data to create tailored itineraries, recommendations, and services that meet individual preferences and needs. For instance, in January 2023, according to a survey conducted on 5,000 consumers by Salesforce Inc., a US-based software company, 81% of the consumers surveyed planned to reassess their budgets over the next 12 months in search of more personalized experiences. In the hospitality industry, 72% stated they would remain loyal to companies that provide faster service, and 65% said they would stay loyal to those offering more personalized experiences. Therefore, increasing demand for personalized experiences is driving the growth of the travel and hospitality AI market.
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The travel and hospitality ai market covered in this report is segmented –
1) By Type: Transportation, Hospitality
2) By Deployment Model: Cloud, On-Premises
3) By Technology: Artificial Intelligence (AI), Internet Of Things (IoT), Augmented Reality (AR), Virtual Reality (VR), Big Data, Other Technologies
4) By Pricing Model: One Time Payment, Subscription
5) By End Users: Travel Agencies, Transportation Companies, Corporations, Hotels
Major companies operating in the travel and hospitality AI market are focusing on developing innovative offerings, such as generative artificial intelligence, to sustain their position in the market. Generative artificial intelligence refers to AI systems capable of creating personalized content, such as tailored travel itineraries, dynamic pricing models, and custom marketing materials, enhancing customer experiences and operational efficiency within the industry. For instance, in January 2024, Amadeus IT Group, S.A., a Spain-based information technology company, partnered with Microsoft Corporation, a US-based technology company, to introduce an innovative AI-powered technology aimed at modernizing hotel business intelligence. This new initiative uses generative artificial intelligence to improve hoteliers’ ability to access and interpret essential business intelligence data more efficiently. The focal point of this technology is the Amadeus Advisor chatbot, which uses the Azure OpenAI Service to facilitate natural language queries, enabling users to quickly and intuitively retrieve complex data insights. This advancement not only simplifies the data analysis process but also makes valuable information more accessible, allowing even non-technical staff to effectively engage with the data.
The travel and hospitality ai market report table of contents includes:
1. Executive Summary
2. Travel And Hospitality Artificial Intelligence (AI) Market Characteristics
3. Travel And Hospitality Artificial Intelligence (AI) Market Trends And Strategies
4. Travel And Hospitality Artificial Intelligence (AI) Market – Macro Economic Scenario
5. Global Travel And Hospitality Artificial Intelligence (AI) Market Size and Growth
….
32. Global Travel And Hospitality Artificial Intelligence (AI) Market Competitive Benchmarking
33. Global Travel And Hospitality Artificial Intelligence (AI) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Travel And Hospitality Artificial Intelligence (AI) Market
35. Travel And Hospitality Artificial Intelligence (AI) Market Future Outlook and Potential Analysis
36. Appendix
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