A recent report published by Infinium Global Research on artificial intelligence in travel market provides in-depth analysis of segments and sub-segments in the global as well as regional artificial intelligence in travel market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional artificial intelligence in travel market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global artificial intelligence in travel market. According to the report, the global artificial intelligence in travel market is projected to grow at a CAGR of 9.7% over the forecast period of 2021-2027, growing from nearly USD 815.1 million in 2021 to about USD 1,417.3 million in 2027.
Artificial intelligence is one of the advanced technologies that offer a reliable and faster business process compared to humans. AI technology plays an important role across various industries. It has the potential to boost the effectiveness of services with improved productivity. In addition, artificial intelligence offers various features including speech recognition, learning, planning, and problem-solving capabilities. These features help the service providers such as travel companies to offer a better operational environment that improves the quality of the customer experience. With lower human intervention, AI is able to boost the revenue of the travel companies by avoiding errors and saving unnecessary overheads. On the other side, reluctance for the acceptance of artificial intelligence among the service providers is expected to restrain the market growth over the forecast period.
Growing investments in the field of artificial intelligence across the world are driving AI in the travel market. Furthermore, the increasing adoption of smart technologies and automation is supporting the demand for AI in travel. Several organizations are becoming increasingly automated, self-monitoring and self-correcting as the computers and the systems are able to analyze themselves without human intervention. On the other side, the shortage of skilled workforce is anticipated to restrain the growth of the market. The investments in AI technology are increasing, but the lack of skills and experience associated with AI is the major challenge faced by the industry. Nevertheless, the increasing adoption of automation technologies to cope up with the impact of COVID-19 is offering opportunities for market players. Nationwide lockdowns, absence of labor force, transport restrictions, and disruption of the supply chain are likely to drive the adoption of automation across the service sector.
In terms of regions, North America accounted for the largest share of the global AI in the travel market. Domination of North America in the global market is attributed to the leadership of America in AI. Government-supported programs such as American Artificial Intelligence Initiative keep the leadership of the United States in AI technology as a top priority. The travel industry in the U.S. is anticipated to experience encouraging growth as several companies are investing heavily in automation technology to support their staff and reduce the cost. Nonetheless, the Asia Pacific region is expected to grow at an exceptional rate due to China’s adoption of AI technology across various industries, and business operations. Moreover, the presence of several key market players in India and China is likely to be a major factor driving the adoption of AI technology in this region.
The report on global artificial intelligence in travel market covers segments such as solution, technology, and end-user. On the basis of solution, the sub-markets include customer insights, personalized recommendation, price optimization, intelligent virtual assistant, payments, and others. On the basis of technology, the sub-markets include text analytics & NLP, machine learning processing, robotic processes automation, machine vision, and others. On the basis of end-user, the sub-markets include airline industry, hotels, restaurants, travel agents, online travel agencies, and others.
The report provides profiles of the companies in the market such as IBM Corporation, SAP SE, Microsoft Corporation, Amazon.com, Inc., SAS Institute Inc., Alphabet Inc., Siemens AG, Intel Corporation, NVIDIA Corporation, and Oracle Corporation.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of artificial intelligence in travel market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.