MarketsandMarkets expects the global Smart Hospitality Market to grow from USD 5.74 billion in 2016 to USD 18.11 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.8%. The adoption of smart hospitality technology software across North America, Europe, and Asia-Pacific (APAC) is estimated to rise at a significant rate due to the high demographic growth & hyper-urbanization, growing demand for real-time optimized guest experience management, and increasing adoption of Internet of Things (IoT) & energy management systems, which would help in driving market awareness about the business value and Return on Investment (RoI).
The evolution of hotel technologies and increasing adoption of smart hospitality system for smart cities provide lucrative growth opportunities across the globe during the forecast period. With a growing emphasis on connected hotels, the high demand for new cloud-based guest experience management solutions is expected by all sorts of hotel facility owners. The software helps hotel management authorities in increasing guest satisfaction with a real-time automated dispatch and workflow system that enhances the hotel responsiveness to guest requests and problems. The smart hospitality solution also increases guest loyalty with an innovative guest recognition system that enhances the guest arrival experience by interfacing with the hotel’s property management system.
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The guest service management system is expected to grow at the highest CAGR during the forecast period. The growing demand for automated real-time optimized guest services and rise of demographic growth & hyper-urbanization are expected to drive the adoption of smart hospitality solutions across various hotel types. In addition, the cloud-based services, analytics, and mobile internet technologies’ demands are increasing due to their efficient IT management and reliable security environment.
On the basis of services, the managed services segment is expected to grow at the highest CAGR during the forecast period. Managed services support the implementation of smart hospitality software across diverse hotel types. These services offer outsourced technical skills that are required to maintain and update software within the entire hotel elements. All pre-deployment & post-deployment queries and needs of customers are addressed under the managed services segment.
Business hotels type has the largest market share and the highest growth rate during the forecast period. These hotels offer various amenities to the guest that include complimentary newspapers, morning coffee, free local telephone calls, breakfast, and others. Business hotels provide their guests with unified communication capabilities that enable the guests to conduct meetings, conferences, and connect to associates around the world. Business hotels are equipped with increasingly sophisticated technology that ranges from lifts and air-conditioning units to controlled ventilation systems, with a focus on energy-saving measures and improved efficiency.
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As per the geographic analysis, the adoption of smart hospitality software across APAC is estimated to rise at a significant rate due to increasing global competition, penetration of smart devices, connected machines, and increasing investment in smart cities. Increased tourism in countries, such as China, India, and Japan has raised the need to introduce new measures to enhance guest experience and compete with the European markets. APAC’s economy continues to exhibit strong growth in the hospitality sector. Intrinsic strength progressive tourism engagements among the region’s countries and recovering global demands are helping most economies in this region. These reasons have contributed to a healthy growth in the hospitality sector.
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