Virtual Reality Creating Opportunities in Travel, Tourism & Hospitality Sectors Are Driving the Growth of Travel and Hospitality AI Market
Hyderabad, India - July 22, 2021 /MarketersMedia/ —
The Travel and Hospitality AI Market is estimated to surpass $1.2 billion mark by 2026 growing at an estimated CAGR of more than 9.7% during the forecast period 2021 to 2026. Most hotels and resorts rely heavily on delivering excellent customer service to build their reputation and AI technology can assist with this in a wide variety of different ways ranging from improving personalisation, tailoring recommendations and guaranteeing fast response times, even in the absence of staff.
The turmoil in Corona (COVID-19) has had a big influence on the hospitality and travel industry. (Partial) lockdowns and travel bans have been placed in effect by several nations. Many competitions have been postponed, including the UEFA EURO 2020, the Olympic Games and the ITB Berlin, the world's biggest travel trade show. A large amount of corporate activities and vacation outings have had to be delayed or cancelled due to work uncertainties and business limitations.
Travel and Hospitality AI Market Segment Analysis - By Type
Transportation segment held the highest market share in 2020 and it is anticipated to witness significant market growth during the forecast period 2021-2026 with a CAGR of 9.15%. The transportation industry is becoming leaner, quicker, tech-enabled, and data-driven. Leveraging AI in transportation helps the sector increase passenger safety, reduce traffic congestion and accidents, lessen carbon emissions, and also minimize the overall financial expenses. The capacity for artificial intelligence to perform tasks that have traditionally required human cognitive function has made it especially useful for those in the travel industry, because deploying AI can save businesses time and money, while potentially eliminating human error and allowing tasks to be performed quickly, at any time of the day.
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Travel and Hospitality AI Market Segment Analysis - By Solution Type
Latest surveys estimate that "Smart Hospitality" is projected to rise by more than 25% by 2021. Robots delight consumers by offering unexpected services, keeping customers involved on an ongoing basis, generating a fresh and exciting environment in the minds of customers. Robots in the hotels offer assistance to clients by leading them to their hotel rooms, delivering their baggage to their rooms, maintaining housekeeping facilities, serving food & snacks. Thus, Robotics continually improve Customer loyalty & Customer experience by delivering innovative services and offer assistance in hospitality facilities. With a growth in the number of travellers, it is important for service providers to distinguish themselves from overly customised offerings while keeping visitors' tastes in mind.
Travel and Hospitality AI Market Segment Analysis - By Geography
Geographically, APAC region is anticipated to witness the most significant market growth during the forecast period 2021-2026 with a CAGR of 9.89%. This market growth is attributed to various factors including rapid infrastructure development across airports, seaports, railroads, hotels, highways, and others coupled with incorporation of advanced technologies such as Artificial Intelligence, Internet of things, Block-chain and others.
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Travel and Hospitality AI Market Drivers
Facial Recognition regulating Travel Facilities
Technologies including facial recognition offer hassle-free check-ins at airports and all other stations without any review of documentation by the immigration service, customs department, and so on. This app for facial recognition not only offers hassle-free check-ins but also provides visitors with digital privacy and enforcement through the use of blockchain technology. The travel process for clients supported by these technology leverages a positive impact on market growth. Not only are airlines improving customer service with self-service capabilities.
Virtual reality creating opportunities in travel, tourism & hospitality sectors
There is a substantial difference between the consumers' perceptions of the service and the current service offered by the service providers. Customers at a distance appear to be oblivious of the tourist locations and the travel experience of that destination. Customers would like to observe the journey & discovery of the tourist destinations before heading to the tourist spots. This is accomplished by looking for useful information on the Internet in the form of consumer feedback, among others. Technology of Virtual Reality (VR) produces a simulated world that gives a virtual reality experience. In the interactive realm of 3D, the client encounters the environment to a great degree. The key limitations between the client and the service provider are solved by this technology.
Travel and Hospitality AI Market Challenges
Data Safety and Security Issues
This significant concern about the implementation of AI in some of the main fields, such as financial management and security apparatus, is a continuing problem. For instance, the use of Blockchain technologies in facial recognition applications guarantees data protection and security. Some countries are still hesitant to use facial recognition technology due to privacy and data security concerns.
Travel and Hospitality AI Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Travel and Hospitality AI Market. Amadeus IT, mTrip, Lemax, CRS Technologies, Navitaire, Sabre Corp., Qtech Software, Tramada Systems, Travelport International and others are considered to be the key players of the Travel and Hospitality AI Market.
Acquisitions/Technology Launches/Partnerships
In July 2019, Ford Motor Company and Volkswagen AG revealed that through a strategic partnership with Argo AI, they are collaborating on autonomous vehicle technologies in the U.S. and Europe in a synergistic effort to stay successful in the evolving transportation environment.
In January 2018, credit card giant American Express acquired travel-oriented chatbot provider Mezi and folds it into its patented card-holders travel tool AskAmex.
Key Takeaways
As a direct result of Covid-19, enterprises are advancing their plans to digitize and automate parts of their business not just to achieve better operational efficiencies, but to protect themselves from disruptions. This has been particularly prevalent in the travel sector.
Latest surveys estimate that "Smart Hospitality" is projected to rise by more than 25% by 2021. Robots delight consumers by offering unexpected services, keeping customers involved on an ongoing basis, generating a fresh and exciting environment in the minds of customers.
This significant concern about the implementation of AI in some of the main fields, such as financial management and security apparatus, is a continuing problem.
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Source: MarketersMedia
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