17-Aug-2022 | Zion Market Research
The global smart hospitality market size was worth USD 12,836.20 million in 2021 and is estimated to grow to USD 60,261.8 million by 2028, with a compound annual growth rate (CAGR) of approximately 29.40 percent over the forecast period. The report analyzes the smart hospitality market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the smart hospitality market.
Smart hospitality is hotel facilities outfitted with cutting-edge hardware and software to lessen workloads and keep costs for all hotels to a minimum. In general, the internet of things and artificial intelligence are used in smart hotels. Integrating the internet of things and big data, smart hotels are created, which also helps to reduce operational costs. Visitors can complete various tasks on their cellphones, representing the power of the IoT for hotels. Guests in smart hotels may regulate the thermostat, order room service, and even check in and out.
Additionally, business managers utilize IoT to understand the needs of their guests better, identify the most popular services, and enhance internal procedures. With big data management solutions, smart hotels may enhance their offerings while cutting costs. They can better manage reservations and cancellations and increase hotel occupancy during tourism. Examples of smart hotels are hotels in Japan, the Yotel chain in Singapore, and in Europe, the 25hours Hotel, The Circle, Cologne.
The global smart hospitality market will be driven by rising consumer demand for guest-focused, hyperconnected personalization, and real-time optimized experiences. Curating a unique guest experience boosts brand reputation & customer loyalty and generates income. New smart hospitality solutions give hoteliers access to data-backed insights and behavior that can create a 360-degree perspective of every guest and improve their experience through better customer care. Implementing smart hospitality systems like Property Management Systems (PMS), Guest Experience Management Systems, etc., is very costly, either locally or online. Budget restrictions can make it difficult for any hotel to install a smart hospitality solution because the hospitality industry is recovering from a pandemic-related financial loss of enormous proportions. Hoteliers around the world are worried about threats of digital data theft and personal data leaks. Guest preferences and personal information are included in smart hospitality solutions. Any data disclosure could cast doubt on the hotel brand's credibility.
The global smart hospitality market is segregated based on offering, deployment mode, end user, and region. Based on offering, the market is divided into solutions and services. Among these, the solution segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on deployment mode, the market is classified as cloud and on-premises. In 2021, the cloud deployment mode category dominated the global market. Based on end-user, the market is classified into hotel, cruise, luxury yatches, and others. In 2021, the hotel segment dominated the smart hospitality market.
The global smart hospitality market is divided into geographic regions: North America, Europe, Latin America, Asia Pacific, Middle East, and Africa. The hospitality industry is significant and well-established in Europe. Due to the rising demand for automation in hotels, the availability of developed internet infrastructure, and the quickly expanding hotel industry throughout the region, Europe dominated the market with a significant share in 2021. Additionally, due to the expansion of the tourism industry, European nations are making significant investments in the construction of hotels and other commercial structures. The market in the region will be driven by a booming tourism sector, a more modern hotel infrastructure, and a high rate of new hotel openings in numerous Asia-Pacific nations like Thailand, Malaysia, and Indonesia.
Key players in the global smart hospitality market include Huawei, NEC, Cisco, Schneider Electric, IBM, Legrand, Honeywell, Oracle, Siemens AG, Samsung, Johnson Controls, Infor, Sabre, Leviton, Sprinkler-Miller Systems, Global Business Solutions, Control4, Hospitality Network, Wisuite, Guestline, Cloudbeds, Qualsoft Systems, Frontdesk Anywhere, Chris Lewis Group, BuildingIQ, Stayntouch, Xie Zhu
Browse the full “Smart Hospitality Market By Offering (Solution, Services), By Deployment Mode (Cloud, On-Premises), By End User (Hotel, Cruise, Luxury Yatches, Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/smart-hospitality-market
Global Smart Hospitality Market is segmented as follows:
By Deployment mode
By End user
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