Smart Hospitality Market worth $49.9 billion by 2027, growing at a CAGR of 29.8% Report by MarketsandMarkets™

Chicago, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The Smart Hospitality Market size to grow from USD 13.6 billion in 2022 to USD 49.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 29.8% during the forecast period, according to new research report by MarketsandMarkets™

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301 - Tables
49 - Figures
285 - Pages

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Scope of the Report

Increasing technological solutions are changing how businesses operate and transforming business operations and work processes into integrated digital platforms to automate the whole work process and develop smart infrastructure. The smart hospitality industry encompasses a wide array of smaller intelligent components, such as room automation, energy management, safety & security, and infrastructure management. With the adoption of technological solutions such as Artificial Intelligence (AI), AR, VR, cloud computing, IoT, and big data technologies, the demand for better guest experience and energy usage management from cloud-based analytics systems is also expected to rise. This rising technological pace has offered an opportunity to hospitality industry players to transform their operations digitally and save cost, generate high revenue, develop new revenue streams, and improve management processes to offer best-in-class services.

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The property management system segment is expected to account for the largest market share in the smart hospitality market. A Property Management Software (PMS) also allows hoteliers to better grasp the real-time demand and performance of hotel operations, which helps them make real-time decision-making. PMS helps improve the hotel's internal operations and provides efficient automation of tasks. It provides better system integrations and enhances guest experience. It also allows hoteliers to manage guest data efficiently.          The need for a centralized application to perform, schedule, and organize daily operations and transactions involved in a business will drive the market. 

By Service segment, professional services are expected to hold a larger market size. Professional services assist the end users in working on the defined software. The services included in the scope of this research study are consulting, system integration & deployment, and support & maintenance services. The increasing demand for advanced automated solutions continues to increase due to the technological advancements in the hospitality market. Due to this, the need for a well-designed, efficient, and reliable service becomes important to support the seamless functioning of these solutions. Today, companies focus on improving their services segment to achieve high revenue and gain a competitive advantage. 

Asia Pacific is estimated to be the fastest growing market for smart hospitality solutions. The demand for smart hospitality solutions in the hospitality industry is expanding at an impressive rate globally. The Asia Pacific Smart Hospitality market will develop significantly over the projected period, owing to increasing investments in smart hospitality solutions by multinational hotel chains in countries such as India and China. For instance, South Asia’s largest hotel chain Oyo acquired an Internet of Things firm, AblePlus, to use its technology and Artificial Intelligence to better manage its hotels and assets. 

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Top Trends in global Smart Hospitality Market

• Contactless Solutions: Contactless technology was more widely used in the hotel sector as a result of the COVID-19 pandemic. To reduce physical contacts and improve client safety, this includes contactless check-in and check-out, keyless entrance via cellphones, digital menus, and mobile payments.
• IoT Integration: The use of Internet of Things (IoT) technologies in hospitality operations is growing. To improve guest comfort and energy efficiency, smart appliances, lighting, and thermostats are linked together. Additionally, this enables hotels to collect information for a deeper knowledge of visitor preferences and operational effectiveness.
• Personalization: By collecting information about visitor preferences and behaviours, hotels are able to provide highly customised experiences. Hotels are employing data analytics to customise services to individual visitors, from dining preferences to room preferences.
• Voice-Activated Assistants: Hotel rooms now feature voice-controlled assistants like the Amazon Echo and Google Home, which let visitors dictate various parts of their surroundings. Convenience and a futuristic experience are offered by these gadgets.
• Robotic Assistance: Robots are being used more frequently in hotels to do duties like room service delivery, concierge services, and even housekeeping. Particularly in a post-pandemic society, robots can boost productivity and minimise human-to-human contact.

Key Industry Development

• 5G Implementation: By providing quicker and more dependable connectivity, the rollout of 5G technology might have had a big impact on the smart hotel business. The increasing connectivity of IoT devices, improved visitor experiences, and improved performance of data-intensive apps could result from this.
• Post-Pandemic Innovations: The COVID-19 pandemic had a significant impact on the hotel sector, which led to the adoption of a number of technology advancements to guarantee guest safety and continue operations. These developments may have developed further, taking into account the lessons acquired from the epidemic.
• Integration of AI and Machine Learning: Applications of AI and machine learning in the hospitality industry may have advanced. These technologies can improve guest preference prediction, streamline operations, and further customise the guest experience.
• Blockchain for Security: The hospitality sector may have benefited from the use of blockchain technology, especially for boosting supply chain transparency, data security, and guest review veracity.
• Voice Technology Advancements: The use of voice commands to operate various room features, order services, and get information might have been made possible with the advancement of speech-activated gadgets and technologies.

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