The AI in Hospitality Market was expected to be worth USD 90 million in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 60% to reach a value of USD 8,120 million by 2033. The use of artificial intelligence (AI) technology in a variety of hotel and hospitality-related contexts is referred to as “AI in hotel and hospitality.”
Additionally, AI is expediting the check-in and check-out procedures. Refined lodging establishments are introducing contactless technologies that let visitors utilize their cellphones for anything from purchasing room service to opening their rooms. Even frictionless access is being implemented with facial recognition technologies and exit, enhancing security and convenience.AI chatbots can converse with visitors in a conversational fashion by utilizing machine learning and natural language processing. This ensures a high degree of comfort and service and drives the expansion of AI in the hotel industry.
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The need to maximize revenue in a market that is becoming more and more competitive is one of the main factors driving this demand. With dynamic pricing, hotels can instantly modify room rates in response to shifting market conditions. For example, hotels may boost their rates at peak demand times, such holidays, or important events, to capitalize on the increased willingness of passengers to pay more for lodging. On the other hand, dynamic pricing enables hotels to provide affordable rates during periods of low demand to draw in budget-conscious visitors.
AI In Hospitality Market Competitive Outlook
IBM Corporation, Microsoft Corporation, Amazon Web Services, Inc., Oracle Corporation, Google LLC, Intel Corporation, NVIDIA Corporation, Alibaba Group Holding Limited, Cisco Systems, Inc., HCL Technologies Limited, Amadeus IT Group SA, Infor, Inc., Salesforce.com, Inc., Huawei Technologies Co., Ltd., NEC Corporation.
AI In Hospitality Market Segmental Analysis
Country Scope
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria
By Hotel Type
Luxury Hotels and Resorts
Mid-scale and Budget Hotels
Boutique and Independent Hotels
Chain and Group Hotels
By Hotel Size
Small and Medium-sized Hotels
Large Hotels and Hotel Chains
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By Application
Guest Experience Enhancement
Operational Efficiency
Revenue Management
Safety and Security
Sustainability and Energy Management
By Services
Front-End Services
Back-End Services
Security and Safety Services
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