Global Smart Hospitality Market: Overview
Hospitality is the act of anticipating the needs of guests and providing their needs. Smart hospitality includes hotels that use new, innovative technologies to accommodate their guests and improves customer experience & satisfaction. The use of digital in-room entertainment systems allows hotels to enhance their guest experience and increase revenue. Smart hospitality focuses on delivering world-class customer service through digital methods such as mobile apps and smart systems for the hospitality industry. In addition to this, smart hospitality offers interactive TV, IPTV, and free Wi-Fi for hotels as well as HD channels for guests. The hospitality industry has been able to modify and customize both back-end solutions and those that provide travelers with a more personalized experience.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Global Smart Hospitality Market: Growth Factors
Increasing need for instantaneous and enhanced guest experience management is the key driving factor for the growth of the smart hospitality market. It is further estimated that the rise in acceptance of IoT and energy management systems will further bolster the market growth. Smart hospitality technology can improve customer perceptions and satisfaction. The smart hospitality sector uses digital technology through mobile devices and apps to enhance customer service through smart solutions & automated software to leverage the hospitality sector. The use of such technologies enables a great guest experience & allows guests to choose rooms, types, and room numbers more conveniently, even by using a mobile device. Further, the increasing need for attractive revenue growth along with lowering operational costs propel the adoption of smart hospitality among consumers and is expected to upsurge the market growth. Further, rising adoption of IoT and energy management system such as IoT-powered sensor devices are equally contributing to enhance the market growth of the smart hospitality. However, the lack of IT skilled professionals in the sector may hinder the growth of the smart hospitality market. Besides, a complex integration process over legacy networks and systems may also halt the growth of the market. Furthermore, rapidly developing IoT & cloud platforms and the emerging concept of BYOD applications in the hospitality industry will provide excellent opportunities for the growth of the smart hospitality market during the forecast period.
The outbreak of the COVID-19 pandemic has spread across the world and the major focus of government and business management is the safety of the population. Rising concern over the spread of coronavirus has emerged new restrictions & regulations and the hospitality industry was among the first industries affected, and it will be among the last industries to recover. The pandemic posed a challenge to the hospitality industry to adopt innovative strategies and improve customers' perceptions of safety for the industry to survive. Thus, the supply chain cycle of the hospitality sector was been hampered in the pandemic period. However, rapid technological advancement and adoption of automation in the hospitality sector for contactless delivery helped to sustain the smart hospitality market. In addition, ease in travel restrictions and a boom in holidays & short trips are expected to spur the growth of the global market during the forecast period.
Global Smart Hospitality Market: Segmentation
The global smart hospitality market is divided based on type, application, and region. On the basis of type, the global smart hospitality market is split into heritage & boutique hotels, resorts & spas, business hotels, and others. The application segment is bifurcated into hotels, cruises, luxury yachts, and others.
Global Smart Hospitality Market: Regional Analysis
Geographically, North America region is projected to hold the largest share in the global smart hospitality market and is expected to continue its dominance over the forecast period. Some of the major factors such as rapid surge in technically advanced product portfolio and the presence of leading players in this region are enhancing the market growth in the region. In addition to this, increasing demand for high operational efficiency with low cost, increased expenditures of organizations in the field of research and development would further expand the market growth in the North America. However, Asia Pacific region is estimated to grow at a faster rate and is expected to offer lucrative growth opportunities for the market. Market in the region is flourishing as Asian tech companies are quick to identify the opportunities in the hospitality industry and hotels chains are also hungry to adopt newer technologies. For instance, hotel chains in Japan, China, Singapore, and Malaysia are already adopting smart hospitality technologies which will be soon adopted by other emerging countries in the region.
Global Smart Hospitality Market: Competitive Players
The global smart hospitality market is exceedingly competitive, key players operating in the market are focusing to expand their business at greater speed. Schneider Electric SE, Siemens AG, Honeywell International Inc., IBM Corporation, Cisco Systems, Inc., Winhotel Solutions, Oracle Corporation, Johnson Controls International, Huawei Technologies Co., Ltd., Infor, Inc., and NEC Corporation are some of the dominant players that are functioning in the global smart hospitality market. The leading players of the industry are providing a variety of technologies and solutions to cater to various customer needs in the hospitality market.
Global Smart Hospitality Market: Regional Segment Analysis
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Increasing need for instantaneous and enhanced guest experience management is the key driving factor for the growth of the smart hospitality market. It is further estimated that the rise in acceptance of IoT and energy management systems will further bolster market growth. Furthermore, rapidly developing cloud-based IoT platforms and the unmet concept of BYOD applications inside the hospitality industry will provide potential key opportunities for the growth of the smart hospitality market in the forecast period.
Schneider Electric SE, Siemens AG, Honeywell International Inc., IBM Corporation, Cisco Systems, Inc., Winhotel Solutions, Oracle Corporation, Johnson Controls International, Huawei Technologies Co., Ltd., Infor, Inc., and NEC Corporation are some of the dominant players that are functioning in the global smart hospitality market.