Smart Hospitality Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Smart Hospitality Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : November, 2021 | Technology & Media

Report Digest


Global Smart Hospitality Market: Overview

The hospitality industry is a broad category under the services industry spanning across multiple businesses and sectors driven by the ultimate focus of customer satisfaction. Hotels and restaurants form just one of the many sectors of this industry and constitute a major segment. Other prominent, overlapping, categories include the food and beverages sector and the travel and tourism industry. The smart hospitality market is shaped by a plethora of trends. While some are ephemeral, others leave a lasting impact for for several decades. The use of technology is understood to be a key enabler in offering personalized and tailor customer services in almost all facets of the industry, with its defining impact increasingly felt on hotels worldwide. In recent years, spending on technology has soared with the objective of transforming customer experiences, maximizing revenue, and increasing bottom-line. The spiraling investment in a host of technologies such as IoT, virtual reality, beacon technologies, interactive displays, smart control apps, robotics, new generation messaging technologies and streaming in-room entertainment have brought smart services into the realm of the hospitality industry.

The increasing implementation of various technologies has been a game-changing strategy for many industry players and has catapulted customers’ convenience to the next level. Guests enjoy the convenience of unlocking their rooms or getting access to numerous hotel facilities such as spa and gym using smart phone apps. Streaming videos on demand are slowly replacing pay-per-view entertainment in hotels. They can use smart devices to remotely control a wide range of functionalities such as lighting system, electrical appliances, blinds, and temperature in their rooms. On the other hand hotel owners will leverage the advantage of intelligences and analytics technologies to gain a strategic insights into their guests’ preferences. As a result, hotels will be able to estimate occupancy with accuracy, manage optimal pricing for the rooms, and provide tailor made experiences, all with an aim to augment their revenue.

Global Smart Hospitality Market: Snapshot 

The hospitality industry comprises a broad field of services within the service industry such as cruise line, transportation, theme parks, event planning, lodging, and other different fields in the tourism industry. The hospitality industry is known for being a multibillion dollar industry that solely relies on the obtainability of disposable income and leisure time. A hospitality component such as amusement park, hotel, or restaurant includes multiple units such as direct operation, i.e. human resources, marketing, management, bartenders, kitchen workers, porters, housekeepers, and servers and facility maintenance. The most crucial variable for the hospital industry sit he inverse vacancy rate or usage rate. 

Theme parks, hotels, and restaurants strive to maximize their profit by expanding their customer base. This gave rise to services with focus on increasing the use rate provide by the hotel consolidators. Focusing on various other industries, entry barriers for new players and competitive advantages among the existing players is crucial. The hospitality industry seeks benefits in old locations, ongoing and initial investment support and specific themes implemented by the marketing team of the respective organization in question. 

The market intelligence publication delves into the possible growth opportunities for the global smart hospitality market and the chronological growth of the smart hospitality marketthroughout the forecast period. It also uniquely provisions required data related to facers such as dynamics influencing the progress in all possible retrospective manner. Several ubiquitous and non-ubiquitous trends have also been mentioned in the study. An outlook of extensive nature keeping in mind the Porter’s five forces analysis has been provided to make the vendor landscape transparent to the reader. The report further reaches out to point out accomplishments related to R&D, acquisitions, mergers, and crucial partnerships and verifications. The companies in limelight have been analyzed on market shares, products, and key strategies. 

Global Smart Hospitality Market: Trends in Focus 

The global smart hospitality market is likely to witness tremendous growth during the respective forecast period. The facets driving the growth of the market include rise in the demand for software and services related to smart hospitality and mounting requirement for real-time optimized guest experience management system. The market is also likely to experience profitability from the low operating costs and captivating revenue generation and rising us of Internet of Things and different energy management systems.

The segment of managed services is anticipated to grow a strong CAGR over the forecast period. Managed services provision the application of smart hospitality solutions through hotels and resorts. The guest service management system segment is likely to expand at a strong CAGR owing to the progress in digitization worldwide. Smart solutions help the administrator in controlling the guest room by automating the curtains, lights, temperature, and various other indoor machineries while monitoring the safety and security of the infrastructure and handling the outdoor components such as water management, parking premises, inventory, waste management, and network infrastructure. 

Business hotels are expected to witness substantial growth in the next couple of years. Business hotels chiefly attend to business travelers; nevertheless, individual tourists, numerous tour groups, and small conference crowds consider these hotels striking. Business hotels deliver their guests with united communication competences that allow the guests to conduct conferences, meetings, and connect with associates across the globe. Additionally, these hotels position various building automation systems and mobile device-enabled technologies in order to provide an enthralling experience to the visitors. 

Global Smart Hospitality Market: Regional Outlook 

Region-wise, Europe is likely to gain from the advancements in technology, growing internet infrastructure, and the wide adoption of new and advanced technologies. However, owing to the 2017 elections of the U.S., the industry might witness fluctuations in the coming years. 

Global Smart Hospitality Market: Companies Active in the Market 

A few of the leading participants in the smart hospitality market are Infor, Inc. (New York, U.S.), Johnson Controls (Wisconsin, U.S.), Huawei Technologies (Shenzhen, China), Winhotel Solutions (Balearic Islands, Spain), Oracle Corporation (California, U.S.), Cisco Systems, Inc. (San Jose, U.S.), IBM Corporation (New York, U.S.), and Siemens AG (Munich, Germany).

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?