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Rising Global Tourism Fuels Growth in AI-Driven Travel Market: An Emerging Driver Transforming The Artificial Intelligence (AI) In Travel Market Landscape
Artificial Intelligence (AI) In Travel
What Is the Projected Growth of the Artificial Intelligence (AI) In Travel Market?
The artificial intelligence (AI) in travel market has seen exponential growth in recent years. It is expected to increase from $123.72 billion in 2024 to $165.93 billion in 2025 at a CAGR of 34.1%. This previous growth was influenced by the rise of digital transformation, increasing demand for personalized travel experiences, greater emphasis on operational efficiency, a stronger focus on security and safety, the proliferation of mobile and wearable technology, and an increased push for automation in customer service.
The artificial intelligence (AI) in the travel market is expected to witness substantial growth in the coming years. By 2029, it is projected to reach $531.95 billion, growing at a CAGR of 33.8%. The key drivers of growth include the rising demand for personalized travel experiences, the increasing adoption of contactless technologies, a growing need for enhanced security and safety protocols, the expansion of smart infrastructure in travel hubs, and the widespread use of AI-powered analytics for operational efficiency. Major trends in this period will encompass AI-driven personalization, the adoption of autonomous vehicles and AI-powered robotics, the expansion of AI-based chatbots and virtual assistants, AI-powered predictive analytics, and advancements in contactless technology.
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What Are the Different Artificial Intelligence (AI) In Travel Market Segments?
The artificial intelligence (AI) in travel market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment mode: On-Premises, Cloud-Based
3) By Application: Customer Service, Booking And Reservations, Travel Planning And Personalization, marketing And Advertising, Operations Management, Security And Fraud Detection
Subsegments:
1) By Software: AI-powered Travel Booking Platforms, Chatbots and Virtual Assistants, Personalization and Recommendation Engines, Revenue Management Software, Customer Relationship Management (CRM) Tools
2) By Services: Consulting Services, Implementation and Integration Services, Data Analytics and Insights Services, Training and Support Services, Digital marketing Services
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What Are the Primary Drivers Shaping the Artificial Intelligence (AI) In Travel Market?
The growth of global tourism is anticipated to drive the expansion of the artificial intelligence (AI) in travel market. Global tourism involves individuals traveling internationally for leisure, business, or other purposes, promoting cultural exchange, economic growth, and global connections. The growth in global tourism is fueled by rising disposable incomes, easier access to international travel, a heightened interest in exploring new destinations, and advancements in travel technology. AI in travel enhances the tourism experience by offering personalized recommendations, automating bookings, and improving customer service, which boosts overall traveler satisfaction and operational efficiency. For example, in 2024, according to the World Travel and Tourism Council, a UK-based travel organization, the travel and tourism industry contributed 9.1% to global GDP in 2023, reflecting a 23.2% increase from 2022. As a result, the growth of global tourism is propelling the AI in travel market.
Which Companies Are Leading in the Artificial Intelligence (AI) In Travel Market?
Major companies operating in the artificial intelligence (AI) in travel market are International Business Machines Corporation, Expedia Group Inc., Priceline.com, Booking.com B.V., Airbnb Inc., Sabre Corporation, TripAdvisor Inc., Agoda Company Pte. Ltd., SAP Concur, Travelport Worldwide Ltd., Hotelbeds Group, Skyscanner Ltd., Trivago N.V., MakeMyTrip Limited, Fareportal, Kayak Software Corporation, Despegar.com Inc., Cendyn Group LLC, Hopper, Cleartrip Private Limited, Sojern Inc., OTA Insight Ltd., Adara Inc., Viator Inc., Duetto
What Are the Latest Developing Trends in the Artificial Intelligence (AI) In Travel Market?
Companies in the AI in travel market are working on technological advancements to enhance customer experiences by offering personalized travel recommendations, optimizing itineraries, and providing real-time assistance. AI in personalized travel analyzes user data and preferences to customize travel experiences, suggesting destinations, accommodations, and activities based on individual needs and past behaviors. For example, in May 2024, Expedia Group Inc., a US-based travel tech company, introduced Romie, an AI-powered travel assistant. Romie acts as a personal travel agent, assisting with planning, booking, and last-minute changes. It learns user preferences to deliver personalized recommendations and provides features like group chat planning, smart search, and itinerary building.
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What Are the Top Revenue-Generating Geographies in the Artificial Intelligence (AI) In Travel Market?
North America was the largest region in the artificial intelligence (AI) in travel market in 2024. The regions covered in the artificial intelligence (AI) in travel 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 Travel Market?
2. What is the CAGR expected in the Artificial Intelligence (AI) In Travel Market?
3. What Are the Key Innovations Transforming the Artificial Intelligence (AI) In Travel Industry?
4. Which Region Is Leading the Artificial Intelligence (AI) In Travel Market?
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