Press release
Artificial Intelligence (AI) In Hospitality Market Anticipated To Witness Robust Growth, Surpassing $1.46 Billion By 2029
Artificial Intelligence (AI) In Hospitality
What Is the Current Artificial Intelligence (AI) In Hospitality Market Size and Its Estimated Growth Rate?
The market size of artificial intelligence (AI) in the hospitality sector has witnessed a massive growth of late. It is predicted to expand from a valuation of $0.15 billion in 2024 to approximately $0.24 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 57.0%. This remarkable growth during the historic period can be traced back to factors such as soaring demand for heightened customer experience, increasing utilization of chatbots and virtual assistants, potential of AI in travel and hospitality space, alongside advance analytics and AI-driven robots' ability to manage numerous on-site activities in the hospitality industry.
In the approaching years, the artificial intelligence (AI) in the hospitality market is projected to undergo exceptional growth, reaching $1.46 billion by 2029 with a compound annual growth rate (CAGR) of 57.8%. The predicted growth in the market during the forecast timeframe is mainly due to the utilisation of generative AI for dynamic content creation, IoT, blockchain, cloud integration, enhancement of guest experience, and increasing consumer demand. During the same forecast period, some noteworthy trends are expected to include substantial market growth, implementation of advanced technological solutions, enhanced focus on personalisation and customer service, tackling challenges and concerns, and better optimisation of operations.
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How Are Emerging Segments Shaping the Artificial Intelligence (AI) In Hospitality Market Landscape?
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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Which Growth Factors Are Influencing Artificial Intelligence (AI) In Hospitality Market Expansion?
Advancements in digitalization within the hospitality industry are anticipated to stimulate the expansion of the artificial intelligence (AI) market for the same sector. Digitalization in this context refers to the exhaustive use and incorporation of digital tools and solutions with the aim of transforming and boosting several aspects of hospitality services. There's an escalating demand for AI solutions as enterprises in this field start to take advantage of sophisticated technologies to upgrade operations, increase operational proficiency, tailor guest experiences, and improve decision-making through data-informed insights. For example, as of September 2022, nearly half of travel and tourism businesses have completed digital transformations according to the Boston Consulting Group, Inc., a management consulting firm based in the US. This is a figure that's 25% more than the common average across different industries. Thus, the escalating progression of digitalization in the hospitality industry will be a significant factor propelling the growth of AI in this particular market.
Who Are the Dominant Players Across Different Artificial Intelligence (AI) In Hospitality Market Segments?
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
What Are the Latest Developing Trends in the Artificial Intelligence (AI) In Hospitality Market?
Leading firms in the Artificial Intelligence (AI) sector within the hospitality market are creating cutting-edge technologies such as AI and Machine Learning (ML) platforms for hotels and resorts. These platforms, through advanced algorithms, aim to enhance customer service and streamline business operations. They also enhance decision-making processes by providing data-driven insights. For example, Revnomix Hotel Data, a hotel revenue management company based in India, introduced RevSeed 2.0 in March 2022. This new version, built upon AI and ML, is geared towards providing instantaneous market and demand analysis, aiding in strategic pricing decisions for hotel amenities and rooms. It also proposes revenue management strategies including volume, rate, market-linked strategies, and others.
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Which Geographic Regions Are Expected to Dominate the Artificial Intelligence (AI) In Hospitality Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Artificial Intelligence (AI) In Hospitality Market?
2. What is the CAGR expected in the Artificial Intelligence (AI) In Hospitality Market?
3. What Are the Key Innovations Transforming the Artificial Intelligence (AI) In Hospitality Industry?
4. Which Region Is Leading the Artificial Intelligence (AI) In Hospitality Market?
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