Exciting news! 🚀 The AI in Travel Market is set to soar to USD 2,903.7 billion by 2033 with a remarkable CAGR of 36.25%! 🌍 In 2023, key segments like software, cloud-based services, and customer service dominated the market. Here's a quick breakdown: - Software segment: 65% market share - Cloud-based segment: 61% market share - Customer service segment: 25.1% market share North America led the charge in 2023, capturing a significant 34.5% market share. 🌟 Join the AI revolution in travel today! ✈️💼 #AI #TravelTech #Innovation #MarketTrends #FutureOfTravel #NorthAmerica #CustomerService #CloudServices #SoftwareSolutions #CAGR #MarketGrowth #TechIndustry #DigitalTransformation #GlobalMarket #TravelIndustry #AIInTravel
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Did you know that international travel has reached 90.8% of pre-pandemic levels? An overwhelming 80% of consumers plan leisure travel within a year, yet the industry grapples with disruptive challenges, requiring the use of #technology, #data, #AI, and #automation. Read the latest article from Accenture's Emily Weiss to learn about how data and analytics can tackle future disruption in the travel industry. https://accntu.re/3QY28tp
Power of data and analytics in tackling travel disruption
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🌐 Just found an interesting article about how travel is changing in the digital age! It talks about how recent challenges have made the travel industry go digital, giving us smoother and more personalized experiences. Here's what stood out to me: 👉🏻 The pandemic hangover sparked a digital boom in travel, leading to a rise in self-service processes. 👉🏻 Younger generations are driving the demand for flexible and diverse contact options, emphasizing the importance of a "High-Tech, High Touch" approach. 👉🏻 Artificial Intelligence (AI) is transforming the industry, with AI-powered assistants enhancing the virtual travel-planning experience. As the world becomes more digitally saturated, the travel industry is embracing innovation to meet rising expectations. 🔗 Here’s the link to the full article: https://lnkd.in/eqsSKGaM What are your thoughts on the intersection of travel and technology? How do you envision the future of travel experiences? Let's start a discussion! 💬 DataArt #DigitalTransformation #TravelTech #FutureOfTravel
Digitally reconstructing the travel industry
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A few days ago, we unveiled our new global research, the Travel Technology Investment Trends. It has revealed a strong appetite for investment across the travel sector in 2024. Nearly all (91%) travel companies surveyed said that they expect ‘moderate to aggressive’ increases in investment in their organizations in 2024. The research shows that some of the tech areas that the travel industry will be prioritizing are machine learning, data analytics, digital payments, and looking even further, Generative AI. These are also areas of focus for us at Amadeus and in line with the trends shown in this research, last year we invested 20% of our revenue in R&D. Read our press release to find out more. #AmadeusTechTrends2024
Pace of travel industry transformation to accelerate: 14% increase in technology investment planned for 2024 | Amadeus
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McKinsey & Company has published "The Promise of Travel in the Age of AI" which offers valuable insight and inspiration. But #travel experiences goes beyond #mobility and accomodation. The #digital value creation potential in the experience economy is huge and #AI applications will prosper on combining data from a vast range of ecosystem sources. Get in touch to discuss how we can work together reaping the full potential. EDIH Oceanopolis is ready.
The promise of travel in the age of AI
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I'm sure many of you are either planning your next ski adventure, or an escape to warmer weather! Recent advances in generative AI have enabled the future of travel planning - recommendations, bookings, and customer service - to become more efficient and personalized. Take a look here for further research on how artificial intelligence could bring both disruption and opportunity to your future vacation planning experience:
Generative AI as a Travel Agent | Morgan Stanley
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AI's Impact on Travel Agents: Contrasting Views from Industry Leaders Booking.com CEO Glenn Fogel predicts AI will accelerate the decline of traditional travel agents, citing the company's AI investments and vast travel volume ($151B last year) as key advantages. However, ASTA CEO Zane Kerby counters, emphasizing the irreplaceable human touch and trust travel advisors provide. He questions the transparency of AI-driven recommendations and their potential bias towards paying partners. Interestingly, a small survey of millennials and Gen Z shows mixed preferences, with some valuing the personalization and problem-solving capabilities of human agents. As AI in travel evolves, the industry faces a crucial question: Will technology enhance or replace the human element in travel planning? #TravelIndustry #AI #TravelAgents #FutureOfTravel Full article on Skift: https://lnkd.in/dz4N2And
AI Will Speed Travel Agent Decline, Says Booking CEO. Not So, Says ASTA Boss
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AI unlocks the door to previously unimaginable possibilities but travel businesses shouldn't feel pressured into adopting artificial intelligence just because it's the latest trend. Our CEO, Simon Powell, talked about this at the ABTA The Travel Convention yesterday: “There are lots of people who think they have to implement AI immediately but don’t rush and take on something simply because you think you have to; I would urge people to take their time with it." “You need to decide what you’re actually trying to achieve with the technology. Break it up into bite-sized chunks that can make a difference that you can deliver on.” Read more on Travel Weekly UK ⬇ #ABTABodrum #TravelTechnology #AIinTravel
Travel companies should not rush into implementing AI, says Inspiretec chief | Travel Weekly
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More news from #inspiretec regarding the implementation of #AI. It's not a race towards implementation, and #AI should only be harnessed, when it is seen to be useful!
AI unlocks the door to previously unimaginable possibilities but travel businesses shouldn't feel pressured into adopting artificial intelligence just because it's the latest trend. Our CEO, Simon Powell, talked about this at the ABTA The Travel Convention yesterday: “There are lots of people who think they have to implement AI immediately but don’t rush and take on something simply because you think you have to; I would urge people to take their time with it." “You need to decide what you’re actually trying to achieve with the technology. Break it up into bite-sized chunks that can make a difference that you can deliver on.” Read more on Travel Weekly UK ⬇ #ABTABodrum #TravelTechnology #AIinTravel
Travel companies should not rush into implementing AI, says Inspiretec chief | Travel Weekly
travelweekly.co.uk
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https://lnkd.in/dN8m-J5j ‘Thanks to technology, Travel agents will become more important than ever’ - Speaking at MarketHub Asia, Paula discussed how, thanks to technology, travel agents will become more important than ever and have the opportunity to use tech to free up their time to provide invaluable insights and advice for destinations - On the topic of AI, Paula said: “Our strategy at Hotelbeds is to test, learn and iterate. Don’t be afraid to make mistakes, and when you do, react fast, fail fast, and you fix it. We already have over eight AI implementations live that we use every single day, including revenue predictions, churn predictions, decline predictions. We also have smart cash, which analyses all of the scans all of the search material so that we can actually feed everyone the most search for results, the fastest possible way. So we’re no strangers to AI”
Thanks to technology, Travel agents will become “more important than ever“ - Hotelbeds CTO - Travel Weekly
https://www.travelweekly.com.au
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