Artificial Intelligence (AI) In Travel Market Size
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What Will the Artificial Intelligence (AI) In Travel Industry Market Size Be by 2025?
The sector of artificial intelligence (AI) in the travel industry has seen extensive growth in recent years. Projected figures show the transition from a market size of $123.72 billion in 2024 to an escalated value of $165.93 billion in 2025 with a compound annual growth rate (CAGR) of 34.1%. Factors contributing to this significant growth during the historic period include the surge of digital transformation, higher demand for personalized travel experiences, need for improved operative efficiency, growing focus on security and safety measures, escalating adoption of mobile and wearable technology, and a steady push towards automation in customer service.
What’s the Long-Term Growth Forecast for the Artificial Intelligence (AI) In Travel Market Size Through 2029?
The market size of artificial intelligence (AI) in the travel sector is predicted to experience significant expansion in the coming years. It’s projected to reach a value of $531.95 billion by 2029, with a compound annual growth rate (CAGR) of 33.8%. This expected growth during the forecasted period can be credited to factors such as the rising demand for customized travel experiences, the escalating adoption of contactless technologies, growing emphasis on stronger security and safety procedures, development of intelligent infrastructure in travel nodes, and increasing use of AI-based analytics for improving operational efficiency. Prominent trends during the forecast period encompass the adoption of AI-enabled personalization, autonomous vehicles and AI-integrated robots, AI-fueled chatbots and virtual assistants, AI-based predictive analytics, and advancements in touchless technologies.
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What Are the Key Growth Drivers Fueling the Artificial Intelligence (AI) In Travel Market Expansion?
The growth of the artificial intelligence (AI) in travel market is anticipated to be spurred by the increasing trend of global tourism. International travels for vacation, business, and various other purposes that enhance cultural exchange, contribute to economic growth, and establish global relationships are key components of global tourism. The expansion in this sector can be attributed to increased disposable incomes, uncomplicated international travel, an amplified inclination to discover various locations, and innovation in travel technology. The use of AI in travel technology elevates the tourism experience by offering personalized suggestions, streamlining the booking process and boosting customer support, making travel experience better while enhancing operational productivity. The World Travel and Tourism Council, states that in 2024, the travel and tourism industry represented 9.1% of the worldwide GDP, indicating a rise of 23.2% as compared to 2022. This upswing in global tourism, consequently paves the path for growth in the artificial intelligence (AI) in the travel market.
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What Are the Key Trends Driving Artificial Intelligence (AI) In Travel Market Growth?
Leading firms in the AI in travel market are prioritizing technological advancements such as incorporating AI into personalized travel. This is done to improve customer experiences through offering unique recommendations, fine-tuning travel plans, and providing on-demand aid. AI in individualized travel refines travel experiences by utilizing technology to examine user data and preferences, offering customized suggestions for locations, lodgings, and events based on specific needs and previous conduct. For instance, in May 2024, Expedia Group Inc., an American travel technology organization, introduced an AI-driven assistant known as Romie. Romie acts as a personal travel agent assisting in planning, reservation, and managing last-minute travel alterations. Over time, it acquires an understanding of the user’s preferences to provide personalized suggestions and has features for planning via group chats, intelligent search, and travel plan creation.
How Is the Artificial Intelligence (AI) In Travel Market Segmented?
The artificial intelligence (AI) in travel market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment mode: On-Premises, Cloud-Based
3) By Application: Customer Service, Booking And Reservations, Travel Planning And Personalization, marketing And Advertising, Operations Management, Security And Fraud Detection
Subsegments:
1) By Software: AI-powered Travel Booking Platforms, Chatbots and Virtual Assistants, Personalization and Recommendation Engines, Revenue Management Software, Customer Relationship Management (CRM) Tools
2) By Services: Consulting Services, Implementation and Integration Services, Data Analytics and Insights Services, Training and Support Services, Digital marketing Services
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Which Companies Are Leading the Charge in Artificial Intelligence (AI) In Travel Market Innovation?
Major companies operating in the artificial intelligence (AI) in travel market are International Business Machines Corporation, Expedia Group Inc., Priceline.com, Booking.com B.V., Airbnb Inc., Sabre Corporation, TripAdvisor Inc., Agoda Company Pte. Ltd., SAP Concur, Travelport Worldwide Ltd., Hotelbeds Group, Skyscanner Ltd., Trivago N.V., MakeMyTrip Limited, Fareportal, Kayak Software Corporation, Despegar.com Inc., Cendyn Group LLC, Hopper, Cleartrip Private Limited, Sojern Inc., OTA Insight Ltd., Adara Inc., Viator Inc., Duetto
Which Regions Are Leading the Global Artificial Intelligence (AI) In Travel Market in Revenue?
North America was the largest region in the artificial intelligence (AI) in travel market in 2024. The regions covered in the artificial intelligence (AI) in travel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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