Value of the smart hospitality market by 2030

05-01-23

A new report released by ResearchAndMarket.com provides detailed insight into the current market dynamics and provides analysis on future market growth.

By offering a more personalised travel experience, hoteliers can forge a lasting experience and increase the likelihood that they will write a positive review. Creating a distinctive visitor experience increases revenue while enhancing brand reputation and customer loyalty.

Through new smart hospitality solutions, hotels have access to data-driven insights and customer behaviour to improve the customer experience through better service for each guest.

During the forecast period, it is anticipated that the increasing adoption of various advanced technologies in the hotel industry, using 5G, IoT, and AI, will create revenue-generating opportunities. For example, in April 2020, Huawei and intercontinental joined forces to build the first 5G-enabled smart hotel, providing guests with an extraordinary experience by providing a robust 5G network with connected terminals.

As a result, it is anticipated that the adoption of such advanced technology would drive growth in the global market. These innovative smart hospitality solutions help hotels improve the quality of their services while enhancing the guest experience. As a result, there is likely to be an increased need for smart hospitality solutions, which will drive the market expansion.

Highlights of the smart hospitality market report.

The sub-segment of guest experience by solution is anticipated to grow at a high CAGR. It is the guest experience that determines the quality of service provided by a hospitality business. An unsatisfactory experience indicates that the hotel needs to make improvements.

The cloud-based segment is expected to grow rapidly. Hotels and restaurants are implementing cloud-based technologies that can change with market and business dynamics. The demand for better guest experience, improved profitability, and universal access to hoteliers from any remote area will drive the market.

In Asia-Pacific, the global market is expected to dominate due to its ability to handle outsourced solutions, and the smart hospitality market is expected to experience significant growth. In addition, the extensive construction of contact centres is projected to further drive the expansion of the smart hospitality sector in the area over the next few years.

Major players operating in the global market include Cisco Systems, Honeywell International, IBM Corp, Johnson Controls, NEC Corporation, Oracle Corporation, Schneider Electric, Siemens, Winhotel Solution, Huawei Technologies, Oracle, Johnson Controls, Samsung, Springer-Miller Systems, Control4, Wisuite, Qualsoft Systems, Hospitality Network, Guestline, Cloudbeds, Frontdesk Anywhere, Chris Lewis Group, Xie Zhu , BuildingIQ, Stayntouch and others.

Market dynamics

Drivers and Opportunities

•  Tourism Growth and Increased Investments in Hotel Projects

•  Emerging concept of hotel workplaces

Constraints and Challenges

•  Data Security

•  Solution

•  Property Management System

•  Guest experience management system

•  Integrated security management

•  Facilities management software

•  Network management software

•  Point-of-sale software

Smart hospitality, end-use outlook (Revenue: USD billion, 2018 - 2030)

• Hotel

• Cruise

• Luxury yachts

• Other

Smart hospitality, regional outlook (Revenue: USD billion, 2018 - 2030)

North America

• Canada

Europe

• Germany

• United Kingdom

• France

• Italy

• Spain

• Russia

• Netherlands

Asia Pacific

• India

• Japan

• South Korea

• Indonesia

• Malaysia

Latin America

• Argentina

• Brazil

• Mexico

Middle East and Africa

• United Arab Emirates

• Saudi Arabia

• Israel

• South Africa