Smart Hospitality Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
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.
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.
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.
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.
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).
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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