Global AI In Hospitality And Tourism Market Size, Share, And Growth Analysis For 2024-2033

AI In Hospitality And tourism Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON , UNITED KINGDOM, September 17, 2024 /EINPresswire / -- The AI in hospitality and tourism market has experienced robust growth in recent years, expanding from $12.06 billion in 2023 to $15.69 billion in 2024 at a compound annual growth rate (CAGR) of 30.1%. The growth in the historic period can be attributed to customer service automation, personalization, revenue management, operational efficiency, and predictive analytics.

What Is The Estimated Market Size Of The Global AI In Hospitality And Tourism Market And Its Annual Growth Rate?
The AI in hospitality and tourism market is projected to continue its strong growth, reaching $45.06 billion in 2028 at a compound annual growth rate (CAGR) of 30.2%. The growth in the forecast period can be attributed to enhanced customer experience, operational efficiency, data analytics and insights, smart recommendations and chatbots, and virtual assistants.

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Growth Driver Of The AI In Hospitality And Tourism Market
The growing tourism industry is expected to propel the growth of AI in hospitality and tourism market going forward. The tourism industry encompasses the activities and services related to the travel of individuals to destinations outside their usual environment for leisure, business, or other purposes. The tourism industry is expanding due to increased global mobility, rising disposable incomes, and the growing desire for unique travel experiences. AI in the tourism industry enhances customer service, streamlines operations, and personalizes travel experiences through advanced technologies such as chatbots, predictive analytics, and recommendation systems.

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Which Market Players Are Driving The AI In Hospitality And Tourism Market Growth?
Key players in the AI in hospitality and tourism market include Google LLC, Microsoft Corporation, Accenture PLC, International Business Machines Corporation, Oracle Corporation, Salesforce com Inc., Tata Consultancy Services Limited (TCS), Capgemini SE, Infosys Limited, Adobe Inc., Booking Holdings Inc., HCL Technologies Limited, Expedia Group Inc., Wipro Limited, Amadeus IT Group, Sabre Corporation, Concur Technologies (SAP Concur), Travelport Worldwide Limited, Cvent Inc., Trivago N.V., Skyscanner Ltd., Mews Systems, Hopper Inc., Kayak Software Corporation, RateGain Technologies, Revinate Inc., Hotelogix.

What Are The Emerging Trends Shaping The AI In Hospitality And Tourism Market Size?
Major companies operating in AI in hospitality and tourism market are increasing their focus on developing advanced solutions, such as generative AI features, to enhance customer service in the hospitality sector. Generative AI refers to artificial intelligence systems designed to generate new content, such as text, images, music, or even code, that mimics human-like creativity and intelligence.

How Is The Global AI In Hospitality And Tourism Market Segmented?
1) By Type: Natural Language Processing (NLP) Applications, Machine Learning Algorithms, Computer Vision And Image Recognition, Chatbots And Virtual Assistants, Recommendation Systems, Sentiment Analysis
2) By Application: Customer Service And Support, Personalized Marketing And Advertising, Hotel And Room Booking Systems, Virtual Concierge Services, Smart Guest Room Automation, Data Analytics And Business Intelligence, Revenue Management And Pricing Optimization
3) By End-User: Hotels And Resorts, Airlines And Airports, Travel Agencies And Tour Operators, Restaurants And Food Service Providers, Cruise Lines And Maritime Tourism, Online Travel Platforms And Booking Websites

Geographical Insights: North America Leading The AI In Hospitality And Tourism Market
North America was the largest region in the AI in hospitality and tourism market in 2023. The regions covered in the AI in hospitality and tourism market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

AI In Hospitality And Tourism Market Definition
Artificial intelligence (AI) in hospitality and tourism involves using artificial intelligence technologies to enhance customer service, streamline operations, and provide personalized experiences. This includes applications such as chatbots for customer inquiries, predictive analytics for demand forecasting, and recommendation systems for personalized travel suggestions. These advancements improve efficiency, customer satisfaction, and operational effectiveness in the industry.

AI In Hospitality And Tourism Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global AI in hospitality and tourism market report covering trends, opportunities, strategies, and more
The AI In Hospitality And Tourism Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on AI in hospitality and tourism market size, AI in hospitality and tourism market drivers and trends, AI in hospitality and tourism market major players, AI in hospitality and tourism competitors' revenues, AI in hospitality and tourism market positioning, and AI in hospitality and tourism market growth across geographies. The AI in hospitality and tourism market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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