Smart Hospitality Market Anticipates Steady 18.3% CAGR Through 2030

Smart Hospitality Market Overview

“The Smart Hospitality Market is estimated to increase at a CAGR of 18.3% from $ 33.41 billion in 2023 to $ 187.67 billion by 2030.”

Smart hospitality utilizes digital technology, including smart gadgets and applications, to enhance customer experience. This technology allows visitors to choose their accommodations, stay style, and amenities. The segments of smart hospitality technology include software and services, as well as professional and managed services, ensuring exceptional hospitality and convenience for visitors.

Smart hospitality software technologies, including integrated communication technology, guest service management, hotel automation management, and security management systems, are expected to increase in demand in the future. These systems, including access control, video surveillance, and emergency incident management, enhance hotel security, boosting visitor stays and customer satisfaction. Hotel owners prefer these security solutions as they provide high-quality services and enhance customer satisfaction, making them a crucial component of the hospitality sector.

The integration of AI, ML, and Cloud Computing in hospitality services can enhance efficiency and customer focus. Utilizing guest messaging systems can streamline staff communication, reduce unnecessary services, and boost productivity. This can also prompt prompt resolution of customer complaints or requests, enhancing the overall guest experience. Thus, integrating these technologies can enhance the overall efficiency and customer satisfaction of hospitality services.

>>>Download Sample Report Now: https://marketreportservice.com/request-sample/smart-hospitality-market-54473

The rapid growth in demand for smart hospitality technologies is attributed to various factors such as advancements in technology, improved customer experience, and increased efficiency.

The growing demand for guest-focused, hyper-connected personalization and real-time optimized experiences is driving hotels to create value-driven, value-driven relationships with their guests. This can increase revenue, brand reputation, and customer loyalty. Integrated digital platforms like CRM and PMS can help hotel owners access organized data from all sources, customizing a personalized view for each visitor and balancing operating load.

5G technology is transforming the hotel industry by providing a fundamental framework for connecting wireless items, programs, and people. This technology enables hotels to provide state-of-the-art in-room and cross-facility services, enhancing the visitor experience. Operators can engage with guests more efficiently and provide personalized travel advice through edge computing and other supplementary technologies. This digital revolution in the hotel sector has the potential to drive market growth and improve the overall guest experience.

Smart Hospitality Market Segment Analysis

The hotel industry is expected to grow rapidly in 2022, with the largest market share due to the demand for sophisticated hospitality services. Factors such as rising living standards, the number of five-star hotels, and improved customer service are driving growth. Investors are focusing on acquiring luxury or resort hotels with high leisure demand, with global transaction volume predicted to rise between 32% and 38% from 2021 levels.

By Deployment

The hotel sector is adopting software-as-a-service (SaaS) and platform-as-a-service (PaaS) cloud deployment models to reduce infrastructure costs, reduce the cost of purchasing, maintaining, and powering server-class equipment, and enable easier scaling and cost-effectiveness. This subscription approach also reduces security risks and ensures data backup dependability. The cloud solution provider manages the backend operations of cloud-deployed systems, and demand for such solutions is expected to increase due to the increasing integration of sensors and other devices in smart hospitality solutions.

Market Dynamics

Drivers

The tourist industry is expected to significantly increase investment in hotel constructions in the coming years due to increased purchasing power and demand for high-end lodging. The expansion post-COVID-19 will boost demand for hotels and contactless smart hospitality solutions, positively impacting the global market. India offers unique travel options such as cruises, wellness, sports, MICE, eco-tourism, cinema, and religious tourism, making it a popular destination for both local and international travelers.

Restraints

Smart hospitality systems, such as Property Management Systems and Guest Experience Management Systems, are expensive to deploy and maintain, especially in the wake of the pandemic. Budget constraints and the need for technological advancements have made it challenging for hotels to implement these solutions, especially in the recovery phase. The complexity and technological advancements of these systems significantly impact the deployment cost.

Competitive Landscape of the Smart Hospitality Market Analysis

• Blazon Hotels
• BuildingIQ
• Cisco
• Cloudbeds
• Control4Corporation
• Frontdesk
• Guestline
• Honeywell International Inc.
• Huawei Technologies Co. Ltd.
• IBM Corporation
• Infor
• Johnson Controls
• NEC Corporation
• Oracle
• Qualsoft Systems Pvt. Ltd.
• Samsung
• Schneider Electric
• Siemens
• Winhotel Solution SL
• WiSuite

New Developments in Smart Hospitality Market

On 17 November 2022, Phunware, Inc., announced the full implementation of its Smart Hospitality Solution at all Gaylord Hotels within the portfolio of brands managed by Marriott International, Inc. and owned by Ryman Hospitality Properties, LLC. By linking out to Marriott Bonvoy for reservations, mobile check-in, and door access, Gaylord Hotels' Smart Hospitality will assist guests to find their way around and access hotel information. It will also provide additional features to improve the customer experience and handle the complex nature of guest experiences in a mobile-first world.

In May 2022, Sigma and El Attal Holding each signed a memorandum of understanding with Siemens. By implementing a BMS control system for commercial and residential buildings and the SCADA system, the companies sought to create an electronic platform to reduce energy consumption, handle operating mistakes, and anticipate breakdowns after forming this cooperation.

In July 2021, Honeywell partnered with Signify, to enhance the customer experience by increasing productivity and well-being through connected lighting solutions for smart buildings in order to reduce energy consumption.

Regional Analysis of Global Smart Hospitality Industry

“Smart Hospitality Solution Providers are targeting the United States due to its growing demand for innovative and efficient solutions in the hospitality industry.”

Demand for technologically advanced yachts is rising quickly.

In North America, the market for smart hospitality solutions is dominated by the US.

Americans like taking charter trips to places like cruises or yachts while travelling in a group. This is done in order to take advantage of group discounts provided by various yacht charter businesses and to lower individual prices through cost sharing.

Comfortable yachts are more appealing to Americans than boats with superior propulsion systems. Additionally, yacht charter businesses prioritise supplying customers with boats that are outfitted with the latest cutting-edge technologies because the bulk of the population is tech-savvy, which draws in more consumers.

“The sales of smart hospitality technologies in Germany are primarily driven by technological advancements and advancements in the hospitality industry.”

The growth of Germany's smart hospitality business is primarily driven by the presence of luxury hotels, trip tourism, and recreational activities. With over 20,000 independently run hotels, Germany caters to various market segments. Foreign companies dominate main tourist destinations, while local brands are present in tier-II towns. These factors create potential opportunities for the smart hospitality industry in Germany.

Segments Covered in the Smart Hospitality Market Report

• By Type:
  • Software
  • Services
• By Hotel Type:
  • Business Hotels
  • Heritage & Boutique Hotels
  • Resorts & Spas
• By Deployment Mode:
  • On-premise
  • Cloud
• By Application:
  • Hotels
  • Cruises
  • Luxury Yachts
• By Region:
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA

Frequently Asked Questions

What is the expected growth rate of the Smart Hospitality market over the next 7 years?

Smart Hospitality Market is estimated to increase at a CAGR of 18.3% from $ 33.41 billion in 2023 to $ 187.67 billion by 2030.

Who are the major players in the Smart Hospitality market and what is their market share?

Blazon Hotels, BuildingIQ, Cisco, Cloudbeds, Control4Corporation, Frontdesk, Guestline, Honeywell International Inc., Huawei Technologies Co. Ltd., IBM Corporation, Infor, Johnson Controls, NEC Corporation, Oracle, Qualsoft Systems Pvt. Ltd., Samsung, Schneider Electric, Siemens, Winhotel Solution SL, WiSuite, are prominent players operating and dominating in the market.

Which geographical areas dominate the worldwide market for smart hospitality?

North America and Europe are emerging as the top regional markets for smart hospitality solutions.