Global smart hospitality market is set to witness a healthy CAGR of 26.57% in the forecast period of 2020 to 2026. Smart hospitality refers to the integration of technology such as automated software and smart solutions for hospitality. It is widely used in hotels and cruises.
It helps to reduce the cost and also improves the efficiency of staff and gives a unique experience to the guest so that they want to come again. It helps the guest in the selection of rooms, type and number of their choice, room entertainment systems as well as internet features. It is being adopted extensively on a global scale. It helps to enhance the guest experience which boosts the revenue of the company.
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Major Market Competitors/Players
Few of the major competitors currently working in the global smart hospitality market are NEC Corporation, Huawei Technologies Co. Ltd., IBM Corporation, Cisco, Siemens, Schneider Electric, Johnson Controls, Honeywell International Inc., Oracle, Infor, Winhotel Solution SL, BuildingIQ, WiSuite, Qualsoft Systems Pvt. Ltd., SAMSUNG, BLAZON HOTELS, Control4Corporation, , Guestline, Cloudbeds, Frontdesk Anywhere among others.
Segmentation: Global Smart Hospitality Market
- By Type (Software, Services,)
- By Hotel Type (Business Hotels, Heritage and Boutique Hotels, Resorts and Spas, Others)
- By Deployment Mode (On-Premises, On-Demand)
- By Application (Hotels, Cruise, Luxury Yachts, Others)
- By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Global smart hospitality market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of smart hospitality market for Global, Europe, North America, Asia Pacific, South America and Middle East and Africa.
- Surging demand for real time optimized guest experience management is driving the growth of the market
- Attractive revenue growth and low operational costs is boosting the growth of the market
- Increasing adoption of IoT and energy management systems is propelling the growth of the market
- Advanced technological developments in smart hospitality is contributing to the growth of the business
- High initial cost of deployment is restricting the growth of the market
- Integration complexities over legacy systems and networks is hindering the growth of the market
- Limited availability of technically skilled personnel is hampering the growth of the market
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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