AI in Travel and Hospitality Market Poised for Growth
Artificial Intelligence (AI) is developing, making it more attractive and reliable as a business solution. Businesses in the travel and hospitality sector are taking advantage of AI in order to perform a variety of administrative and customer service tasks. Majority of resorts and hotels rely heavily to provide excellent customer service build their reputation and AI technology can assist in a variety of different ways ranging from tailoring recommendations, improving personalization, and guaranteeing fast response times, even in the absence of executives or staff.
The travel and hospitality sector is adopting modern technology along with artificial intelligence (AI) and machine learning (MI) that is expected to boost the AI in Travel and Hospitality Market size over the forecasted timeframe. Artificial intelligence plays an important role in travel and hospitality management due to its ability to carry out human functions at any time of the day. This potentially means that hotel owners can eliminate human error, save money, and deliver superior service.
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Global AI in Travel and Hospitality Market: Dynamics
Global AI in Travel and Hospitality Market: Key Drivers
- Several smart technologies that includes facial recognition offer hassle-free check-ins at airports without any assessment of documentation by the customs department and immigration facility. These applications for facial recognition also provide visitors with digital privacy.
- The implementation of artificial intelligence and machine learning in the travel and hospitality sector has wide implications for enriching the end-user experience of guests and offers the option of dynamic pricing.
- As per the 2017 Air Transport Report by SITA, 52% of airlines and 45% of airports were planning to invest in large AI or ML based programs in the next 3 to 5 years.
- However, AI in the travel and hospitality market faces several restraints and challenges. The significant concern about the implementation of AI in some of the main fields, such as data security and safety issues. For instance, the use of Blockchain technologies in facial recognition application guarantees data security and data protection. However, several countries are still cautious about using the facial recognition technology due to data security and privacy concerns.
Impact of COVID-19 on the Global AI in Travel and Hospitality Market
- Covid-19 has had a big influence on the hospitality and travel industry. Lockdowns and travel bans are in place, enforced by several nations. Many corporate activities and vacation outings have had to be delayed or cancelled due to work uncertainties and business limitations.
- Many travel firms are facing a drastic drop in business. For instance, airlines slashed their schedule by around 50 percent (or more) and restaurants and hotels worldwide face occupancy drops of approximately 90 percent and are even ordered to close in some cases.
- Many competitions and sports activities have been suspended and postponed, including the Olympic Games, the UEFA EURO 2020, and the ITB Berlin.
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Asia Pacific to Account for Large Share of the Global AI in Travel and Hospitality Market
- In terms of region, the global AI in travel and hospitality market can be divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa.
- Geographically, the Asia Pacific region is projected to witness significant growth in the market over the coming years. The market growth can be attributed to various factors that include speedy infrastructure development across seaports, airports, hotels, railroads, highways, and others coupled with the combination of technologically advanced technologies such as Blockchain, Internet of things, and artificial intelligence.
- Europe is expected to hold a major share of the market owing to deployment of AI that eases the task of booking hotel rooms, booking tickets for flights, minimizing the purchase process, overcoming challenging travel choices, and providing a more comfortable experience.
Global AI in Travel and Hospitality Market: Competition Landscape
- Industry participants engaged in the market have been focusing on inorganic development strategies that involve collaboration, mergers, partnerships, and acquisition with smaller firms to enhance their service portfolios and gain a major share of the market. Moreover, players in the market are constantly engaged in research & development activities to develop new technologies that will fulfill the requirements of customers and retain their customer base.
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Key Players Operating in the Global AI in Travel and Hospitality Market Include:
- Amadeus IT
- mTrip
- Lemax
- CRS Technologies
- Navitaire
- Sabre Corporation
- Qtech Software
- Tramada Systems
- Travelport International
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