Artificial Intelligence (AI) In Hospitality Market Report, Size, Share Report 2024-2033

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.

Market Overview -

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.

Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=14039&type=smp

The Surge Of Artificial Intelligence In The Evolving Landscape Of Hospitality Technology
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.

Competitive Landscape -

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

Advancements In AI And ML Technologies In Hospitality Industry
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.

Browse Full Report @
https://www.thebusinessresearchcompany.com/report/artificial-intelligence-ai-in-hospitality-global-market-report

Key Segments -

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

Key highlights covered in the report -

1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Want To Know More About The Business Research Company?

The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model - World's Most Comprehensive Database

The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps

This release was published on openPR.