The generative ai in hospitality global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Generative AI in Hospitality Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The generative AI in hospitality market size has grown exponentially in recent years. It will grow from $16.98 billion in 2023 to $24.08 billion in 2024 at a compound annual growth rate (CAGR) of 41.8%. The growth in the historic period can be attributed to increased demand for personalized guest experiences, growth in data availability and analytics capabilities, the need for operational efficiency and cost reduction, a rise in customer expectations for automation, and improvements in machine learning algorithms.
The generative AI in hospitality market size is expected to see exponential growth in the next few years. It will grow to $97.69 billion in 2028 at a compound annual growth rate (CAGR) of 41.9%. The growth in the forecast period can be attributed to the growth of smart technology infrastructure, enhanced integration capabilities with existing systems, rising consumer preference for contactless services, the expanding use of AI in guest personalization, and the expansion of global travel and tourism markets. Major trends in the forecast period include the growth of AI-driven dynamic pricing models, the expansion of virtual and augmented reality experiences, the development of more sophisticated AI-powered chatbots, the rise in AI-based predictive analytics for guest behavior, and the integration of AI with Internet of Things (IoT) devices.
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Scope Of Generative AI in Hospitality Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative AI in Hospitality Market Overview
Market Drivers –
The growing tourism sector is expected to propel the growth of generative AI in hospitality market going forward. The tourism sector is increasing due to rising disposable incomes, improved travel infrastructure, growing global connectivity, and increased consumer desire for new experiences and destinations. generative artificial intelligence (AI) enhances the tourism sector by personalizing guest experiences, optimizing service delivery, and streamlining operations to meet growing consumer demands. For instance, in May 2024, according to the Office for National Statistics, a UK-based national statistical institute, the UK saw a rise in overseas visitors, with 38.0 million trips compared in 2023 to 31.2 million in 2022. These visitors spent $39.74 billion (£31.1 billion), an increase of $5.91 billion (£4.6 billion) from the previous year. Conversely, UK residents took 86.2 million trips abroad, up from 71.0 million in 2022, and spent $93.07 billion (£72.4 billion) and $17.87 billion (£13.9 billion) more than the previous year. Therefore, the growing tourism sector is driving the growth of the generative AI in hospitality market.
Market Trends –
Major companies operating in the generative AI in hospitality market are focusing on the integration of generative artificial intelligence (AI), to enhance guest interactions, streamline operations, and provide personalized services. generative AI is a type of artificial intelligence that creates new content, such as text, images, or music, based on patterns learned from existing data. For instance, in June 2024, Sabre Hospitality, a US-based hospitality technology provider, introduced SynXis Concierge.AI, a tool that utilizes generative AI to create content from various inputs, such as text and images. This advancement allows the system to generate responses independently of support agents’ direct knowledge. By leveraging Sabre’s extensive data resources, SynXis Concierge.AI delivers immediate, accurate responses to customer queries, reducing reliance on the knowledge and experience of support agents.
The generative AI in hospitality market covered in this report is segmented –
1) By Component: Software, Services
2) By Customer Size: Large Hotel Chains And Resorts, Small Boutique Hotels, Mid-Sized Hotels And Chains
3) By Application: Chatbots And Virtual Assistants, Personalized Recommendations, Demand Forecasting, Voice Assistants, Predictive Maintenance, Guest Experience Enhancement, Other Applications
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Regional Insights –
North America was the largest region in the generative AI in hospitality market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI in hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative AI in hospitality market are Microsoft Corporation, Amazon Web Services Inc., Accenture plc, International Business Machines Corporation (IBM), Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., Fujitsu Limited, Salesforce Inc., NVIDIA Corporation, Google LLC (Google Cloud), NEC Corporation, Adobe Inc., Zebra Technologies Corporation, Amadeus IT Group SA, Persado Inc., Aisera, Master of Code Global, Asksuite Hotel Chatbot, 4Geeks LTD< /b>
Table of Contents
- Executive Summary
- Generative AI in Hospitality Market Report Structure
- Generative AI in Hospitality Market Trends And Strategies
- Generative AI in Hospitality Market – Macro Economic Scenario
- Generative AI in Hospitality Market Size And Growth
…..
- Generative AI in Hospitality Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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