Adoption of Advanced Technologies Creates Attractive Opportunities in AI in Travel and Hospitality Market
Businesses operating in the hospitality and tourism industries, as well as those operating in the information technology and telecommunications industries, stand to benefit enormously from the integration of artificial intelligence (AI) technologies. The capability of AI technology-assisted tools to carry out human functions regardless of the timing can assist businesses such as restaurants, resorts, and hotels in optimising their business expenditures and providing around-the-clock service for their customers. Players in the global market for AI in travel and hospitality are developing and designing products and services that can improve travellers’ experiences while travelling and on vacation, as well as provide them with deals on prices that are both dynamic and attractive. Opportunities that are lucrative for market participants have been created as a result of the adoption of cutting-edge technologies in airports for use by the customs and immigration departments, such as facial and biometric recognition. However, significant worries about the privacy of users’ data and the safety of their digital information have the potential to impede market growth in the years to come. Integration of cutting-edge and hassle-free financial technologies can also provide customers and businesses with interesting solutions for a variety of travel-related issues.
Both professional or business travel and leisure travel can benefit from utilising the services offered by the growing market for AI in travel and hospitality around the world. Machine learning, chat bots (also known as travel bots), big data, in-person customer service, natural language processing (also known as NLP), blockchain, data analysis, and virtual assistants are some of the service categories that are subdivided within the global market for AI in the travel and hospitality industry based on technology. Marine travel, road travel, air travel, and rail travel are the types of travel that are targeted by the companies that are competing in the global market for AI in travel and hospitality. Travel applications and hospitality applications are the two application domains that fall under the purview of the global market for AI software used in the travel and hospitality industries.
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The travel industry, the shipping industry, the transportation industry, the building industry, the logistics industry, the aviation industry, the entertainment industry, and the hospitality industry are all end-use industries that stand to benefit from the services provided by the global AI in travel and hospitality market. The pandemic caused by COVID-19 had a significant effect on the market for AI technology used in travel and hospitality around the world. Many towns, cities, and attractions that drew tourists from all over the world were forced to close down as a result of social norms that encouraged people to keep their distance from one another and travel restrictions. This caused a slowdown in the business traction in the tourism industry, which directly impacted the players in the global AI market for travel and hospitality.
Artificial intelligence is anticipated to experience significant growth in the travel and hospitality market in Asia Pacific.
The North American market, the South American market, the Asia Pacific market, the European market, and the Middle Eastern and African market are the key operational regions in the global market for AI in travel and hospitality. Due to the rapid development of tourism and hospitality related infrastructure in the Asia Pacific region, including seaports, rail roads, hotels, highways, and airports in the region, it is anticipated that the global market for AI in travel and hospitality will experience significant growth in the coming years. This growth will be driven by Asia Pacific. Integration of increasingly advanced computational technologies, such as blockchain, artificial intelligence aided software tools, and internet of things or IoT, is a further essential factor driving the expanding Asia Pacific global AI in travel and hospitality market. This market is expected to reach a value of over $1 billion by 2025. Europe is another region that is expected to see growth in the global AI in travel and hospitality market in the coming years. This is due to the deployment of AI tools that assist travellers in various laborious tasks such as booking flight tickets, optimising challenging travelling choices, booking hotel rooms, obtaining a comfortable travelling experience, and enhancing and simplifying the purchasing processes.
Players in the Artificial Intelligence Market for Travel and Hospitality Are Concentrating on Growing Their Customer Base
mTrip, CRS Technologies, Sabre Corporation, Tramada Systems, Amadeus IT, Lemax, Navitaire, Travelport International, and Qtech Software are examples of some of the most well-known companies currently active in the global market for AI applications in the travel and hospitality industry. Mergers and acquisitions, strategic partnerships, and collaborations are all examples of inorganic growth strategies that have been implemented by players in the global market for AI in travel and hospitality. Large players in the market are concentrating their efforts on partnering with or acquiring smaller businesses in order to improve the quality of the services they provide and develop innovative technologies that can successfully attract a larger customer base.