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AI in Hospitality Market Exclusive Report on Current Trends and Future Insights
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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 demand for better real-time guest experience management has skyrocketed, driving industry growth. Employing state-of-the-art technologies in the hotel industry is driving economic expansion, consequently bolstering the expansion of AI in the hospitality sector. In addition, AI helps make the hospitality industry safer by improving security measures like advanced monitoring systems and anomaly detection, making it easier to keep guests and employees safe. Efficiency improvement in hospitality is an element propelling the industry forward.
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
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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.
AI in Hospitality Market Dynamics:
Market Drivers: Improved Interactions with Customers
Hospitality businesses increasingly use artificial intelligence to provide more efficient and tailored customer services. It is a major driver of market growth due to AI in hospitality analyzing massive amounts of data; AI allows for creating personalized experiences for guests, such as individualized suggestions and frictionless interactions with service team members.
Challenges: Expensive Price of AI Equipment
Huge initial software, hardware, and infrastructure expenditures can be required to implement AI technologies in hospitality. There is a risk that these prices will prevent small and medium-sized businesses in the hotel industry from implementing AI technologies and slow down the market expansion.
North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North American AI in the hospitality market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. AI is being increasingly used in the hotel industry because of several factors, including the industry's leading position in technological adoption and innovation, customers' high standards for efficient and customized services, the heavy investment in smart infrastructure, and the increasing emphasis on data analytics are all factors contribute the market growth.
The application of AI to improve the user interface and experience will help the market expand. Also, the market for North American AI-based hospitality management is expanding due to the increasing use of cutting-edge technology by significant hotel operators in this region.
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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
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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 a 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.https://www.insightaceanalytic.com/images_data/148861653.
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