Global Smart Hospitality Market, By Type (Software, Services,), Hotel Type (Business Hotels, Heritage and Boutique Hotels, Resorts and Spas, Others), Deployment Mode (On-Premises, On-Demand), Application (Hotels, Cruise, Luxury Yachts, Others) - Industry Trends and Forecast to 2029.
Global Smart Hospitality Market Analysis and Size
Storage and virtualization solutions, guest voicemail and wake-up, high-speed Wi-Fi, better staff mobility, operator and guest reservation solutions, and improved visitor safety with alarming and mobilisation are all advantages of smart hospitality technologies. It assists hotel operators by boosting their financial performance and lowering their operating costs while also improving the visitor experience.
- Data Bridge Market Research analyses that the smart hospitality market is expected to grow at a CAGR of 26.3% during the forecast period of 2022 to 2029, at a USD 18.11 billion in 2021 and is further estimated to reach USD 117.26 billion by 2029.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Type (Software, Services,), Hotel Type (Business Hotels, Heritage and Boutique Hotels, Resorts and Spas, Others), Deployment Mode (On-Premises, On-Demand), Application (Hotels, Cruise, Luxury Yachts, Others)
U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA)
Market Players Covered
NEC Corporation (Japan), Huawei Technologies Co., Ltd. (China), IBM (US), Cisco Systems, Inc. (US), Siemens (US), Schneider Electric (France), Johnson Controls (Ireland), Honeywell International Inc. (US), Oracle (US), Infor. (US), Winhotel Solution SL (Spain), BuildingIQ (US), WiSuite (US), Qualsoft Systems Pvt. Ltd. (India), SAMSUNG (South Korea), BLAZON HOTELS (UAE), Control4 Corporation (US), Guestline (UK), Cloudbeds (US) and Frontdesk Anywhere (US).
Global Smart Hospitality Market Definition
Through digital in-room entertainment systems, hotels can improve their guest experience and increase income with smart hospitality. Several hospitality brands are able to tweak and customise both their back-end and front-end solutions, allowing for a more distinctive traveller experience.
Smart Hospitality Market Dynamics
Major factors that are expected to boost the growth of the smart hospitality market in the forecast period are as follows:
Rise in the Demand for Real-Time
The market is expanding because to rising demand for real-time optimised guest experience management.
Rise in Adoption of Lot and Energy Management Systems
The market's growth is fueled by an increase in the use of smart hospitality services and technologies by various companies in the hospitality industry.
Many organisations offer a wide range of smart hospitality solutions and technologies to meet the various needs of clients. Some of these technologies are quite clever, such as those that allow hoteliers to check in quickly which is further anticipated to propel the growth of the smart hospitality market.
In addition, the developing cloud-based Iot platforms which is further estimated to provide potential opportunities for the growth of the smart hospitality market in the coming years.
Restraints/Challenges Global Smart Hospitality Market
On the other hand, the rise in the initial cost of deployment and the incorporation difficulties over legacy systems and networks is further projected to impede the growth of the smart hospitality market in the targeted period. However, the incorporation of real-time streaming analytics capabilities into smart solutions might further challenge the growth of the smart hospitality market in the near future.
This smart hospitality market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart hospitality market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Smart Hospitality Market
The pandemic of COVID-19 has had a huge impact on the smart hospitality market. The disease's global effects are already being seen, and the smart hotel business is projected to be heavily impacted. Governments all across the world have closed international borders and halted international and domestic flights, negatively impacting the hospitality industry. The outbreak of COVID-19 has caused panic among visitors. As a result, people have cancelled personal and professional travels, putting a strain on the hospitality industry. However, in the post-COVID scenario, smart hospitality market is projected to be significantly impacted due to the lifting of travel restrictions and the return of flights, on the other hand, are projected to revive market growth.
- In 2019, the InterContinental Hotels Group has announced that its enthusiastic hotel brand will be expanded. It would be a 95-room hotel with cutting-edge technologies for entertainment to give guests a one-of-a-kind experience. This would provide visitors with a lot of new features as well as a wonderful experience when staying at the hotel.
Global Smart Hospitality Market Scope and Market Size
The smart hospitality market is segmented on the basis of type, hotel type, deployment mode and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
On the basis of type, the smart hospitality market is segmented into software, and services. Software is further sub segmented into hotel operation management system, integrated security system, hotel building automation system, guest service management system, and integrated communication technology solutions. Hotel operation management system is further sub segmented into staff mobility and workforce management, inventory and logistics management, and revenue management. Integrated security system is further sub segmented into video surveillance system, access control system, and emergency incident management system. Hotel building automation system is further sub segmented into energy management platform and facility management system. Guest service management system is further sub segmented into centralized reservations systems, room automation and control system, and guest experience management system. Integrated communication technology solutions are further sub segmented into network management system, unified communications and collaboration, and mobile device management system. Services is further sub segmented into professional services and managed services.
- Business Hotels
- Heritage and Boutique Hotels
- Resorts and Spas
On the basis of hotel type, the smart hospitality market is segmented into business hotels, heritage and boutique hotels, resorts and spas, and others.
- On- Demand
On the basis of deployment mode, the smart hospitality market is segmented into on-premises, and on-demand.
- Luxury Yachts
On the basis of application, the smart hospitality market is segmented into hotels, cruise, luxury yachts, and others.
Smart Hospitality Market Regional Analysis/Insights
The smart hospitality market is analysed and market size insights and trends are provided by country, type, hotel type, deployment mode and application as referenced above.
The countries covered in the smart hospitality market report are U.S., Canada, and Mexico in North America, Brazil, Argentina, and the rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA).
Europe dominates the smart hospitality market due to the technological developments. Furthermore, the sturdy internet infrastructure and the inclination towards IoT will further boost the growth of the smart hospitality market in the region during the forecast period.
Asia-Pacific is projected to observe significant amount of growth in the smart hospitality market due to the capacity of handling outsourcing solutions. Moreover, the massive set up of contact centers is further anticipated to propel the growth of the smart hospitality market in the region in the coming years.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Hospitality Market Share Analysis
The smart hospitality market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart hospitality market.
Some of the major players operating in the smart hospitality market are:
- NEC Corporation (Japan)
- Huawei Technologies Co., Ltd. (China)
- IBM (US)
- Cisco Systems, Inc. (US)
- Siemens (US)
- Schneider Electric (France)
- Johnson Controls (Ireland)
- Honeywell International Inc. (US)
- Oracle (US)
- Infor. (US)
- Winhotel Solution SL (Spain)
- BuildingIQ (US)
- WiSuite (US)
- Qualsoft Systems Pvt. Ltd. (India)
- SAMSUNG (South Korea)
- BLAZON HOTELS (UAE)
- Control4 Corporation (US)
- Guestline (UK)
- Cloudbeds (US)
- Frontdesk Anywhere (US)