Press release
Key Trends Shaping the Future Artificial Intelligence (AI) In Hospitality Market From 2025-2034: Advancements In AI And ML Technologies In Hospitality Industry
Artificial Intelligence AI In Hospitality Market Size
The growing incorporation of digital technologies in the hospitality sector is projected to accelerate the expansion of the artificial intelligence (AI) in hospitality market in the future. The term digitalization within this sector encompasses the extensive blend and application of digital solutions and technology to upgrade and intensify numerous facets of hospitality services. With the escalating use of advanced technologies by businesses in this industry, there is amplified demand for AI solutions to further refine and streamline operations, boost efficiency, customize guest experiences, and improve decision-making with data-driven insights. For instance, in September 2022, Boston Consulting Group, Inc., a company based in the US that specializes in management consulting, reported that almost half of travel and tourism firms have effectively embraced digital transformations. This figure exceeds the average across other industries by 25%. Consequently, the escalating digitalization within the hospitality sector is anticipated to fuel the expansion of artificial intelligence (AI) in the hospitality market.
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What is the future CAGR of the artificial intelligence (ai) in hospitality market, and how will it impact industry expansion?
In recent times, the dimension of the artificial intelligence (AI) market in the hospitality sector has demonstrated substantial growth. The market is anticipated to scale from $0.15 billion in 2024 to $0.24 billion in 2025, with a compound annual growth rate (CAGR) standing at 57.0%. The augmentation during the past period can be credited to the escalating demand for a superior customer experience, an increase in the utilisation of chatbots and virtual assistants, the capabilities of AI in the travel and hospitality sectors, and the use of advanced analytics and AI-driven robots to manage numerous on-site operations in the hospitality industry.
The market size of artificial intelligence (AI) used in the hospitality industry is predicted to experience substantial growth in the coming years, reaching a value of $1.46 billion by 2029, with a compound annual growth rate (CAGR) of 57.8%. The expansion anticipated in the forecast period can be linked to the application of generative AI for creating dynamic content, the incorporation of IoT, blockchain, and cloud, the focus on enhancing guest experiences, and the surge in consumer demand. The upcoming period will also see a notable market improvement, adoption of cutting-edge technologies, emphasis on personalization and customer service, emergence of challenges and concerns, and efforts towards operations optimization.
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What trends are poised to drive the future success of the artificial intelligence (ai) in hospitality market?
Leading corporations active in the Artificial Intelligence (AI) sector of the hospitality market are innovating progressive technologies, like AI and Machine Learning (ML) platforms, to enhance services for hotel and resort customers. These platforms utilize sophisticated algorithms to amplify operational efficiencies, boost customer experience, and fine-tune decision-making, by capitalizing on data-driven insights. An example of this is the launch of RevSeed 2.0 by India's Revnomix Hotel Data, a firm specializing in hotel revenue management, in March 2022. This enhanced version of RevSeed utilizes AI and ML to render real-time market and demand analysis, aid strategic pricing decisions for hotels and services, and supply revenue management strategies like volume, rate, market-linked, and other strategies.
Which key market segments comprise the artificial intelligence (ai) in hospitality market and drive its revenue growth?
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
Subsegments:
1) By Machine Learning: Predictive Analytics, Recommendation Systems, Personalization Engines
2) By Natural Language Processing: Sentiment Analysis, Language Translation, Voice Recognition
3) By Chatbots Or Travel Bots: Customer Service Bots, Booking Assistants, FAQ Bots
4) By Blockchain: Smart Contracts, Payment Solutions, Identity Verification
5) By Big Data: Data Analytics, Data Management Solutions, Customer Insights
6) By Other Technologies: Augmented Reality (AR), Virtual Reality (VR), Internet Of Things (Iot) Solutions
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What regions are at the forefront of artificial intelligence (ai) in hospitality market expansion?
North America was the largest region in the artificial intelligence (AI) in hospitality market in 2024. 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.
Who are the leading players fueling growth in the artificial intelligence (ai) in hospitality market?
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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What Is Covered In The Artificial Intelligence (AI) In Hospitality Global Market Report?
• Market Size Forecast: Examine the artificial intelligence (ai) in hospitality market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the artificial intelligence (ai) in hospitality market for a structured understanding.
• Key Players Overview: Analyze major players in the artificial intelligence (ai) in hospitality market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the artificial intelligence (ai) in hospitality market.
• Segment Contributions: Evaluate how different segments drive overall growth in the artificial intelligence (ai) in hospitality market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the artificial intelligence (ai) in hospitality market.
• Industry Challenges: Identify potential risks and obstacles affecting the artificial intelligence (ai) in hospitality market.
• Competitive Landscape: Review strategic developments in the artificial intelligence (ai) in hospitality market, including expansions, agreements, and new product launches.
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