State of Artificial Intelligence in Travel
01 Hospitality, Business Travel, OTAs
AI in travel life cycle and vertical segments / Using AI in the hospitality landscape to enhance hotel reputation, drive revenue and elevate the customer experience to the next level / Travel management companies intend to invest in chatbot technologies / OTAs are using AI to offer travelers deeper personalization and more automated customer service during the search, shop and buy process / Conclusions.
Artificial intelligence has taken the world by storm. It was available in the '70s and '80s, but the cost of applying it to business travel was prohibitive until recently. As the technology matures, businesses are beginning to include artificial intelligence in their strategic investment roadmaps. According to Gartner's 2019 CIO Agenda survey, fourteen percent of global CIOs have already deployed AI and 48% will during 2020. Artificial intelligence has become an essential business technology and the market is expected to be worth trillions of dollars in the near future.
CIOs in digital vanguard organizations plan to pursue AI and machine learning far more aggressively than those in baseline organizations, perhaps because they have a solid foundation to allow them to increase the impact of these emerging technologies.
Although Artificial Intelligence has been around for decades, over the past few years we have witnessed a dramatic increase in the use of AI techniques in all industries, including travel. Which AI capabilities are used in the various segments of the travel life-cycle? What sectors offer the greatest promise for AI? How will these sectors benefit from the technology? A recent study conducted by McKinsey & Company looked at how AI would impact major industries. In the travel industry, AI has the potential to create $400 billion in value.
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