Smart Hospitality Market(by Software (Hotel operation management system, Staff mobility and workforce management, Inventory and logistics management, Revenue management, Integrated security system, Video surveillance system, Access control system, Emergency incident management system, Hotel building automation system, Energy management platforms, Facility management system, Guest service management system, Centralized reservation system, Room automation and control system, Guest experience management system, Integrated communication technology solutions, Network management system, Unified communications and collaboration, Mobile device management)-by Hotel Type(Business hotel, Heritage and boutique hotel, Resorts and spas, Others)-by Services (Professional service, Consulting service, System integration and deployment, Support and maintenance, Managed service)-by Deployment Model (On-premises, On-demand) - by Geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America)) is expected to reach US$ 18.12 Bn by 2026 at a CAGR of 25.5%.
Smart hospitality enables hotels to increase revenue with digital In-room entertainment systems and enhance their guest experience. Smart Hospitality provides HD free-to-guest channels, IPTV services, Interactive TV, and Wi-Fi for hotels. Various hospitality brands are able to personalize and customize both their back-end solutions and those that enable a more notable experience for the traveller. Smart Hospitality provides HD free-to-guest channels, IPTV services, Interactive TV, and Wi-Fi for hotels. It helps in improving customer satisfaction and experience. Smart hospitality includes smart hotels that use new and innovative technologies to cater to guests.
The growing demand for real-time optimized guest experience management, increasing adoption of Internet of Things (IoT), low operational costs and luring revenue generation, and energy management systems are some of the driving factors expected to propel the smart hospitality market.
High initial cost of deployment, and integration complexities over legacy systems are some of the restraining factors would hinder the growth of the smart hospitality market.
Hotel building automation system is likely to have large smart hospitality market size during 2018-2026
Hotel building automation system is expected to have larger smart hospitality market share during the forecast period. The hotel building technology has significantly changed over time, and various disciplines such building automation for facility & emergency response management, water management, parking management and building energy optimization are now being widely adopted in the hospitality sector. The adoption of hotel building automation software is propelled by the increasing demand for facility and energy-efficient methods.
Business hotels are likely to hold large market size during the 2018-2026
Based on hotel type, Business hotels are expected to have large market size during the forecast period, as business hotels provide their guests with unified communication capabilities that enable the guests to conduct conferences, meetings and connect to associates around the world. Thus many tour groups and small conference groups find these hotels attractive. In addition, these hotels deploy various mobile device-enabled technologies and building automation to provide a fascinating experience to the guests.
On-demand deployment model is expected to reach at a highest CAGR during 2018-2026
While using deployment model, smart hospitality market is classified into on-demand deployment model and on-premises deployment model. Among these, the on-demand deployment model is expected to reach at a highest CAGR during the forecast period, as it enables hotels to deploy services and software on a virtual environment. The cloud-based deployment smart hospitality software reduces the cost associated with servicing, purchasing, and powering of server-class machines. The subscription model provides low cost of ownership with the scalability.
Guest service management system is expected to grow at a highest CAGR during 2018-2026
Among software's, the Guest service management system is likely to reach at a highest CAGR during the forecast period. The growing demand for automated real-time optimized guest services and rise of hyper-urbanization and demographic growth are estimated to drive the adoption of smart hospitality solutions across various hotel types
Europe is likely to have the large smart hospitality market size during 2018-2026
As per geographic analysis, smart hospitality market is divided into North America, Asia Pacific, Europe, and Latin America and Middle East and Africa. Among these, Europe is likely to hold the largest smart hospitality market share during the forecast period. Europe is likely to benefit from robust internet infrastructure, technological advancements, and widespread adoption of new technologies. Owing to rise in need for better operational efficiency at a low operating cost is expected to bring continuous growth in the Smart Hospitality Market.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading manufacturers such as Schneider Electric, Siemens AG, IBM Corporation, BuildingIQ, Honeywell International, Winhotel Solutions, Cisco Systems, Inc., Oracle Corporation, Huawei Technologies, Johnson Controls, NEC Corporation, Infor, Inc. etc.
Maximize market research, a Global market research firm with dedicated team of specialists and data has carried out extensive research about the smart hospitality market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the smart hospitality market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain the smart hospitality market positioning of competitors.
Browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on "Smart Hospitality Market"
Smart Hospitality Market
For more information, visit: https://www.maximizemarketresearch.com/market-report/smart-hospitality-market/13824/