aap Implantate AG (AAQ1) - Product Pipeline Analysis, 2023 Update

Artificial Intelligence (AI) in Travel and Tourism - Thematic Intelligence

Summary

Over the past decades, the travel and tourism industry has experienced significant changes. Globalization has made travel more accessible and affordable. Millennials and Generation Z have led shifts in destination preferences, seeking authentic experiences and influencing the industry accordingly. More recently, the COVID-19 pandemic disrupted the way we travel, particularly affecting international trips, while geopolitical factors continue to impact travellers' spending habits. Alongside these changes, many technologies have emerged and been integrated into the industry, playing a crucial role in its evolution. Among them are artificial intelligence (AI) which is expected to grow in triple-digits by 2030. According to GlobalData forecasts, the AI market was worth $81.3 billion in 2022. By 2030, it will have grown at a compound annual growth rate (CAGR) of 35.2% to $908.7 billion. AI is becoming a vital component in the travel and tourism industry, influencing various aspects ranging from travel inspiration to the travel experience. As this sector is consumer-focused, the industry must embrace this technology and consider how to use it effectively. For instance, AI has the potential to enhance operational efficiency and tackle the industry's major challenges. At the same time, it is important to strike a balance and avoid excessive reliance on it, as the human touch remains crucial, particularly in the high-end segment of the market.

This thematic research report takes an in-depth look at the theme of AI and the impact it has on the travel and tourism industry. This report analyzes the players impacted by this theme and dives deep into an industry analysis, presenting several real-life case studies looking at how companies have responded to the impact of this theme on their operations.

Key Highlights

AI-driven technologies are disrupting the travel and tourism sector. AI can analyze huge amounts of data, generating valuable insights that enhance the customer experience and boost operational efficiency. With AI, making travel arrangements become easier as it offers automated and customized services. AI automates repetitive and time-consuming tasks, reducing waiting times and costs while freeing up employees to focus on more critical responsibilities and addressing chronic staff shortages.

AI provides effective resource management strategies and streamlines processes, increasing enterprise profitability. Its influence extends to marketing strategies, enabling personalized ad targeting and increasing marketing and sales content on social media platforms to enhance customer engagement.

Generative AI can analyze extensive customer data, such as travel history and preferences, to generate personalized recommendations for destinations, activities, and itineraries. Online travel agencies (OTAs) started investing in this technology to enhance customer service and offer unique and tailored travel experiences.

AI is a clear opportunity for the travel industry, but companies need to figure out how to use it in a targeted and strategic way rather than taking a scattergun approach. AI enhances the travel experience and complements it. However, it cannot replace the human touch, especially in situations where empathy is crucial. Therefore, travel companies must blend digital innovation with a personalized communication strategy to optimize customer satisfaction.

Who should buy?

CEOs, Senior Executives, and Marketing Executives within travel and tourism should use this report to understand the highly important theme of artificial intelligence.

Scope

• This report provides an overview of the AI theme. The detailed value chain comprises of four segments: human AI interaction, decision-making AI, motion, and creation. Leading and challenging vendors are identified across both segments.
• It identifies travel and tourism challenges, such as ESG, operational efficiency, and the COVID-19 hangover, and an impact assessment of AI on the travel and tourism industry, addressing these challenges.
• Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.

Reasons to Buy

• This report will help you to understand AI and its potential impact on the travel and tourism sector.
• Benchmark your company against your competitors and assess how travel and tourism companies are utilizing AI to drive revenues.
• Identify attractive investment targets by understanding which companies are most advanced in the themes that will determine future success in the travel and tourism industry.
• Develop relevant and credible sales and marketing messages for travel and tourism companies by understanding key industry challenges and where AI use cases are most useful.
• Develop and design your corporate strategies through an in-house expert analysis of artificial intelligence by understanding the primary ways in which this theme is impacting the travel and tourism industry.
• Position yourself for future success by investing in the right AI technologies.