The global Travel & Hospitality AI Market is estimated to surpass $11billion by 2024 growing at an estimated CAGR of more than 38% during 2018 to 2024 majorly driven by the efforts put to develop advanced technologies of artificial intelligence in hospitality and travel industries. Further, the growing emphasis towards applications such as airline ticket bookings, travel choices, restaurants, journey patterns and itinerary is also set to propel the market growth in the future.
What is Travel& Hospitality AI?
Artificial intelligence in hospitality and travel industry is useful in various travel services, tour operators, cruise lines, travel agencies, and internet vacation and reservation services, booking rooms in hotels, and restaurants. Artificial Intelligence has become more popular in travel and hospitality industry day by day.AI in travel industry helps in interacting with travelers before and after their trips by creating apps for ticket bookings purpose.
Today, all information regarding travelers is available on a website. By using this technology, travelers can plan where they want to go, weigh budgets, ticket bookings as well as cancellation their tickets online.
This report incorporates an in-depth assessment of Travel AI market by technology, forms, applications, end user industries and geography. The major types of Travel & Hospitality AI encompassed in the scope include various types of travel such as air travel, marine travel, rail and road travel; technologies such as machine learning, travel bots and so on.
What are the major applications for Travel & Hospitality AI?
The various end users assessed include tourism, transportation, aviation industries are among others. A broad range of Travel & Hospitality AI applications includes airlines and other ticket bookings, customer purchases, hotel inquiries, restaurants, better pricing & forecasting, virtual customer service, smart controls, payment methods and many others. The capital expenditure of major companies in the pursuit of Travel and Hospitality, AI has also escalated significantly since the last decade. Recently, KLM airlines which have its headquarters at the Netherlands have deployed AI to deal with social media inquiries. Lola, a travel company has also started using AI technology for hotel bookings, flight schedules and restaurant inquiries.
Market Research and Market Trends of Travel & Hospitality AI
- Adoption of AI technology in travel and hospitality industry can create an abundance of opportunities which improves the traveler experience. AI is used to simplify process of airlines ticket bookings, hotel room bookings, resolving complex travel decisions, shorten the buying process and provides a more comfortable offering.
- The travel and hospitality industry have been increasing in adopting new technologies such as with digital technology trends. Travelers have been more curious about adopting the technological changes to make travel easier, simpler and more enjoyable. This has been created opportunities in innovation of new business models and products such as Airbnb, Ola and Uber.
- In travel & hospitality, checking of documents such as travel documents is done in repeated manner in every stage of travel. By the new technology facial recognition, it helps travelers to move anywhere such as airports, boarding points (board aircrafts), without the uses of travel documents in each step or stage of checking. This can be done by using Blockchain technology. It becomes simpler for customers to visit hotels, general stores, restaurants, stores, access entertainment by facial scan with this technology.
- Machine learning technology has been rising rapidly in airports, airlines for generating new revenue opportunities in each stage of the traveler’s journey. This technology is also used in the sales process of seats, blankets, designer bags, rental cars.
- Nowadays airlines are using technologies machine learning and big data in constructing recommendation engines for creating and observing 360 degree view of passengers or customers behavior and also trying to improve customer loyalty.
- Artificial Intelligence in hospitality industry has been increasing in the recent years. IBM had introduced Connie, an AI robot which is used in hotels and resorts. These robots helps customers in simple tasks such as help desk, information regarding hotel rooms, restaurants and timings, hotel map and other related tasks. These have been created opportunities for the development of new startups of AI in travel & hospitality industries and became a major trend in the recent years.
Who are the Major Players in Travel& Hospitality AImarket?
The companies referred in the market research report include IBM (U.S.), KLM Airlines (Netherlands), Lola (U.S.), Altexsoft (U.S.), Hilton (U.S.) and so on.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
All our reports are customizable to your company needs to a certain extent, we do provide 20 free consulting hours along with purchase of each report, and this will allow you to request any additional data to customize the report to your needs.
Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
- Understand the different dynamics influencing the market – key driving factors, challenges and hidden opportunities.
- Get in-depth insights on your competitor performance – market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Analyze the sales and distribution channels across key geographies to improve top-line revenues.
- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.