New York, NY, Feb. 19, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Hotel and Hospitality Management Software Market By Hotel Type (Business Hotels, Heritage and Boutique Hotels, and Resorts and Spas); By Type (Hotel Operation Management System, Integrated Security System, Hotel Building Automation System, Guest Service Management System, and Integrated Communication Technology Solutions); By Deployment Type (On-premises, SaaS-based)Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022”.
According to the report, the global hotel and hospitality management software market was valued at around USD 2,800 million in the year 2016 and it is expected to reach approximately USD 4,300 million by 2022. The global hotel and hospitality management software market is expected to exhibit a CAGR of more than 6.5% between 2017 and 2022.
Browse through 72 Tables & 29 Figures spread over 110 Pages and in-depth TOC on "Global Hotel and Hospitality Management Software Market Report and Forecast 2016 – 2022”.
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Market Report Highlights
- Tourism and hospitality industry has emerged as one of the key drivers of growth among the global hotel and hospitality management software market.
- Disadvantages of the software are expected to limit the growth of the hotel and hospitality management software market over the forecast period.
- The time saved from having all hotel management functionality centralized in one system makes for happier guests is expected to strengthen the demand for the hotel and hospitality management software over the forecast period.
- In terms of revenue, business hotels dominated the market, accounting for around 47% of the global hotel & hospitality market share in 2016.
- Heritage and boutique hotels are expected to expand at a moderate growth rate accounting for around 1/3rd of the value share in the global hotel and hospitality management software market.
- The guest service management system is anticipated to grow at the highest CAGR during the forecast period.
- Hotel building automation system improves the management activities
- On-premises were the leading segment in 2016 due to the increased adoption of the on-premises application software on account of rising need to improve business productivity.
- Software services are one of most enduring activities in North America, and it accounts for billions of dollars in investment, and millions of jobs.
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Business hotels contribute a major share in the growth of the hotel and hospitality management software market. The increased facilities that are provided by the business hotels such as unified communication capabilities help the business people and other guests to conduct meetings and conferences. Thus it is estimated that this segment will register a comparatively high growth in the future years.
The guest service management system is anticipated to grow at the highest CAGR during the forecast period. Increasing demand for automated real-time optimized guest services and the rise of demographic growth are expected to propel the market growth in the near future.
Browse the full "Global Hotel and Hospitality Management Software Market, By Hotel Type (Business Hotels, Heritage and Boutique Hotels, and Resorts and Spas); By Type (Hotel Operation Management System, Integrated Security System, Hotel Building Automation System, Guest Service Management System, and Integrated Communication Technology Solutions); By Deployment Type (On-premises, SaaS-based)Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2022" report at https://www.zionmarketresearch.com/report/hotel-hospitality-management-software-market
The on-premises segment was the leading segment and it accounted for the major share of total revenue generated in 2016. This growth is mainly due to increasing adoption of the on-premises application software on account of rising need to improve business productivity.
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The Asia Pacific is expected to dominate the global hotel and hospitality management software market over the forecast period. The market is well developed in Asia Pacific region owing to the high investments that are made for the development of the market.
According to the analysts and insights shared by industry experts in primary research, data privacy and security that is offered by the on-premise application is expected to open up several opportunities for the market growth.
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Global Hotel and Hospitality Management Software Market Segmentation:
Global Hotel and Hospitality Management Software Market: By Hotel Type
- Business Hotels
- Heritage and Boutique Hotels
- Resorts and Spas
Global Hotel and Hospitality Management Software Market: By Type
- Hotel Operation Management System
- Integrated Security System
- Hotel Building Automation System
- Guest Service Management System
- Integrated Communication Technology Solutions
Global Hotel and Hospitality Management Software Market: By Deployment Type
- On-premises
- SaaS-based
Global Hotel and Hospitality Management Software Market: By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of MEA
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