artificial intelligence, machine learning, big data technology, travel technology solutions

Use of AI, ML And Big Data In Travel And Hospitality Industry

The travel industry is an early adopter of digital technologies, from using websites as marketing tools to enabling online reservation systems. The travel and hospitality industry has been in demand and has become one of the key growth factors.

Artificial Intelligence, Machine Learning, and Big Data analytics bring a revolution in the travel and hospitality industry and make it the digitally advanced traveller nation. As the business environment gets competitive day by day, customer expectations are increasing, and the time is ripe to provide exceptional travel services to customers.

Big Data Analytics In Travel Business

Fraud Detection: Even though technology has given advanced online payment methods, it has also opened up new chances for fraudulent damages to customers and institutions. Payment fraud is the most popular among other types of frauds in which scammers use the stolen credit card book accommodations or claim a chargeback. Fraud detection using data analytics needs expert knowledge and computer support, but programming languages and advanced server technology are easier than ever.

Having these situations in mind, the travel and hospitality industry has created customized machine learning and performed artificial intelligence technology models for fraud detection.

Smart Travel Assistant: Smart travel assistant in the travel industry is an excellent capability for travel providers and travellers as convenience and efficiency are all people require. More than 55% of people prefer communicating with chatbots, and these intelligent, trained bots are trained in such a manner to respond to the consumer’s travel request. Travel bookings is just one of such fields, at which point automated machine learning algorithms are being used.

Customer Service: Apart from the hospitality industry, even airlines started adapting to the power of artificial intelligence for customer service since customers expect quick responses to their travel-related queries. Both chatbot and AI play an important role in customer service and support. The use of these technologies helps to grow brand loyalty and enhances the business performance and output.

Flight and Hotel Prices Forecasting: For online travel agencies, meta search fields help work smartly and efficiently by tracking and sending alerts on the price variations for hotels and flights to attract customers to make more reservations. By 2023 more than 700 million people are expected to get adapted to online hotel bookings, whereas as of 2019, around $755 billion hits for online travel bookings. This model uses machine learning algorithms to predict the future price based on different factors such as demand growth, seasonal trends, special offers and more such deals.

Recommendation Engines: Most online travel providers suggest various travel options to their customers based on their recent search and booking history or offer similar destinations to plan for their next trip. These automated recommendations are completely based on customer data, and engaging in these engines drives business sales, retains potential customers, and enhances upsell services.

Future Scope And Job Opportunities

The future scope of artificial intelligence, machine learning and big data analytics clearly depends on the data obtained from the past and present in order to predict a better future. Based on an individual’s preferences, the offers can be presented by analyzing data from different sources like weather flight prices and much more. In India, more than 75% of travellers share their personal data for a personalized travel experience.

In travel and hospitality companies with sub-sectors, it consists of various complex data that impact the companies. As they face challenges when it comes to setting insights from the database, the rise of data professionals will be leading in organizations as having them gives assurity that the complex data will be managed effectively.

Most people demand individual attention and don’t encourage being treated as one among others. They want to enjoy the view about their own requirements, which gives millions of job opportunities to provide consumers with a customized travel experience they desire.

However, the travel industry demands a lot of soft skills and technical skills that cannot be ignored as it plays a major role in the travel and hospitality industry. Job opportunities demand both the skills equally as it balances the traditional aspect of working with the emerging travel technologies. The travel sector will surely flourish in the upcoming years if it’s created with the right fusion of skills.

Henceforth, the future of the travel and hospitality industry completely depends on the ability to manage the data with advanced travel technology like AI and ML for a transformative and memorable travel experience.

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