Smart Hospitality Technology Industry Is Advancing At A Rapid Pace And Hotel Management Software Remains Essential
Reduced operational cost, the rising demand for Real-Time Optimized Guest Experience Management, and the development of cloud-based IoT platforms are some of the factors boosting Smart Hospitality Market.
The global smart hospitality market is forecast to reach USD 52.88 Billion by 2027, according to a new report by Reports and Data. Automation has been a topic of much interest in the hospitality industry over the past few years. Automation solutions can enhance the in-room experience of hotel guests and improve the energy and operational efficiency of the hotel, which will, in turn, be beneficial for the brand loyalty. The automation system in these hotels not only provides luxurious guest experience, but it is also helpful for operational activities like energy savings, centralized management, and asset maintenance, among others. Security is a major concern in the hotel business. Safety in building can be ensured with RFID cards with security codes. With the help of alarms, the security level can be enhanced by sending signals instantly to the monitoring computer. Remote Management of Rooms is another significant advantage of this type of hospitality. Many smart hotels are developing apps that allow guests to use their smartphones to effortlessly control lighting, door locks, HVAC, entertainment, and window shades irrespective of their location in the hotel rooms or outside. These remote monitoring features are also advantageous for hotel staff wherein; they can remotely change temperature settings or turn lights off in a room after guests check out. This technology is also useful in reducing downtime and expect maintenance needs. Thus the presence of these benefits are supporting the growth of the market. In context to region, North America can be seen to occupy a prominent market position. The market share held by North America is resultant of the presence of several technology support providers and the presence of advanced techniques.
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Further key findings from the report suggest
- The smart hospitality market held a market share of USD 11.21 Billion in the year 2019 and is forecasted to witness a CAGR of 21.63% during the forecast period.
- In regards to Service, the Professional Services segment generated a higher revenue of USD 5.05 Billion in 2019, with a CAGR of 23.8% during the forecast period. Smart hospitality being a comparatively new market in some regions, particularly in different Asia Pacific nations, resulted in increased demand for system deployment & integration services, consulting services, support & maintenance services in these regions, and contributes to the revenue generated by the Professional Services segment.
- In context to Software, the Hotel Building Automation System segment generated the highest revenue of USD 2.72 Billion in 2019, with a CAGR of 23.4% during the forecast period. Factors like 40% of the total building operation costs being associated with energy consumption & maintenance and resultant high demand for energy management platforms contribute to the revenue generated by the Hotel Building Automation System
- In regards to Deployment Model, the On-Demand segment is forecasted to witness a faster growth rate of 25.2% during the forecast period, which is expected to occupy 36.0% of the market by 2027. The growth rate experienced by the On-Demand segment is resultant of the cost-effectiveness of this model of deployment and scope of its deployment in a virtual environment, which is resulting in its growing popularity.
- In context to End-user, the Business Hotels segment held the largest market share of 55.0% in 2019, with the fastest CAGR of 24.9% during the forecast period. The market share occupied by the Business Hotels segment is attributed to the fact that this type of hotel primarily caters to business travelers and conference groups. The guests this type of hotel caters to require advanced medium of communication to conduct conferences and meetings that have resulted in higher demand for this type of hospitality in business hotels.
- In regards to region, Asia Pacific is forecasted to witness the fastest growth rate of 24.9% during the forecast period, which occupied 22.0% of the market in 2019. The presence of well-established contact centers, ability of catering outsourcing solutions are some of the contributing factors resulting in the expansion of the market in the APAC region.
- Key participants Huawei Technologies Co.Ltd, NEC Corporation, IBM Corporation, Siemens AG, Schneider Electric Se, Honeywell International, Inc., Johnson Controls, Oracle Corporation, Winhotel Solution S.L., and Infor, Inc.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/smart-hospitality-market
For the purpose of this report, global smart hospitality market according to Service, Software, Deployment Mode, End-user, and Region:
Service Type Outlook (Revenue, USD Billion; 2017-2027)
- Managed Services
- Professional Services
Software Type Outlook (Revenue, USD Billion; 2017-2027)
- Integrated Security System
- Hotel Operation Management System
- Hotel Building Automation System
- Integrated Communication Technology Solutions
- Guest Service Management System
Deployment Model Type Outlook (Revenue, USD Billion; 2017-2027)
End-User Type Outlook (Revenue, USD Billion; 2017-2027)
- Heritage and Boutique Hotels
- Business Hotels
- Resorts and Spas
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
Key Advantages of Smart Hospitality Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Smart Hospitality industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
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