Basic science: ammonia is a gas at room temperature, so air stripping is good enough. However, you must make the solution alkaline, which complicates things a bit.
To my experience, I was able to drop ammonia conc. of 3000 ppm to 200 ppm by air stripping method; especially for recovery of high stream ammonia. However, it depends on several factors.
Stripping is a mass transfer phenomena therefore the gas with the higher molecular weight will typically provide better mass transfer efficiency. Steam has a Mol.Wt of just 18 while air or nitrogen have a mol.wt which is much larger, at 28-29, it will nearly always be easier to strip with air than steam unless you need to strip at elevated temperatures to make the mass transfer more efficient. With gas solubility going down with higher temperature there is point at which steam will be better, but it will take more energy to achieve the same level of stripping.
Thank you all for your valuable replies and sharing your experinences. It shall help me in addressing my issues with varied perspectives. Thank you once again for your time.