Press release
AI in Hospitality Market Surges with 12.5% CAGR as Hotels and Restaurants Prioritize Guest Experience and Smart Operations
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 increasing emphasis on real-time guest experience optimization serves as a key driver of growth within the hospitality industry. The integration of advanced technologies, particularly artificial intelligence (AI), is fostering economic development and driving digital transformation across the hotel sector. AI plays a critical role in enhancing safety through the deployment of intelligent monitoring systems and anomaly detection capabilities, thereby ensuring the protection of both guests and personnel. Additionally, the sector's continued focus on operational efficiency is accelerating the adoption of AI, positioning it as a strategic enabler for improving service delivery 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 rising integration of artificial intelligence (AI) in the hospitality industry is primarily driven by the growing need to enhance customer engagement and provide highly personalized service offerings. AI enables hospitality enterprises to leverage vast volumes of data to generate tailored guest experiences, including personalized recommendations and efficient communication with service personnel. The convergence of AI with Internet of Things (IoT) technologies facilitates the creation of intelligent environments capable of adapting in real time to guest preferences and operational requirements. Moreover, AI-driven advancements in revenue management and demand forecasting enhance inventory optimization and pricing strategies, thereby supporting improved operational efficiency and profitability. These advantages are collectively accelerating AI adoption across the hospitality sector.
Challenges:
Despite its benefits, the high cost of implementing AI technologies remains a significant barrier to widespread adoption. Substantial upfront investments in software, hardware, and the necessary infrastructure can be prohibitive, especially for small and medium-sized enterprises. Additionally, the limited availability of professionals with expertise in both AI technologies and the specific operational needs of the hospitality industry hampers implementation efforts. The complexity involved in integrating AI solutions with existing information technology systems further adds to the challenges, potentially slowing the pace of market growth.
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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.
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InsightAce Analytic Pvt. Ltd.
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