Artificial intelligence (AI) is revolutionizing the travel & tourism sector, spearheading innovations and patents that redefine industry dynamics. The landscape is marked by a surge in strategic deals, reflecting a dynamic web of partnerships. Simultaneously, job postings in the sector are evolving, indicating shifts in talent requirements. The impact of AI extends beyond the travel & tourism sector, influencing various industries. GlobalData’s artificial intelligence market report helps keep abreast of the latest trends in artificial intelligence, market opportunity forecast and the competitive landscape. Buy the report here.
This article presents a quarterly round-up of the latest trends in the travel & tourism industry regarding AI. It provides an overview of recent developments in AI-related deals, talent acquisition, and patent filings within the travel & tourism industry.
Diverse applications of artificial intelligence in travel & tourism industry
Travel & tourism companies in the field of artificial intelligence are leveraging new technologies and applications to innovate and improve their businesses. One such technology is a system for parking space selection and navigation based on weighted parameter comparison. This system allows users to secure parking spaces based on various parameters and even exchange parking spaces with incentives. Another application is a system that provides charging options for electric vehicles based on the operator's daily activities and travel plans. This system analyzes data and presents prospective travel paths to predicted points of interest. Additionally, a biomarker-based food item design system creates personalized dietary experiences for patrons based on various variables. Lastly, a method using browsing activity is used to identify fraudulent online applications, helping companies flag and prevent fraud. These patents will benefit the acquirer by enhancing their artificial intelligence capabilities and improving their services in the travel & tourism industry.
The industry experienced a 47% decline in the number of AI-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the travel & tourism industry witnessed a drop of 13% compared with Q3 2022.
Strategic deal trends in artificial intelligence in travel & tourism industry
Travel & tourism companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in AI. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of AI in the travel & tourism industry.
In Q3 2023, the number of AI-related deals in the travel & tourism industry grew by 100% compared with Q3 2022. On a quarterly basis, there was 100% increase in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the travel & tourism industry experienced a 15% drop compared with the previous quarter. On an annual basis, job postings also declined by 44%. Notably, computer and mathematical occupations, with a share of 32%, emerged as the top AI-related job roles within the travel & tourism industry in Q3 2023, with new job postings drop by 16% quarter-on-quarter. Management occupations came in second with a share of 15% in Q3 2023, with new job postings dropping by 24% over the previous quarter. The other prominent AI roles include business and financial operations occupations with a 5% share in Q3 2023, and architecture and engineering occupations with a 2% share of new job postings.
Countries driving adoption of artificial intelligence in travel & tourism industry
The UK is the leading country in AI adoption within the travel & tourism industry, boasting the highest number of AI-related patents, jobs, and deals. Meanwhile, Turkiye, Malta, the US and China also maintain significant positions in AI adoption within the travel & tourism industry.
In conclusion, the evolving landscape of AI patents, strategic deals, and shifting job dynamics signifies a profound transformation in the travel & tourism industry. The surge in innovative technologies and partnerships underscores a promising trajectory, highlighting the industry's commitment to harnessing artificial intelligence for enhanced travel experiences.
To further understand GlobalData's analysis on artificial intelligence in the travel & tourism industry, buy the report here.