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Artificial Intelligence (AI) In Hospitality Market Trends That Will Shape the Next Decade: Insights from Advancements In AI And ML Technologies In Hospitality Industry
Artificial Intelligence (AI) In Hospitality
How Large Will the Artificial Intelligence (AI) In Hospitality Market Size By 2025?
The size of the artificial intelligence (AI) sector within the hospitality industry has seen a marked increase in recent times. The projections are that it will surge from $0.15 billion in 2024 to about $0.23 billion in 2025, translating to a compound annual growth rate (CAGR) of 56.1%. The impressive growth in the past period is linked to the rising demand for better customer experiences, the growing use of chatbots and virtual assistants, the opportunities presented by AI in the travel and hospitality sector, and the emergence of advanced analytics and AI-integrated robots that can handle various functions within the hospitality industry.
How Big Is the Artificial Intelligence (AI) In Hospitality Market Size Expected to Grow by 2029?
In the coming years, it's anticipated that the artificial intelligence (ai) in hospitality market will experience a surge, reaching "$1.44 billion in 2029, with a compound annual growth rate (CAGR) of 57.6%. The predicted progression is due to factors such as the application of generative AI for dynamic content generation, IoT, blockchain, cloud integration, enhanced guest experience, and the increasing consumer demand. Key trends influencing this growth over the forecast period include significant market expansion, the utilization of groundbreaking technologies, an emphasis on customization and customer service, inherent challenges and worries, and an increased focus on optimizing operations.
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Which Key Market Drivers Powering Artificial Intelligence (AI) In Hospitality Market Expansion and Growth?
The anticipated growth of artificial intelligence (AI) in the hospitality market is projected to be stimulated by the intensifying digitalization trend within the industry. When we speak about Digitalization, it captures the holistic integration and utilization of digital technologies designed to transform and enhance several aspects of hospitality services. As more and more businesses in this sector harness the power of advanced technologies, there is an escalating demand for AI solutions to boost operations, improve efficiency, create personalized experiences for guests, and enrich decision-making using data-driven insights. As per recent data shared by the Boston Consulting Group Inc., a management consulting firm based in the US, almost fifty percent of travel and tourism firms have effectively embraced digital transformations. This figure is 25% more than the average in other industries. As a result, this surge in digitalization within the hospitality industry is bound to fuel the growth of artificial intelligence (AI) in the market.
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What Long-Term Trends Will Define the Future of the Artificial Intelligence (AI) In Hospitality Market?
Prominent companies in the hospitality industry utilizing artificial intelligence (AI) are inventing advanced methodologies for hotels and resorts, like AI and ML platforms, to enhance customer services through inventive features. These platforms for hotels and resorts utilize sophisticated algorithms to streamline operations, improve guest experiences, and strategically optimize decisions through data-driven insights. For example, in March 2022, an AI and ML-based version of RevSeed named RevSeed 2.0 was introduced by Revnomix Hotel Data, a company based in India specializing in hotel revenue management. It aims to offer real-time market and demand analyses, assist in making strategic pricing decisions for hotel rooms and services, and propose revenue management strategies such as volume, rate, and market-linked strategies among others.
What Are the Emerging Segments in the Artificial Intelligence (AI) In Hospitality Market?
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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Who Are the Global Leaders in the Artificial Intelligence (AI) In Hospitality Market?
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
Which are the Top Profitable Regional Markets for the Artificial Intelligence (AI) In Hospitality Industry?
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.
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