Press release
AI in Hospitality Market to Benefit from Growing Need for Revenue Management and Demand Forecasting Solutions Across Food and Lodging Sectors
Global AI in Hospitality Market
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing AI in the hospitality market are:
• Technological advancement
• Increasing population
• Improving the customer experience
The following are the primary obstacles to AI in the hospitality market's expansion:
• High expenses for implementation
• Rising issues with information security and privacy
• Scarcity of employees with the necessary technical talents
Future expansion opportunities for AI in the hospitality market include:
• AI increases the hospitality industry's safety and security
• Increasing investment in research and development
• Increasingly incorporating AI into the Internet of Things devices
Market Analysis:
The rising demand for improved real-time guest experience management is a significant growth driver in the hospitality sector. The implementation of advanced technologies within the hotel industry is fostering economic growth and accelerating the adoption of artificial intelligence (AI) solutions. Moreover, AI contributes substantially to enhancing safety by facilitating sophisticated monitoring systems and anomaly detection mechanisms, which safeguard both guests and staff. The ongoing focus on optimizing operational efficiency further propels the integration of AI, establishing it as a strategic asset for elevating service quality and overall organizational performance.
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List of Prominent Players in the AI in Hospitality Market:
• IBM
• KLM Airlines
• Lola
• Altexsoft
• Hilton
• Infosys
• Cvent
• Amadeus IT
• Lemax
• Sabre Corporation
• Tramada System
• mTrip
• CRS Technologies
• Qtech Software
• Navitaire
Recent Developments:
• In January 2024, Boehringer Ingelheim and IBM announced a partnership that would allow Boehringer to tap into IBM's foundation model technology in their search for new antibody candidates to improve treatment efficacy.
• In February 2024, AltexSoft, a consultancy business specializing in travel and hospitality technology, built an engineering platform for booking vacations. By pooling their resources, the two companies developed a consolidated booking platform that streamlines the discovery and purchase of vacation packages to hundreds of millions of destinations.
• In February 2024, Infosys, a world-renowned provider of digital services and consultancy, partnered with Table Tennis Victoria to establish Infosys Springboard, an initiative that will support the development of future sports leaders.
Market Dynamics
Market Drivers:
The increasing adoption of artificial intelligence (AI) within the hospitality industry is largely driven by the imperative to enhance customer engagement and deliver highly personalized services. AI empowers hospitality organizations to analyze extensive datasets, enabling the creation of customized guest experiences through targeted recommendations and streamlined communication with service teams. The convergence of AI with Internet of Things (IoT) and other smart technologies facilitates the establishment of intelligent environments that dynamically respond to guest preferences and operational requirements. Additionally, AI enhances revenue management and demand forecasting capabilities, resulting in optimized inventory control and pricing strategies, thereby contributing to improved profitability. Collectively, these factors are significantly accelerating the integration of AI across the hospitality sector.
Challenges:
The considerable costs associated with the deployment of AI technologies pose a notable obstacle to market growth. Significant initial expenditures related to software, hardware, and supporting infrastructure may discourage adoption, particularly among small and medium-sized enterprises. Furthermore, the scarcity of professionals possessing both AI expertise and a comprehensive understanding of the hospitality sector's unique demands limits the pace of implementation. The complexity and time required to integrate AI solutions within existing IT frameworks and software ecosystems further constrain market expansion.
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North America Anticipated to Experience the Highest CAGR During the Forecast Period
The North American artificial intelligence (AI) market in the hospitality sector is anticipated to capture a substantial revenue share and register a robust compound annual growth rate (CAGR) throughout the forecast period. This expansion is driven by the region's prominence in technological innovation and rapid adoption, alongside escalating consumer demand for efficient and personalized service delivery. Significant investments in smart infrastructure and an increased emphasis on data analytics are further propelling market growth. The deployment of AI to improve user interfaces and enhance customer experiences is expected to accelerate market progression. Moreover, the widespread adoption of advanced AI solutions by leading hotel operators in North America is reinforcing the region's strong growth trajectory.
Segmentation of AI in the Hospitality Market-
By Technology-
• Machine Learning
• Natural Language Processing
• Chatbots or Travel bots
• Blockchain
• Big Data
• Virtual Assistants
• Others
By Hospitality Type-
• Food & Beverage
• Lodging-Accommodation
• Others
By Application-
• Customer Purchases
• Travel Choices
• Restaurants
• Entertainment
• Journey Patterns & Itinerary
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
Read Overview Report- https://www.insightaceanalytic.com/report/global-ai-in-hospitality-market/1322
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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