Brooklyn, New York, Sept. 21, 2021 (GLOBE NEWSWIRE) — According to a new market research report published by Global Market Estimates, the AI in Hospitality Market will grow with a CAGR value of around 10 percent over the forecast period [2021 to 2026].
Artificial intelligence in hospitality is gaining high prominence due to its improvised data analytics, consumer behavior pattern analysis, and better reach out to the consumer requirements. AI tools are proved to be more effective while dealing with end-user customer requirements. Various large-scale end-users are investing in these technologies to upgrade and advance their business operations.
The industry witnessed a rapid boom due to the social conditions caused by the Covid-19 pandemic. Now, both the provider and user are preferring a robotic tool to address their requirement. Real-time data analytics, non-biased results, and efficiency are other factors to AI adoption in this industry.
Browse TOC on “Global AI in Hospitality Market – Forecast to 2026”
Natural Language Processing and Chatbots lead the technology segment
Natural Language Processing and Chatbots are highly deployed and used technology in the industry. The rising requirement of software programs to understand the key pain areas of the customer and analyze their behavior based on decisions will induce the adoption of these technologies.
Lodging & Accomodation holds a high potential
The lodging & accommodation will witness the highest growth from 2021 to 2026. Alterations in business operations and emphasis to standardize the procedures with artificial intelligence will promote the usage in this segment. Increasing necessity to minimize human interaction and maintain social distance to curb virus outbreaks will support the industry growth.
North America led the global revenue share
The North America AI in hospitality market share dominated the global demand and accounted for over 50% of the deployment in 2020. Well-defined HORECA industry guidelines and willingness to invest in technologically advanced tools promoted regional growth.
Solution customization and technology advancement will be the prime focus
Major providers in the market are KLM Airlines, IBM, Lola, Hilton, Altexsoft, Infosys, Amadeus IT, Cvent, Lemax, Tramada System, Sabre Corporation, mTrip, Qtech Software, Navitaire, and CRS Technologies.
The global artificial intelligence in hospitality company market share is non-consolidated in nature due to its niche positioning and industry target. The penetration is projected to increase during the forecast period. High spending by hotels to streamline their business operations and cope up with changing dynamics due to coronavirus will result in large adoption.
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Technology Outlook (Revenue, USD Million, 2021-2026)
- Machine Learning
- Natural Language Processing
- Chatbots or Travel bots
- Big Data
- Virtual Assistants
Hospitality Type Outlook (Revenue, USD Million, 2021-2026)
- Food & Beverage
Application Outlook (Revenue, USD Million, 2021-2026)
- Customer Purchases
- Travel Choices
- Journey Patterns & Itinerary
- Others (Hotel Rating Inquiries, Payment Methods, Smart Controls)
Regional Outlook (Revenue, USD Million, 2021-2026)
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
Website: Global Market Estimates