Market Overview:
The global AI in travel and hospitality market is expected to grow at a CAGR of over 28% during the forecast period from 2018 to 2030. The growth of the market can be attributed to the increasing adoption of AI-based technologies by travel and hospitality companies for various purposes such as marketing, customer service, and operations. In addition, the growing demand for personalized services is also propelling the growth of this market. The global AI in travel and hospitality market can be segmented on the basis of type into machine learning, natural language processing (NLP), chatbots or travel bots, and blockchain. Among these segments, machine learning is expected to witness highest growth during the forecast period owing to its ability to enable organizations make better decisions by understanding data patterns. On the basis of application, this market can be segmented into hospitality applications and travel applications. Hospitality applications are further sub-segmented into reservation management system (RMS), customer relationship management (CRM), marketing & sales automation tools, business intelligence & analytics tools; while Travel Applications are sub-segmented into online booking engines/travel portals/aggregators/meta search engines; airport check-in kiosks; departure control systems (DCS); baggage handling systems; car rental solutions; hotel property management systems (PMS) among others).
Product Definition:
Artificial intelligence is a process of programming computers to make decisions for themselves. AI has already been implemented in many industries, including travel and hospitality. One of the most important uses for AI in these industries is its ability to predict customer behavior. With this information, businesses can make strategic decisions about pricing, promotions, and product development. Additionally, AI can be used to improve the customer experience by automating tasks such as hotel check-in and room service orders.
Machine Learning:
Machine learning is a subset of artificial intelligence. It allows the software to automatically learn and improve from experience without explicitly being programmed. In other words, it enables the system to develop its own rules, based on analysis and statistics of previous data sets. The technology has applications in various industry verticals including travel & hospitality, healthcare & life sciences, BFSI among others.
Natural Language Processing:
Natural language processing (NLP) is the study of computer programs that can recognize and process the flow of natural speech. It enables a computer to understand what a person is saying without being explicitly programmed to do so. NLP has applications in various industries such as healthcare, education, finance, marketing & advertising and also plays an important role in Artificial Intelligence (AI). Natural Language Processing helps AI systems understand human language better; it also helps machines translate from one language to another.
Application Insights:
The travel applications segment dominated the market in 2017 and is expected to continue its dominance over the forecast period. The growth of this segment can be attributed to increasing consumer preference for personalized services, which are offered through chatbots or travel bots. Moreover, companies such as Expedia Inc. and Booking Holdings PLC have been focusing on deploying AI-enabled chatbot for their customer service operations, which has propelled demand over the recent years.
The hospitality applications segment is expected to witness considerable growth during the forecast period owing to rising adoption of AI solutions by hotels and hospitality chains across various industries worldwide. For instance, Hyatt Hotels Corporation announced in January 2018 that it will deploy a new system by IBM that uses Watson AIOps technology along with Microsoft Azure cloud platform for improving customer experience at Hyatt hotels globally. Such initiatives are further anticipated to drive demand from 2018 to 2030 ¢â‚¬Å“ Hilton Hotels & Resorts Worldwide Inc.
Regional Analysis:
The North American regional market accounted for the largest share in 2017 and is expected to maintain its lead over the forecast period. The growth can be attributed to increasing investments in R&D, growing adoption of advanced technologies across various sectors, and high demand for personalized services from consumers. Moreover, rising number of startups offering AI-based services has contributed to regional market growth. For instance, OpenTable Inc., a U.S.-based startup that provides booking engine based on artificial intelligence technology was acquired by Priceline Group Inc., a U.S.
Growth Factors:
- Increasing demand for personalized travel experiences: As customers become more discerning and demanding, businesses in the travel and hospitality industry are under pressure to provide more customized services. AI can help by automating processes such as customer profiling and providing recommendations for activities, restaurants, etc.
- Improved decision-making: AI can help make better decisions by analyzing large amounts of data quickly and accurately. This is especially important in the travel and hospitality industry where split-second decisions can mean the difference between a successful or failed venture.
- Greater efficiency and cost savings: By automating routine tasks such as reservations handling, check-in/check-out, customer service inquiries, etc., AI can help businesses save time and money while improving customer satisfaction levels at the same time.
Scope Of The Report
Report Attributes
Report Details
Report Title
AI in Travel and Hospitality Market Research Report
By Type
Machine Learning, Natural Language Processing, Chatbots or Travel Bots, Blockchain
By Application
Hospitality Applications, Travel Applications
By Companies
Amadeus IT, mTrip, Lemax, CRS Technologies, Navitaire, Sabre Corporation, Qtech Software, Tramada Systems, Travelport International
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
166
Number of Tables & Figures
117
Customization Available
Yes, the report can be customized as per your need.
Global AI in Travel and Hospitality Market Report Segments:
The global AI in Travel and Hospitality market is segmented on the basis of:
Types
Machine Learning, Natural Language Processing, Chatbots or Travel Bots, Blockchain
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Hospitality Applications, Travel Applications
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Amadeus IT
- mTrip
- Lemax
- CRS Technologies
- Navitaire
- Sabre Corporation
- Qtech Software
- Tramada Systems
- Travelport International
Highlights of The AI in Travel and Hospitality Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Machine Learning
- Natural Language Processing
- Chatbots or Travel Bots
- Blockchain
- By Application:
- Hospitality Applications
- Travel Applications
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the AI in Travel and Hospitality Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
AI in travel and hospitality is the use of artificial intelligence to make decisions for a customer, such as recommending restaurants or hotels.
Some of the key players operating in the ai in travel and hospitality market are Amadeus IT, mTrip, Lemax, CRS Technologies, Navitaire, Sabre Corporation, Qtech Software, Tramada Systems, Travelport International.
The ai in travel and hospitality market is expected to grow at a compound annual growth rate of 28%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 AI in Travel and Hospitality Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 AI in Travel and Hospitality Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 AI in Travel and Hospitality Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the AI in Travel and Hospitality Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global AI in Travel and Hospitality Market Size & Forecast, 2020-2028
4.5.1 AI in Travel and Hospitality Market Size and Y-o-Y Growth
4.5.2 AI in Travel and Hospitality Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Machine Learning
5.2.2 Natural Language Processing
5.2.3 Chatbots or Travel Bots
5.2.4 Blockchain
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Hospitality Applications
6.2.2 Travel Applications
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global AI in Travel and Hospitality Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 AI in Travel and Hospitality Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Machine Learning
9.6.2 Natural Language Processing
9.6.3 Chatbots or Travel Bots
9.6.4 Blockchain
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Hospitality Applications
9.10.2 Travel Applications
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Machine Learning
10.6.2 Natural Language Processing
10.6.3 Chatbots or Travel Bots
10.6.4 Blockchain
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Hospitality Applications
10.10.2 Travel Applications
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Machine Learning
11.6.2 Natural Language Processing
11.6.3 Chatbots or Travel Bots
11.6.4 Blockchain
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Hospitality Applications
11.10.2 Travel Applications
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Machine Learning
12.6.2 Natural Language Processing
12.6.3 Chatbots or Travel Bots
12.6.4 Blockchain
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Hospitality Applications
12.10.2 Travel Applications
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Machine Learning
13.6.2 Natural Language Processing
13.6.3 Chatbots or Travel Bots
13.6.4 Blockchain
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Hospitality Applications
13.10.2 Travel Applications
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 AI in Travel and Hospitality Market: Competitive Dashboard
14.2 Global AI in Travel and Hospitality Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Amadeus IT
14.3.2 mTrip
14.3.3 Lemax
14.3.4 CRS Technologies
14.3.5 Navitaire
14.3.6 Sabre Corporation
14.3.7 Qtech Software
14.3.8 Tramada Systems
14.3.9 Travelport International
