Smart Hospitality Market by Component [Solutions (Property Management System, Guest Experience Management System, Point of Sale Software, Facility Management System, and Others) and Services], Deployment (On-premise and cloud-based), End User (Hotels, Cruises, Luxury Yachts, and Others): Global Market Size Estimates and Forecast (2022-2030)
The smart hospitality market crossed US$ 12.97 billion mark in 2022 and is expected to hit US$ 109.46 billion by 2030, recording a CAGR of 30.6% during the forecast period.
Smart hospitality market has been growing dramatically with the increased use of advanced hospitality solutions across hotels. The primary factor driving the demand for smart hospitality solutions and services is anticipated to continue to be the growing need for real-time, enhanced guest experience management. Additionally, since hotel operations technology has advanced over time, smart hospitality assists in producing appealing revenue growth at minimal operational expenses. The development of IoT because of technological advancements also made it possible for electronic devices to communicate information without human assistance, making the hotel industry smarter. The hospitality industry has just begun to adapt to the previously untapped concept of BYOD applications. Furthermore, the smart hospitality solutions segment is attributed to gaining pace in coming years owing to rising demands for reducing the application downtime and improving the guest experience. Smart hospitality market players like NEC offer smart hospitality solutions to enhance productivity and efficiency across hospitality environments, further driving the smart hospitality market growth.
Within the report, the smart hospitality market is segmented into component, deployment, end user, and geography. By component, the smart hospitality market is further segmented into solutions and services. The solution segment is further segmented into property management systems, guest experience management systems, point of sale software, facility management systems, and others. Based on deployment, the smart hospitality market is divided into on-premises and cloud-based. By end user, the smart hospitality market is categorized into hotels, cruises, luxury yachts, and others. Geographically, the smart hospitality market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Growing concerns about the adoption of advanced technologies to act as a stepping stone for the growth of the smart hospitality market
The Internet of Things (IoT) integration into a property intrigues visitors. They can take advantage of its high levels of efficiency and convenience as well as its luxurious feel. Since more people are beginning to use technologies like this at home, demand for is at hotels is also growing. It becomes evident that sustainability concern, and society as a whole, is becoming more ecologically sensitive. These shifting perceptions are influencing how travelers pick their accommodation. Eco-friendly building practices, energy efficiency, and trash management are prioritized in sustainable hotels. Thus, the advent of smart technologies like IoT and growing concerns about sustainable hotels drive smart hospitality market growth.
Use of smart hospitality technology by hoteliers to enhance customer experiences is acting as an opportunity for the smart hospitality market growth
The impact of technology on the hotel sector has considerably enhanced operations and client satisfaction. Hotel owners are utilizing smart hotel technology to attract new clients, enhance the guest experience, encourage sustainability, and save operating expenses. Customers visiting smart hotels can satisfy their extensive digital needs without dealing with the hassles of purchasing and maintaining smart equipment. Smart hotels give hoteliers a chance to make money by satisfying new client demands in the hospitality sector and thus act as an opportunity for smart hospitality market growth.
Recent strategic developments in the smart hospitality market
The smart hospitality market has undergone several significant developments, and a few of these have been mentioned below:
- In January 2022, a partnership was formed between Infor and Seven Feathers Casino to enrich guest services via the help of integrated applications designed specifically for industries making use of Infor’s hospitality solutions.
- In May 2022, a property management system was put into place with the help of Orient Jakarta and Oracle. Due to travel restrictions, the solution helped them increase online visibility in the pandemic scenario and trained workers remotely using Oracle Digital Learning technologies.
The smart hospitality market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. NEC Corporation, Huawei Technologies Co. Ltd, IBM, Cisco, and Schneider Electric are among the prominent players operating in the market.
Target audience for the report:
- Smart hospitality solutions providers
- Smart hospitality services providers
- Hospitality-related service providers
- Hospitality-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Smart technologies such as AI, IoT, and other providers
- Smart hospitality technologies and devices distributors and sales firms
- End users of smart hospitality services
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the smart hospitality market has been segmented on the basis of:
- Component
- Solutions
- Property Management System
- Guest Experience Management System
- Point of Sale Software
- Facility Management System
- Others
- Services
- Solutions
- Deployment
- On-premises
- Cloud-based
- End User
- Hotels
- Cruises
- Luxury Yachts
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- NEC Corporation
- Huawei Technologies Co. Ltd
- IBM
- Cisco
- Schneider Electric
The List of Companies
- NEC Corporation
- Huawei Technologies Co. Ltd
- IBM
- Cisco
- Schneider Electric