The Global AI in Hospitality Market is estimated to exhibit a CAGR of 11.26% during the forecast period.
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The hospitality industry is developing auxiliary robots and chatbots with artificial intelligence to assist customer service processes. Robots in the hospitality sector are employed to enhance the standard of the visitor experience. The reservation process has been made simpler by front desk robots. Integrating robots into hotels and restaurants has become more urgent due to COVID-19’s effects on the hospitality sector and the necessity to avoid human-to-human contact and labour shortages. The market is expanding as a result of the surge in demand for real-time improved guest experience management. Low operational expenses and enticing revenue growth are accelerating market expansion. The market is expanding as IoT and energy management technologies are increasingly adopted. The hospitality sector’s use of cutting-edge technology is assisting in the development of the industry. Many hospitality sectors are choosing integrated security systems, such as access control, video surveillance, and emergency incident management systems, to improve their security and level of hotel management. In turn, this fuels the expansion of the AI-based hospitality business. Additionally, the growing preference for digital platforms has a favourable effect on the growth of this sector. Therefore, during the time of forecasting, these variables are expected to foster the expansion of the AI-based hospitality sector.
List of Prominent Players in the AI in Hospitality Market:
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The growing need for real-time optimized guest experience management is driving the market’s expansion. New AI-based hospitality solutions give hoteliers access to data-backed insights and behaviour that can be used to create a 360-degree perspective of every visitor and improve their experience through better customer care. With the aid of integrated digital platforms like Property Management System (PMS) and Customer Relationship Management, businesses may access a dashboard with structured data from all sources, which not only curates a customized perspective of each guest but also helps to balance operational burden (CRM). This lowers hotel operating expenses and boosts guest retention rates, improving brand positioning. To fulfil the different needs of customers, several organizations provide a wide range of intelligent hospitality solutions and technology. Most of these technologies are smart, such as those that allow for faster check-in for hospitality personnel, which is expected to accelerate the growth of the AI-based hospitality industry.
The implementation of hospitality systems like Property Management Systems (PMS), Guest Experience Management Systems, etc., is expensive, whether they are installed locally or online. Budget restrictions can make it difficult for any hotel to install an AI-based hospitality solution because the hospitality sector is still recovering from a pandemic-related financial loss of enormous proportions. Hoteliers around the world are worried about threats of digital data theft and personal data leaks. AI-based hospitality solutions consider the preferences and private information of the guest.
The high initial implementation costs are another barrier to the market’s growth. Market growth is being hampered by challenging integration across outdated networks and systems. The lack of technically trained personnel hampers the contraction of the market.
North America is expected to dominate the total deployment of these technologies, accounting for more than half of the global market. The proliferation of providers and the quick adoption of digital technology in consumer-focused businesses have boosted regional growth. The adoption of artificial intelligence to improve user interface and experience will aid market expansion. To increase visitor involvement, the major hospitality sector in nations like the U.S. and Canada have already implemented AI-based hospitality management systems. The market for AI-based hospitality management in North America is also expanding as more significant hospitality operators in this region use smart technologies like automation, artificial intelligence, and others.
- In July 2022, Aimbridge Hospitality expanded its collaboration with Amadeus’ business intelligence package, which includes Demand360, Agency360, and RevenueStrategy360, for usage across the firm. Aimbridge seeks to position itself for long-term growth by gaining access to industry information such as on-the-books occupancy rates, channel performance statistics, and alternative accommodation booking patterns.
- In Dec 2020, Cvent and Radisson Hotel Group (RHG) signed a multi-year partnership for Cvent Transient Business Intelligence. Radisson Hotel Group will utilise Cvent’s business intelligence tools to assess and improve property-level transitory performance for 85 of its locations across Europe, the Middle East, and Africa under the terms of the deal (EMEA).
- In March 2018, IBM introduced Watson Assistant, emphasising the hospitality and automotive industries. The new AI assistant is unique from existing virtual voice assistants such as Amazon’s Alexa and Google Assistant in providing a “white label” service.
Segmentation of AI in the Hospitality Market-
- Machine Learning
- Natural Language Processing
- Chatbots or Travel bots
- Big Data
- Virtual Assistants
By Hospitality Type
- Food & Beverage
- Customer Purchases
- Travel Choices
- Journey Patterns & Itinerary
- Others (Payment Methods, Smart Controls, Hotel Rating Inquiries)
- The US
- The UK
- Rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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