According to a new report by UnivDatos, The AI in Tourism Market was valued at approximately USD 3.1 Billion in 2023 and is expected to grow at a substantial CAGR of around 23.1% during the forecast period (2024-2032). Artificial intelligence technologies deployed in tourism services prioritize experience optimization while optimizing operational resources to generate better decision outcomes throughout the tourism sector. Travel and tourism businesses use AI-powered applications including customer service chatbots alongside machine learning recommendation engines, customer demand forecasting programs, and facial recognition hardware. Travel companies along with hotels airlines and tourism boards can maximize their efficiency alongside increasing customer engagement and retail pricing optimization through automated big data processing with natural language capabilities.

Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/AI-in-Tourism-Market?popup=report-enquiry

On February 27, 2024, Huawei launched four intelligent solutions to accelerate intelligence in transportation i.e. Intelligent Transportation System 2.0 Solution, Smart Railway — Perimeter Detection Solution, Smart Airport — Fully Connected Fiber Network Solution, Smart Airport — Perimeter Security with Fiber Sensing Solution.

On November 6, 2024, The World Travel Market Ministers Summit, in collaboration with UN Tourism and the World Travel & Tourism Council (WTTC), returned to focus on the growing importance of Artificial Intelligence for the sector.

As per the Artificial Intelligence and Tourism G7/OECD POLICY PAPER, 2024

Strengthening data governance to improve quality, transparency, and accountability

AI & Reliability of Data – The ability of an AI tool to generate accurate results relies on high-quality data and supervision to avoid undesirable biases in data. The feasibility of AI algorithms in tourism applications is only possible when transparency and accountability of algorithms are guaranteed.

Data Governance & Security – Adoption of and adherence to strong data governance policies serve as the key to protecting AI in tourism from certain vulnerabilities. Optimization of data procurement, dissemination as well and safeguarding can therefore improve the use of AI in decision-making processes while simultaneously reducing negative impacts such as cyber dangers and abuse.

Collaboration & Data Sharing – Due to the entwinement and Interdependence on the tourism value chain, there will be potential cost savings relative to AI by collaborating on data commons and sharing. ODD may still catalyze advances in other applications of the technology as well as the development of AI-based services.

Regulatory & Ethical Considerations – With the gradual development of AI regulations around the world, tourism policymakers and businesses have to be fully involved in engaging legal rationality. It is thus important to touch on each and every ethical issue like facial recognition and other matters like deepfakes, which should be well addressed each time AI is implemented.

Policy Development & Industry Engagement – National tourism bodies should develop their own experience in AI and coordinate their actions with states such as the G7 as well as other partners. Maintaining both the legal framework and its specifics compatible with the requirements of the tourism industry will be crucial for further responsible development and innovation.

Segments that transform the industry

• Based on deployment mode, the market is segmented into on-premise and cloud-based. The cloud-based held a significant share of the market in 2023. The cloud-based AI solutions help real-time data processing, scalability, and complete customer interaction in the tourism sector. Cloud AI is used by travel agencies, hotels, and airlines for dynamic pricing, predictive analytics, and smart inventory management. These platforms are also cloud-based which helps to improve collaboration with stakeholders by making the data sharing efficient to help in making better decisions. Similarly, AI-driven cloud solutions also secure the cybersecurity of managed transactions and database security of the customer’s data. In addition, AI in the cloud allows an automated booking system as it gives a boost to operational efficiency and customer accessibility. For instance, on April 9, 2024, IHG Hotels & Resorts, one of the world’s leading hotel companies, and Google Cloud announced an expanded partnership that will fuel new customer experiences within the IHG One Rewards mobile app. With Google Cloud’s technologies, IHG will launch a generative AI-powered travel planning capability that can help guests easily plan their next vacation directly in the IHG One Rewards mobile app in a suite of new features that will launch in the second half of 2024, creating a more dynamic digital guest experience.

According to the report, the impact of AI in Tourism has been identified to be high for the Asia-Pacific Throughout the forecast period from 2024 to 2032, Asia-Pacific is expected to grow with a significant CAGR. The rising uses of digital transformation speed alongside increasing guest demands for tailored travel options to attract artificial intelligence growth. AI technologies have found broad adoption across travel agencies airlines and hospitality establishments because of Asia-Pacific's well-developed tech-savvy consumer market. Furthermore, smart cities along with tourism sustainability success require AI for optimized management functions which results in better visitor satisfaction. Besides demand forecasting and route optimization, AI technology operators handle large tourist numbers effectively. Moreover, major Asian companies had major collaborations, partnerships, and launches and also use AI as a foundation for delivering instant chatbot assistance and tailoring travel plans and intelligent booking processes to customers.

Click here to view the Report Description & TOC https://univdatos.com/reports/AI-in-Tourism-Market

On December 06, 2024, Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced a collaboration with SIAM.AI, a member of the NVIDIA Cloud Partner program in Thailand. The companies will leverage NVIDIA accelerated computing and software to develop an AI-powered digital assistant for the Tourism Authority of Thailand. This collaboration will utilize infrastructure, data, and networks within the country, advancing Thailand’s sovereign AI objectives.

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