According to the research report "Smart Hospitality Market by Software (Hotel Operation Management System, Hotel Building Automation System), Service (Professional, Managed), Hotel Type (Business, Heritage & Boutique, Resorts & Spas), Deployment Model, and Region - Global Forecast to 2021", published by MarketsandMarkets, global smart hospitality market size expected to grow from USD 5.74 Billion in 2016 to USD 18.11 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 25.8%.
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The major drivers for upsurge in demand for smart hospitality software and services include the growing demand for real-time optimized guest experience management, luring revenue generation & low operational costs, and increasing adoption of Internet of Things (IoT) & energy management systems.
Hotel building automation system is expected to hold the largest market share in the smart hospitality market.
The hotel building technology has significantly changed over time, and various disciplines such as building automation for facility & emergency response management, building energy optimization, parking management, and water management are now being widely adopted in the hospitality sector. The adoption of hotel building automation software is propelled by the increasing demand for energy and facility-efficient methods. The emergence of IoT has also enabled the exchange of information among several electronic devices as well as cloud, without the need of direct human interaction, which makes hospitalities smarter.
Business hotels is likely to hold the largest market share in the smart hospitality market by hotel type
Business hotels primarily serve business travelers; however, many tour groups, individual tourists, and small conference groups find these hotels attractive. Business hotels provide their guests with unified communication capabilities that enable the guests to conduct meetings, conferences, and connect to associates around the world. In addition, these hotels deploy various building automation and mobile device-enabled technologies to provide a mesmerizing experience to the guests.
On-demand deployment model is expected to grow at the highest CAGR during the forecast period
The on-demand deployment model, also referred to as Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS), enables hotels to deploy their software and services on a virtual environment. The cloud-based deployment smart hospitality software reduces the cost associated with purchasing, servicing, and powering of server-class machines. The subscription model enables the scalability for end-users with a low cost of ownership. It also ensures the integrity of data back-up while reducing the risk of expensive security breaches.
Europe is expected to hold the largest market share in the smart hospitality market
As per the geographic analysis, Europe is likely to benefit from its technological advancements, robust internet infrastructure, and widespread adoption of new technologies. The need for better operational efficiency at a low operating cost is expected to bring continuous growth in the smart hospitality market.
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The major vendors covered in the smart hospitality market for this study include Schneider Electric (Rueil-Malmaison, France), Siemens AG (Munich, Germany), IBM Corporation (New York, U.S.), BuildingIQ (California, U.S.), Honeywell International (New Jersey, U.S.), Winhotel Solutions (Balearic Islands, Spain), Cisco Systems, Inc. (San Jose, U.S.), Oracle Corporation (California, U.S.), Huawei Technologies (Shenzhen, China), Johnson Controls (Wisconsin, U.S.), NEC Corporation (Tokyo, Japan), and Infor, Inc. (New York, U.S.).
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A new research study from “Data Bridge Market Research” with title Smart Hospitality Market Insights 2019, Global Analysis and Forecast to 2026 provides an in-depth assessment of the Smart Hospitality Market including key market trends, upcoming technologies, industry drivers, challenges, regulatory policies, key players company profiles and strategies.
The report contains data of the base year 2018 and historic year 2017Get Exclusive Sample Report: @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-smart-hospitality-marketMarket Definition: Global Smart Hospitality MarketSmart hospitality refers to the integration of technology such as automated software and smart solutions for hospitality.
It is widely used in hotels and cruises.
It helps the guest in the selection of rooms, type and number of their choice, room entertainment systems as well as internet features Global Smart Hospitality Market By Type (Software, Services,), Hotel Type (Business Hotels, Heritage and Boutique Hotels, Resorts and Spas, Others), Deployment Mode (On-Premises, On-Demand), Application (Hotels, Cruise, Luxury Yachts, Others), Geography(North America, South America, Europe, Asia-Pacific, Middle East and Africa) Competitive AnalysisGlobal smart hospitality market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
It will be a 95 room hotel including rooms designed for sound sleep, with the intervention of latest technology for entertainment to provide guest a unique experience, and high quality breakfast.
This acquisition will expand the R capabilities of the company and will develop smart solutions and next generation products for the hospitality industry.Focal points covered in this Smart Hospitality Market reportThis Smart Hospitality Market report provides pin point analysis of the market outlook and later establishes its comparison with current patterns.
A new research study from “Data Bridge Market Research” with title Smart Hospitality Market Insights 2019, Global Analysis and Forecast to 2026 provides an in-depth assessment of Smart Hospitality including key market trends, upcoming technologies, industry drivers, challenges, regulatory policies, key players company profiles and strategies.
Some of the leading key players profiled in this study: NEC Corporation, Huawei Technologies Co. Ltd., IBM Corporation, Cisco, Siemens, Schneider Electric, Johnson Controls, Honeywell International Inc., Oracle, Infor, Winhotel Solution SL, BuildingIQ, WiSuite, Qualsoft Systems Pvt.
The report contains data of the base year 2018 and historic year 2017.Get Sample Analysis of This Market Information: @ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-smart-hospitality-marketMarket Definition:Smart hospitality refers to the integration of technology such as automated software and smart solutions for hospitality.
It is widely used in hotels and cruises.
It helps to reduce the cost and also improves the efficiency of staff and gives a unique experience to the guest so that they want to come again.
It helps the guest in the selection of rooms, type and number of their choice, room entertainment systems as well as internet features.Market Drivers:Surging demand for real time optimized guest experience management is driving the growth of the marketAttractive revenue growth and low operational costs is boosting the growth of the marketIncreasing adoption of IoT and energy management systems is propelling the growth of the marketAdvanced technological developments in smart hospitality is contributing to the growth of the businessMarket Restraints:High initial cost of deployment is restricting the growth of the marketIntegration complexities over legacy systems and networks is hindering the growth of the marketLimited availability of technically skilled personnel is hampering the growth of the marketCompetitive AnalysisGlobal smart hospitality market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
