Trends of Artificial Intelligence in Revenue Management of Hotels

Abstract

The authors provide an in-depth summary of artificial intelligence’s role in the revenue management of hotels across the globe. Focusing on artificial intelligence, the chapter draws the reader’s attention toward its usage and role in the lives of the customers and service providers in the hotel industry, which ultimately leads to the revenue management system. The chapter focuses on the current trends of artificial intelligence to generate revenue for hotels more innovatively. Some of the finest and latent features of artificial intelligence in the revenue management system have been discussed in the chapter by elucidating few examples of few renowned hotels in the world. The revenue management system of the hotel industry has been discussed briefly in the chapter. The essence of the chapter lies in the role and importance of the ever-changing and emerging trends of artificial intelligence in the hotel industry, particularly for revenue generation. Though artificial intelligence cannot replace the emotional intelligence provided by humans, it is the need of the hour to enhance and sustain in the innovative and digital era. AI rules across manufacturing and production sectors, but it also plays a strategic role in the service industry.