Comprehensive Artificial Intelligence (AI) In Hospitality Market Analysis 2024: Size, Share, And Key Trends
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The artificial intelligence (AI) market size has grown exponentially in recent years. It will grow from $0.09 billion in 2023 to $0.15 billion in 2024 at a compound annual growth rate (CAGR) of 58.6%. The growth in the historic period can be attributed to increasing demand for enhanced customer experience, growing adoption of chatbots and virtual assistants, potential of AI in travel and hospitality, advanced analytics and ai-enabled robots could tackle many on-property functions in the hospitality industry.
The artificial intelligence (AI) market size is expected to see exponential growth in the next few years. It will grow to $0.92 billion in 2028 at a compound annual growth rate (CAGR) of 57.5%. The growth in the forecast period can be attributed to generative AI for dynamic content generation, IoT, blockchain, and cloud integration, guest experience enhancement, and rising consumer demand. Major trends in the forecast period include significant market growth, adoption of advanced technologies, focus on personalization and customer service, challenges and concerns, and optimization of operations.
The rising digitalization in the hospitality industry is expected to propel the growth of the artificial intelligence (AI) in hospitality market going forward. Digitalization in the hospitality industry refers to the comprehensive integration and utilization of digital technologies and solutions to transform and enhance various aspects of hospitality services. As businesses within the sector increasingly leverage advanced technologies, there is a growing demand for AI solutions to further enhance and optimize operations, improve operational efficiency, personalize guest experiences, and enhance decision-making through data-driven insights.
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What Are The Key Trends That Influence Artificial Intelligence (AI) In Hospitality Market Share Analysis?
Major companies operating in artificial intelligence (AI) in the hospitality market are developing advanced technologies for hotels and resorts, such as AI and ML platforms, to better serve customers with advanced features. An AI and ML platform for hotels and resorts leverages advanced algorithms to streamline operations, enhance guest experiences, and optimize decision-making processes through data-driven insights.
Which Market Players Are Driving Growth In The Artificial Intelligence (AI) In Hospitality Market?
Major companies operating in the artificial intelligence (AI) in hospitality market are Google LLC, Alibaba Group Holding Limited, Huawei Technologies Co. Ltd., Amazon Web Services Inc., Intel Corporation, International Business Machines (IBM) Corporation, Cisco Systems Inc., Microsoft Corporation, Oracle Corporation, NVIDIA Corporation, Salesforce Inc, NEC Corporation, Infosys Limited, HCL Technologies Limited, KLM Royal Dutch Airlines, AltexSoft Inc, Hilton Worldwide Holdings Inc, Amadeus IT, Sabre Corporation, CRS Technology, Cvent Holding Corp, Navitaire, Lemax, Tramada System, Lola, mTrip, Qtech Software, Infor Inc
How Is The Global Artificial Intelligence (AI) In Hospitality Market Segmented?
1) By Technology: Machine Learning; Natural Language Processing; Chatbots Or Travel Bots; Blockchain; Big Data; Other Technologies
2) By Hospitality Type: Food And Beverage; Lodging Or Accommodation; Other Hospitality Type
3) By Application: Customer Purchases; Travel Choices; Restaurants; Entertainment; Journey Patterns And Itinerary; Other Applications
Read The Full Artificial Intelligence (AI) In Hospitality Market Report Here
The Artificial Intelligence (AI) In Hospitality Global Market Report 2024 provides an overview of the artificial intelligence (AI) in hospitalitymarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The artificial intelligence (AI) in hospitality market forecast analyzes artificial intelligence (AI) in hospitality market size, artificial intelligence (AI) in hospitality market share, leading competitor and their market positions.
The Table Of Content For The Artificial Intelligence (AI) In Hospitality Market Include
1. Artificial Intelligence (AI) In Hospitality Market Executive Summary
2. Artificial Intelligence (AI) In Hospitality Market Segments
3. Artificial Intelligence (AI) In Hospitality Market Size And Template Market Growth Rate
4. Key Artificial Intelligence (AI) In Hospitality Market Trends
5. Major Artificial Intelligence (AI) In Hospitality Market Drivers
……
25. Key Mergers And Acquisitions In The Artificial Intelligence (AI) In Hospitality Market
26. Top Artificial Intelligence (AI) In Hospitality Companies
27. Artificial Intelligence (AI) In Hospitality Market Opportunities And Strategies
28. Artificial Intelligence (AI) In Hospitality Market, Conclusions And Recommendations
29. Appendix
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