India’s travel and hospitality industry is on the rise and has been one of the major growth factors. AI, machine learning and big data analytics have revolutionized the travel and hospitality industry and made India one of the most digitally advanced nations. Due to rapid digitization, the travel and tourism sector contributed more than $ 194 billion to GDP in 2019 alone, or 6.8% of the total economy.
In terms of travel and tourism, India also ranked 10th out of 185 countries in the world. There are billions of travel transactions and bookings made by travelers every day. Travel requests also increased by 53% in 2017 and are increasing rapidly. So, there is a huge amount of data to process to deliver customer satisfaction, good customer experience and much more where the future of technologies like machine learning, AI and big data analytics play. a very crucial role.
Applications of AI, ML,
Big data analysis
Fraud detection: Payment fraud is the most prevalent type of fraud committed by people in which crooks use a stolen credit card to reserve or use for their own accommodation, while some crooks claim the card has been stolen and request a chargeback. With these situations in mind, the travel and hospitality industry created a custom machine learning model and implemented AI technology to detect and predict fraud.
Smart Travel Assistant: AI has advanced rapidly in various industry sectors because convenience is all people ask for. Intelligent programming robots are trained to perform tasks based on user demand. Over 55% of consumers enjoy communicating with bots. Travel booking is just one area where automated machine learning algorithms are used.
Customer Support: Besides the hospitality industry, airlines are also using the power of artificial intelligence to process customer support, as most consumers demand quick responses to their inquiries. Chat-bot and AI play a key role in customer service and support. This use of customer support not only helps businesses build brand loyalty to grow, but also increases business efficiency and performance.
Forecast of flight prices, hotel prices: meta-search fields allow online travel agencies to work intelligently and efficiently by tracking and sending alerts on the evolution and variation of hotel prices and flight fares to encourage customers to book more trips. Online travel reservations reached $ 755 billion in 2019, and more than 700 million people are estimated to adopt online hotel reservations by 2023. This program uses machine learning algorithms to predict the future price based on factors such as growth in demand, special offers, seasonal trends and many other offers.
Recommendation Engines: Online travel booking providers suggest various options to customers based on their recent research and bookings, while also offering alternative destinations that one can visit on their next trip. This automated recommendation is based solely on customer data. Engaging in these engines increases sales, builds customer loyalty, and increases sales.
The future reach of machine learning, AI and big data analytics depends on data from the past and present to predict a better future. Deals can be presented to individuals based on their preferences by analyzing data from various sources such as weather, flight prices and more. Over 71% of travelers to India share their personal information for a personalized experience. So, the future of travel and hospitality rests on the ability to manage data with a range of technologies such as AI and machine learning for a transformative and memorable experience.
Impact on the labor market
Technological challenges: The travel and hospitality industry has many sub-sectors made up of a lot of complex data, which has an impact on companies as they face challenges when it comes to establishing information from the database. This creates an increase for data professionals in organizations as having them gives the assurance that complex data is used efficiently with the use of data lending and inter-departmental collaboration within the enterprise. Economic impact: As travelers today want more individual attention and do not wish to be treated as one of the many as they want to experience sight relating to their own needs, this creates an increase in millions of employment opportunities to provide them with the personalized experiences they have. prefer.
Skill Fusion: This industry requires a lot of soft skills, but technological skills cannot be completely ignored as they play a key role in the travel and hospitality industry. Job opportunities in this industry require the merging of the two skills equally, as they maintain the balance of traditional working methods with the flow of emerging technological aspects. New and future emerging technologies are having a huge impact in the travel and hospitality industry due to its various applications and future scopes. In the years to come, the industry is sure to thrive if the right mergers are created.
(The writer is Chancellor, Sanskriti University)