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Global Artificial Intelligence (AI) In Hospitality Market Size, Share, Growth Analysis And Forecast To 2033
Global Artificial Intelligence (AI) In Hospitality Market
Artificial Intelligence (AI) In Hospitality Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $0.92 billion In 2028 At A CAGR Of 57.5% :
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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Artificial Intelligence (AI) In Hospitality Market Major 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 Driver - 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.
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Prominent Trend - 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.
Artificial Intelligence (AI) In Hospitality Market 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
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Largest And Fastest Growing Region In The Market
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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Artificial Intelligence (AI) In Hospitality Market Report Structure
3. Artificial Intelligence (AI) In Hospitality Market Trends And Strategies
4. Artificial Intelligence (AI) In Hospitality Market - Macro Economic Scenario
5. Artificial Intelligence (AI) In Hospitality Market Size And Growth
…..
27. Artificial Intelligence (AI) In Hospitality Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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