AI in Hospitality Market Survey Detailed Analysis and Forecast 2023-2031

AI in Hospitality Market Size, Share & Trends Analysis Report By Application, By Hospitality Type, By Technology (Machine Learning, Natural Language Processing, Chatbots or Travel bots, Blockchain, Big Data, Virtual Assistants, Others), By Region, And By Segment Forecasts, 2023-2031.

The AI in Hospitality Testing Market is expected to grow at an 11.87 % CAGR during the forecast period for 2023-2031.

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The hotel sector is creating robots to help customer service procedures, ranging from auxiliary robots to artificial intelligence chatbots. Robots in hotels are employed to enhance the standard of the visitor experience. The reservation process has been made simpler by front desk robots. The integration of robots into hotels and restaurants has become more urgent as a result of COVID-19's effects on the hospitality sector and the necessity to avoid human-to-human contact and labor shortages. The market is expanding as a result of the surge in demand for real-time improved guest experience management.

Low operational expenses and enticing revenue growth are accelerating market expansion. The market is expanding as IoT and energy management technologies are increasingly adopted. The hospitality sector's use of cutting-edge technology is assisting in the expansion of the industry. Many hotels are choosing integrated security systems, such as access control, video surveillance, and emergency incident management systems, to improve their security and level of hotel management. In turn, this fuels the expansion of the AI-based hospitality business.

Additionally, the growing preference for digital platforms has a favorable effect on the expansion of this sector. Therefore, during the time of forecasting, these variables are expected to foster the expansion of the AI-based hospitality sector.

List of Prominent Players in the AI in Hospitality Market:
• IBM,
• KLM Airlines,
• Lola,
• Altexsoft,
• Hilton,
• Infosys,
• Cvent,
• Amadeus IT,
• Lemax, Sabre Corporation,
• Tramada System,
• mTrip,
• CRS Technologies,
• Qtech Software,
• Navitaire

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Market Dynamics:
Drivers-
The growing need for real-time optimized guest experience management is driving the market's expansion. New AI-based hospitality solutions give hoteliers access to data-backed insights and behavior that can be used to create a 360-degree perspective of every visitor and improve their experience through better customer care. Hoteliers can access a dashboard with organized data from all sources, which not only curates a personalized view of each guest but also helps to counterbalance operational load, with the aid of integrated, digital platforms like Property Management System (PMS) and Customer Relationship Management (CRM). This lowers hotel operating expenses and boosts guest retention rates, improving brand positioning. To fulfill the different needs of customers, several organizations provide a wide range of intelligent hospitality solutions and technology. Some of these technologies are pretty intelligent, including those that enable speedy check-in for hotel staff, which is also projected to fuel the expansion of the AI-based hospitality market.

Challenges:
The implementation of sophisticated hospitality systems like Property Management Systems (PMS), Guest Experience Management Systems, etc. are expensive, whether they are installed locally or online. Budget restrictions can make it difficult for any hotel to install an AI-based hospitality solution because the hospitality industry is still recovering from a pandemic-related financial loss of enormous proportions. Hoteliers around the world are worried about threats of digital data theft and personal data leaks. Guest preferences and personal information are included in AI-based hospitality solutions. Any data leaking may have legal repercussions and cast doubt on the hotel brand's integrity. The market's ability to expand is also being hampered by the high initial implementation costs. Complicated integration across old networks and systems is impeding business expansion. The shortage of technically qualified workers is impeding market expansion.

Regional Trends:
North America is expected to dominate the total deployment of these technologies, accounting for more than half of the global market. The proliferation of providers and the quick adoption of digital technology in consumer-focused businesses have boosted regional growth. Adoption of artificial intelligence to improve user interface and experience will aid market expansion. To increase visitor involvement, major hotels in nations like the U.S. and Canada have already put AI-based hospitality management systems into place. The market for AI-based hospitality management in North America is also expanding as more significant hotel operators in this region use smart technologies like automation, artificial intelligence, and others.

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Recent Developments:
• In May 2022, Oracle and Orient Jakarta worked together to put in place a property management system. With travel restrictions, the solution assisted in enhancing their online presence in the COVID-19 scenario and provided staff training remotely using Oracle Digital Learning technologies.
• In January 2022, Johnson Controls purchased FogHorn, a provider of Edge AI technologies. This merging will aid in advancing the development of sustainable, effective, and entirely autonomous space.

Segmentation of AI in the Hospitality Market-
By Technology
• Machine Learning
• Natural Language Processing
• Chatbots or Travel bots
• Blockchain
• Big Data
• Virtual Assistants
• Others
By Hospitality Type
• Food & Beverage
• Lodging-Accommodation
• Others
By Application
• Customer Purchases
• Travel Choices
• Restaurants
• Entertainment
• Journey Patterns & Itinerary
• Others (Payment Methods, Smart Controls, Hotel Rating Inquiries)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

Why should buy this report:
> To receive a comprehensive analysis of the prospects for the AI in Hospitality Testing Market
> To receive an industry overview and future trends of the AI in Hospitality Testing Market
> To analyze the Global AI in Hospitality Testing Market drivers and challenges
> To get information on the Global AI in Hospitality Testing Market size ((Value US$ Mn) & Volume (Units)) forecast to 2031
> Significant investments, mergers & acquisitions in the Global AI in Hospitality Testing Market industry

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