DUBLIN–(BUSINESS WIRE)–The “Global Smart Hospitality Market by Offering (Solutions, Services), Solution (Property Management System, Network Management System, Integrated Security Management System), Deployment Mode, End User and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The publisher forecasts the Smart Hospitality market size to grow from USD 13.6 billion in 2022 to USD 49.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 29.8% during the forecast period.
The solution segment to record the highest market share during the forecast period
In the smart hospitality market by offering, solutions segment is expected to hold the largest market size. Today, hospitalities must adopt to more reliable and scalable solutions to integrate information and operation technology into one unified integrated solution. Also, the need to control costs, improve staff efficiency in the hospitality industry will drive the smart hospitality solutions market.
The cruise segment is expected to grow with the highest CAGR during the forecast period
In the smart hospitality market by end-user, the cruise segment is expected to record the highest CAGR during the forecast period. Smart solutions such as remote check-in, digital waivers, smart dinner reservations, geolocation-based mobile ordering, and wearable tech are being adopted by cruise companies to transform these floating hotels into smart cities. Cruise companies are adopting smart hospitality solutions to enhance passenger experiences. Cruise ships are adopting smart hospitality solutions and services to speed up their service lines and streamline staff productivity. Also, the need to achieve operational efficiency and reduce labor costs will drive the market
The cloud segment to record the highest market share during the forecast period
In the smart hospitality market by deployment mode, cloud segment is expected to hold the largest market size. Hotels globally are adopting cloud-based solutions adapted to the changing market and business dynamics. The need for increased guest experience, better cost optimization, and universal access to the hoteliers from any remote location will drive the market.
Europe is expected to have a largest market share during the forecast period
Europe is estimated to dominate the smart hospitality market and is projected to record the largest market share during the forecast period. The region has been segmented into UK, Germany and Rest of Europe. The hospitality sector in Europe is undertaken strong efforts to raise resource efficiency and reduce its greenhouse gas emissions. Also the government is adopting different initiatives by promoting a collaborative and partnership approach to deliver smart hospitality system across the country.
Market Dynamics
Drivers
- Growth in Tourism and Increased Investments in Hotel Projects
- Growing Demand for Guest-Oriented, Hyperconnected Personalized and Real-Time Optimized Experience
- Reduction in Operational Costs and High Revenue Growth Opportunities
- High Adoption Rate of Advanced Technologies Like IoT and Energy Management Systems Across the World
Restraints
- High Implementation, Maintenance, and Training Cost
- Integration Complexities Over Legacy Systems and Networks
- Quality and Technically Sound Manpower Shortage Post COVID-19
Opportunities
- Use of Smart Hospitality to Alleviate Operational Burden and Promote Safety of Employees and Customer Health
- Evolving 5G to Transform the Smart Hospitality Industry
- Emerging Hotel Workspaces Concept
Challenges
- Data Security and Information Sharing Threats
- Integration of Real-Time Streaming Analytics Capabilities into Smart Solutions
- Technology and Data Fragmentation
Companies Mentioned
- Buildingiq
- Chris Lewis Group
- Cisco Systems
- Cloudbeds
- Control4
- Frontdesk Anywhere
- Global Business Solutions Co. Ltd
- Guestline
- Honeywell
- Hospitality Network
- Huawei
- Ibm
- Infor
- Johnson Controls
- Legrand
- Leviton
- Nec Corporation
- Oracle
- Qualsoft Systems Pvt Ltd
- Sabre Corporation
- Samsung
- Schneider Electric
- Siemens Ag
- Springer-Miller Systems
- Stayntouch
- Wisuite
- Xie Zhu
For more information about this report visit https://www.researchandmarkets.com/r/xc486z
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