A major new report from industry partners World Travel and Tourism Council (WTTC) and Microsoft highlights the transformative power of artificial intelligence (AI) in the global travel and tourism industry.
WTTC announced its commitment to supporting industries deploying AI and other cutting-edge technologies to advance sustainability and the guest experience.
The report, launched at the International Tourism Fair 2024 (FITUR), says AI analyzes traveler data to power personalized recommendations and marketing strategies, optimize pricing strategies through real-time adjustments, and It claims to be able to provide instant responses and fine-tuned interactions through chatbots. .
AI capabilities also extend to predicting future demand patterns and allocating resources efficiently, providing valuable insights for governments and travel and tourism stakeholders.
AI must be a strategic priority for travel and tourism businesses
Despite the growing number of AI applications in travel and tourism, the report finds that the sector is lagging behind other consumer-facing industries in AI adoption. The surge in AI over the past year has impacted many sectors, and sectors need to act now to take advantage of AI.
Challenges that travel and tourism businesses must overcome include a lack of workers with AI skills, limited AI infrastructure, and a lack of a formal AI strategy in many business plans.
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The travel and tourism industry is required to embrace AI as a strategic priority and invest heavily in talent that facilitates collaboration between AI and humans.
Amid concerns about the impact of AI on jobs, this report recognizes that AI, while disruptive, will create new opportunities and notes its potential for job creation.
WTTC President and CEO Julia Simpson commented: The transformative capabilities highlighted in this report demonstrate that AI is not just a technological advancement, but a strategic tool. ”
Julie Scheinnock, Managing Director of Travel, Transportation and Logistics at Microsoft, added: “For travel companies, GenAI enables us to increase productivity, automate the predictable, and further shine through our human-centric approach to high-value moments in travel.”
