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Artificial Intelligence (AI) In Hospitality Global Market Size, Share and Forecast By Key Players-Google LLC, Intel Corporation, Cisco Systems Inc., Microsoft Corporation, Oracle Corporation
Artificial Intelligence (AI) In Hospitality Market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Artificial Intelligence (AI) In Hospitality Market 2024 Key Insights:
• The artificial intelligence (ai) in hospitality market is expected to grow to $0.92 billion in 2028 at a compound annual growth rate (CAGR) of 57.5%.
• The Surge Of Artificial Intelligence In The Evolving Landscape Of Hospitality Technology
• Advancements In AI And ML Technologies In Hospitality Industry
• North America was the largest region in the artificial intelligence (AI) in hospitality market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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