Pune, Sept. 09, 2024 (GLOBE NEWSWIRE) -- “According to SNS Insider, The Smart Hospitality Market was valued at USD 17.55 billion in 2023 and is predicted to attain USD 186.10 billion by 2032, with a CAGR of 30% during the 2024-2032 predicted period.”
Smart Hospitality Market Grows with Focus on Real-Time Guest Experience and IoT-Driven Efficiency
The smart hospitality market is enlarging remarkably as real-time finest guest experience management and lower operational costs become more and more important. The sector is operated by a growing interest in IoT and the demand for advanced hospitality software and services. The use of IoT devices in healthcare facilities is expected to increase by 15% annually, with a forecast of 75 million connected devices in healthcare settings by 2026. Smart hospitality leverages automated solutions, intelligent systems, and mobile technologies to increase guest experiences. The adoption of automated systems for patient management and monitoring is expected to see a 20% increase annually.
These technologies allow guests to choose their rooms, room types, and room numbers through mobile tool, thus substantially upgrading the general customer experience. Approximately 35% of healthcare facilities globally have adopted some form of smart healthcare systems as of 2024. This trend is powering the market’s growth as hotels and other hospitality businesses seek to offer more customized and efficient services while improving their operational efficiencies.
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Key Smart Hospitality Companies:
- 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
Smart Hospitality Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 17.55 Billion |
| Market Size by 2032 | US$ 186.10 Billion |
| CAGR | CAGR of 30% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| 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) |
Smart Hospitality Market Driven by 5G Adoption and Personalized Guest Experiences
The smart hospitality market is moved by several key factors. Increasing adoption of 5G technology in the hospitality industry is increasing connectivity and authorize more advanced services. A recent study discloses that hotels leveraging 5G technology have seen a mean increase of 20% in guest content and a 15% boost in revenue. 5G's high-speed, low-latency abilities enable real-time data analysis, facilitating highly customize services. For example, hotels can offer customized room settings, tailored recommendations.
Hoteliers are focusing on providing personalized experiences, operate by growing customer expectations for interconnected, real-time customized interactions. This shift allows hotels to build powerful relationships with guests, increase brand reputation, and foster customer loyalty. Smart hospitality solutions offer valuable perception into guest behaviour, which can be used to improve service and reduce operational costs. Integrated digital platforms such as Property Management Systems (PMS) and Customer Relationship Management (CRM) tools are central to this transformation, helping to streamline operations and upgrade guest retention rates. Besides, mobile-centric experiences, such as keyless entry and mobile services, are becoming standard, providing increased convenience and self-service options for guests.
Smart Hospitality Market Key Segmentation:
By Offering:
- Solution
- Property Management System
- Guest Experience Management System
- Integrated Security Management
- Facility Management Software
- Network Management Software
- Point Of Sale Software
- Services
- Professional Services
- Consulting
- Integration and Deployment
- Support and Maintenance
- Managed Services
- Professional Services
By Deployment Mode:
- Cloud
- On-premises
By End User:
- Hotel
- Cruise
- Luxury Yatches
- Others
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Segment Analysis
In the smart hospitality market, over various segments are undergoing growth, each operate by specific needs and technological advancements. Between the offerings, Property Management Systems (PMS) and Guest Experience Management Systems are main due to their crucial roles in efficient operations and enhancing guest interactions. For deployment modes, cloud-based solutions are dominating, offering scalability and flexibility compared to on-premises systems.
By end-user, hotels are the main segment, operate by their need to implement smart technologies for improved guest experiences and operational efficiency. The cruise and luxury yachts section are also growing, reflecting the broader adoption of smart solutions across over various different types of hospitality businesses.
Key Regional Development
North America remains the dominant region in the smart hospitality market, operate by high demand for advanced smart services, cloud-based platforms, and senior security measures. The region's powerful infrastructure and high standards for smart technologies support its dominance.
The Asia-Pacific region is set to experience remarkable growth, driven by supportive government initiatives, advancements in technology and internet structure. The increase in new hospital openings and the adoption of IoT applications in countries like Thailand, Malaysia, and Indonesia contribute to this growth, locating the region as a key player in the market’s expansion.
Key Takeaways
- The smart hospitality market is growing quickly, driven by technological advancements and emerging customer expectations.
- Cloud-based solutions are main in deployment modes, offering scalability and stretchability.
- North America continues to contol due to high demand for advanced smart services and infrastructure.
- The Asia-Pacific region is anticipated to grow remarkably due to supportive government initiatives and a blooming tourism sector.
- Revolution in guest experience management and IoT applications are key factors fueling market expansion.
Recent Developments
- In July 2024, Simone Puorto from Hospitality Net engaged in a enthralling discussion with James Bishop, Vice President of Ecosystem and Planned Partnerships at SiteMinder. This interview is part of the HITEC 2024 series, underline future trends in hospitality technology.
- In July 2024, Smart Zone Hotel Company, a link venture between Taiba Investments and Smart Zone Real Estate Company, complete an agreement with Marriott International to operate a new Marriott Hotel in stc Square.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
- Feature Analysis, 2023
- User Demographics, 2023
- Integration Capabilities, by Software, 2023
- Impact on Decision-making
6. Competitive Landscape
7. Smart Hospitality Market Segmentation, by Offering
8. Smart Hospitality Market Segmentation, by Delivery Mode
9. Smart Hospitality Market Segmentation, by Delivery Mode
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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