Instead it is about a thoroughly progressive, completely 360 degree view of the traveller and everything that goes into creating special, unique, memorable experiences." Did you get your tickets directly from the ticket office? In today's fast-paced world, finding time to travel to a ticket office and get your tickets is a luxury few can afford. Besides, why bother if you can get your tickets in just a couple of clicks via your laptop or even your smartphone? Indeed, digital travel sales grew rapidly over the last several years, totaling $564.87 billion in 2016. And the number is expected to reach $817.54 billion by 2020. Such explosive growth is fueled by recent technology advances, not the least of which is data science. We at AltexSoft are no strangers to successfully applying data science and machine learning technologies to the field of custom travel software development.
Travel & tourism is on its rise nowadays. This may be explained by the fact that it has become more affordable to a broader audience. But, in today's fast-paced world, finding time to travel to a ticket office and get your tickets is a luxury few can afford. Like any other industry, machine learning, AI and big data analytics have changed the travel & hospitality industry as well. In this post, we will discuss the major applications and future scopes of machine learning, AI & big data analytics in the travel & hospitality industry – across the globe and India. Additionally, we will also have a look at how machine learning, AI and big data analytics are reshaping the hospitality job market. Due to rapid digital transformation, over 500 billion dollars ($564.87 billion) was made in the travel & hospitality sector in the year 2016 alone. The number is expected to reach $817.54 billion by 2020.
Over the years, the influence of artificial intelligence (AI) has spread to almost every aspect of the travel and the hospitality industry. Thirty percent of hospitality businesses use AI to augment at least one of their primary sales processes, and most customer personalisation is done using AI. The proliferation of AI in the travel and hospitality industry can be credited to the humongous amount of data being generated today. AI helps analyse data from obvious sources, brings value in assimilating patterns in image, voice, video, and text, and turns it into meaningful and actionable insights for decision making. Trends, outliers, and patterns are figured out using machine learning-based algorithms that help in guiding a travel or hospitality company to make informed decisions.
Digital technologies are creating value and rearranging roles in the travel industry. Here's how industry leaders are profiting from the change. Over the past 20 years, advances in digital technologies have driven numerous innovations and disruptions in the travel industry. These technologies and the companies that offer them have rearranged the industry, leaving some players behind--travel agents, for example--while introducing more complexity into the value chain between travelers and destinations. More recently, mobile technologies have taken center stage as consumer behavior shifts with astonishing speed toward researching and booking travel through smartphones.