Pune, Oct. 23, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report projects a substantial growth in the Smart Hospitality Market, with an expected compound annual growth rate (CAGR) of 30.2% from 2023 to 2030, leading to a rise in market value from USD 13.4 billion in 2022 to USD 110.6 billion in 2030.”
Market Overview
Smart hospitality is a multifaceted approach to guest service that leverages cutting-edge technology to create a seamless, efficient, and personalized experience for travelers. It encompasses a wide range of innovative solutions that improve operations, enhance guest comfort, and streamline management processes within the hospitality sector. : Smart hospitality introduces mobile check-in options, reducing the time guests spend at the front desk. Furthermore, keyless entry via smartphones or smartcards enhances security and convenience. Smart hospitality emphasizes eco-friendly practices. Automated lighting and climate control systems reduce energy consumption, and smart waste management systems contribute to sustainability efforts.
Market Analysis
One of the primary growth drivers for the smart hospitality market is a relentless focus on enhancing the guest experience. Smart hospitality solutions, including IoT-based room controls, mobile check-in, and personalized services, allow hotels to cater to the unique preferences of each guest. This customer-centric approach not only boosts guest satisfaction but also fosters loyalty and repeat business. The Internet of Things (IoT) plays a pivotal role in automating and streamlining hotel operations. IoT-connected devices and sensors are being used for temperature control, lighting, security, and even inventory management. These innovations reduce operational costs, enhance energy efficiency, and ensure a seamless experience for guests. The integration of mobile apps in the hospitality sector is a game-changer. Guests can use their smartphones to check-in, unlock their rooms, order room service, and even control in-room amenities. This not only offers convenience but also minimizes physical contact, a feature highly valued in a post-pandemic world.
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Major Players Listed in this Report are:
The key players are IBM, Huawei, Schneider Electric, NEC, Cisco, Honeywell, Sabre, Legrand, Siemens AG, Global Business Solutions, Oracle, Infor, Johnson Controls, Samsung, Leviton, Control4, Wisuite, Stayntouch, Qualsoft Systems, Hospitality Network, Springler-Miller Systems, Guestline, Frontdesk Anywhere, Chris Lewis Group, BuildingIQ, Cloudbeds, and others players
Smart Hospitality Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 13.4 Bn |
| Market Size by 2030 | US$ 110.6 Bn |
| CAGR | CAGR of 30.2 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Smart Hospitality Market Study
- The Hotel Operation Management segment plays a pivotal role in the smart hospitality industry, primarily due to the increasing demand for streamlined operations, enhanced guest experiences, and cost efficiency. As hotels strive to stay competitive and relevant in the digital age, the adoption of smart management solutions has become imperative.
- The On-premises segment in the smart hospitality market comprises a range of smart devices and services installed directly at the hotel property. This segment encompasses in-room automation, IoT sensors, and connected amenities, enhancing the overall guest experience.
Recent Developments
- Kerlink, a leading provider of Internet of Things (IoT) solutions, has joined forces with HYDRAO, a pioneering company in smart water management systems. This strategic partnership aims to empower a prominent U.S. hospitality chain in its mission to conserve water resources through the implementation of cutting-edge smart-shower technology.
- Phunware, a leading technology company specializing in mobile solutions, has recently unveiled its innovative Smart Hospitality Solution at Gaylord Hotels. One of the key features of this solution is the integration of mobile apps, allowing guests to manage various aspects of their stay with ease.
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Market Dynamics Analysis
The smart hospitality market is experiencing a dynamic transformation driven by a convergence of factors that are reshaping the industry landscape. Key drivers include the increasing demand for personalized guest experiences, which has spurred the adoption of smart technologies like IoT and AI in hotels and resorts. This surge in demand for enhanced guest satisfaction has created opportunities for innovative solutions such as smart room controls, digital concierge services, and contactless check-in/out systems. Moreover, cost-saving measures and environmental concerns have led to the implementation of energy-efficient solutions, contributing to the market's growth. However, amidst these opportunities, the market faces its set of challenges and restraints, including concerns related to data security and privacy, high initial implementation costs, and the need for infrastructure upgrades. Moreover, the ongoing COVID-19 pandemic has imposed severe threats to the market, as travel restrictions and safety concerns have impacted the industry's growth, making adaptability and resilience crucial for its survival. Navigating these dynamics requires a strategic approach that balances innovation with security and cost-effectiveness, ensuring that the smart hospitality sector continues to evolve and thrive in a post-pandemic world.
Smart Hospitality Market Key Segmentation:
By offerings
- Solution
- services
By Deployment Mode
- Cloud
- On-premises
By Solution Type
- Hotel Operation Management
- Hotel Automation Management
- Guest Service Management System
- Security Management System
- Others
By End User
- Hotel
- Cruise
- Luxury Yatches
- Others
Key Regional Developments
North America has emerged as a pioneer in smart hospitality technology adoption. The region's tech-savvy consumers and well-developed infrastructure have facilitated the rapid adoption of smart solutions in the hospitality sector. Key trends in North America include the integration of IoT devices for room control, mobile check-in, and voice-activated assistants to enhance the guest experience. Europe is gradually embracing smart hospitality solutions, with a focus on enhancing operational efficiency. Smart locks, self-check-in kiosks, and contactless payment systems are becoming increasingly popular across the region. European hotels are also investing in advanced security systems to ensure the safety of their guests and assets. The Asia-Pacific region is experiencing rapid growth in the smart hospitality market, driven by rising tourism, a burgeoning middle class, and increased investment in infrastructure. In this dynamic region, mobile apps play a significant role in improving the guest experience.
Impact of Recession on Smart Hospitality Market Growth
The economic downturn has accelerated the adoption of automation in the smart hospitality market. As hotels and resorts face labor shortages and reduced budgets, they are turning to automated solutions for tasks such as check-in/check-out processes, room cleaning, and guest service requests. Automation not only ensures social distancing and health safety but also significantly reduces labor costs, making it a cost-effective strategy for businesses in the sector. The recession has underscored the importance of data-driven decision-making in the smart hospitality sector. Hoteliers and other stakeholders are relying on data analytics to optimize room rates, manage inventory, and tailor their services to changing market conditions. Utilizing data-driven insights has become an essential practice for businesses looking to stay competitive and profitable in a recessionary environment.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Hospitality Market Segmentation, By Offerings
9. Smart Hospitality Market Segmentation, By Deployment
10. Smart Hospitality Market Segmentation, By Solution Type
11. Smart Hospitality Market Segmentation, By End User
12. Regional Analysis
13. Company Profile
14. Competitive Landscape
15. USE Cases and Best Practices
16. Conclusion
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