Global AI in Hospitality And Tourism Market Projected to Surpass $58.56 Billion by 2029 with 30.1% Annual Growth

Which drivers are expected to have the greatest impact on the over the ai in hospitality and tourism market's growth?
The rise in the tourism sector is poised to push the growth of AI within the hospitality and tourism market. This sector involves the actions and services linked to travelers visiting areas outside of their normal surroundings for leisure, business, or other reasons. Global mobility, increased disposable incomes, and a desire for unique travel experiences are contributing to the growth of the tourism industry. With the aid of AI in tourism, customer service is improved, operations are optimized, and travel experiences are personalized with advanced tech tools like chatbots, predictive analytics, and recommendation systems. For instance, Statistics Canada, a government agency in Canada, pointed out in April 2024 that tourism expenditure by international visitors in Canada increased by 1.8% in Q1, succeeding a 4.0% increment in the preceding quarter. The primary drivers of this growth were spending on accommodation and food and beverage services, both of which witnessed a 2.0% rise. Furthermore, there was a 1.7% increase in non-resident travelers entering Canada. Consequently, the expanding tourism industry fuels the development of AI within the hospitality and tourism market.

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What is the future CAGR of the ai in hospitality and tourism market, and how will it impact industry expansion?
In recent times, there has been a significant increase in the size of the AI market in the hospitality and tourism industry. It is projected to expand from a $15.69 billion value in 2024 to a sizable $20.47 billion in 2025, witnessing a compound annual growth rate (CAGR) of 30.5%. Factors such as the automation of customer service, personalization, revenue management, achieving operational efficiency, and the use of predictive analytics are responsible for the growth experienced in this historic period.

In the upcoming years, the market size for AI in hospitality and tourism is predicted to experience a significant surge, reaching $58.56 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 30.1%. Factors triggering this anticipated expansion during the forecast period comprise improved client interaction, operational effectiveness, insights and data analytics, intelligent advice and chatbots, along with virtual aides. The forecast period will be marked by key trends such as tailor-made guest experiences, chatbots and virtual aides, predictive analytics for anticipating demand, bolstered security and fraud detection, and robotic process automation (RPA).

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What are the most significant trends transforming the ai in hospitality and tourism market today?
Leading firms in the AI in hospitality and tourism industry are intensifying their efforts to create sophisticated solutions, such as generative AI capabilities, to improve client service in the hospitality field. Generative AI is a term that refers to AI systems that can create new content like text, images, music, or even codes in a manner similar to human creativity and intellect. For example, Sabre Hospitality, a tech company based in the US, in June 2024, embarked on its initial foray into generative AI with the introduction of SynXis Concierge.AI aimed at enhancing customer service in the hospitality industry. This groundbreaking solution intends to transform the way hotel owners communicate with clients by offering prompt, detailed and precise answers to queries, utilizing Sabre's comprehensive data assets. Initially, Sabre's Customer Care and Delivery team will employ this tool to manage various client interactions, encompassing queries and problem-solving.

Which key market segments comprise the ai in hospitality and tourism market and drive its revenue growth?
The AI in hospitality and tourism market covered in this report is segmented -

1) By Type: Natural Language Processing (NLP) Applications, Machine Learning Algorithms, Computer Vision And Image Recognition, Chatbots And Virtual Assistants, Recommendation Systems, Sentiment Analysis
2) By Application: Customer Service And Support, Personalized Marketing And Advertising, Hotel And Room Booking Systems, Virtual Concierge Services, Smart Guest Room Automation, Data Analytics And Business Intelligence, Revenue Management And Pricing Optimization
3) By End-User: Hotels And Resorts, Airlines And Airports, Travel Agencies And Tour Operators, Restaurants And Food Service Providers, Cruise Lines And Maritime Tourism, Online Travel Platforms And Booking Websites

Subsegments:
1) By Natural Language Processing (NLP) Applications: Language Translation, Voice Recognition, Text Analysis, Speech-To-Text Conversion
2) By Machine Learning Algorithms: Predictive Analytics, Demand Forecasting, Dynamic Pricing Models, Customer Segmentation
3) By Computer Vision And Image Recognition: Facial Recognition For Check-In, Visual Quality Inspection, Object Detection In Security, Automated Identification For Guest Preferences
4) By Chatbots And Virtual Assistants: Customer Service Chatbots, Booking And Reservation Assistants, Travel Information Assistants, In-Room Virtual Assistants
5) By Recommendation Systems: Personalized Destination Recommendations, Activity And Event Suggestions, Dining And Cuisine Recommendations, Hotel Room And Amenity Recommendations
6) By Sentiment Analysis: Customer Feedback Analysis, Review Monitoring And Analysis, Brand Reputation Management, Social Media Sentiment Tracking

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What regions are at the forefront of ai in hospitality and tourism market expansion?
North America was the largest region in the AI in hospitality and tourism market in 2023. The regions covered in the AI in hospitality and tourism 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 ai in hospitality and tourism market?
Major companies operating in the AI in hospitality and tourism market are Google LLC, Microsoft Corporation, accenture* PLC, International Business Machines Corporation, Oracle Corporation, Salesforce com Inc., Tata Consultancy Services Limited (TCS), Capgemini SE, Infosys Limited, Adobe Inc., Booking Holdings Inc., HCL Technologies Limited, Expedia Group Inc., Wipro Limited, Amadeus IT Group, Sabre Corporation, Concur Technologies (SAP Concur), Travelport Worldwide Limited, Cvent Inc., Trivago N.V., Skyscanner Ltd., Mews Systems, Hopper Inc., Kayak Software Corporation, RateGain Technologies, Revinate Inc., Hotelogix

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What Is Covered In The AI in Hospitality And Tourism Global Market Report?

•Market Size Forecast: Examine the ai in hospitality and tourism market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the ai in hospitality and tourism market for a structured understanding.
•Key Players Overview: Analyze major players in the ai in hospitality and tourism market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the ai in hospitality and tourism market.
•Segment Contributions: Evaluate how different segments drive overall growth in the ai in hospitality and tourism market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the ai in hospitality and tourism market.
•Industry Challenges: Identify potential risks and obstacles affecting the ai in hospitality and tourism market.
•Competitive Landscape: Review strategic developments in the ai in hospitality and tourism market, including expansions, agreements, and new product launches.

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