Dublin, Nov. 28, 2024 (GLOBE NEWSWIRE) -- The "Hospitality Property Management Software Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
This report describes and explains the hospitality property management software market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global hospitality property management software market reached a value of nearly $1.13 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.52% since 2018. The market is expected to grow from $1.13 billion in 2023 to $1.68 billion in 2028 at a rate of 8.25%. The market is then expected to grow at a CAGR of 7.65% from 2028 and reach $2.43 billion in 2033.
Growth in the historic period resulted from rising disposable income, urbanization and infrastructure development, rising number of hotels and resorts and demand for personalized guest experiences. Factors that negatively affected growth in the historic period include less hotel bookings and data security issues.
Going forward, growing travel and tourism industries, strong economic growth in emerging markets, increasing demand for automation in hotels and increasing globalization and trade will drive the market. Factors that could hinder the growth of the hospitality property management software market in the future include integration challenges.
The hospitality property management software market is segmented by deployment into on-premise and cloud. The cloud market was the largest segment of the hospitality property management software market segmented by deployment, accounting for 63.47% or $718.6 million of the total in 2023. Going forward, the cloud segment is expected to be the fastest growing segment in the hospitality property management software market segmented by deployment, at a CAGR of 9.12% during 2023-2028.
The hospitality property management software market is segmented by organization size into large enterprises and small and medium enterprises. The large enterprises market was the largest segment of the hospitality property management software market segmented by organization size, accounting for 55.63% or $629.9 million of the total in 2023. Going forward, the small and medium enterprises segment is expected to be the fastest growing segment in the hospitality property management software market segmented by organization size, at a CAGR of 8.84% during 2023-2028.
The hospitality property management software market is segmented by application into business hotels, resorts and spas, heritage and boutique hotels and other applications. The business hotels market was the largest segment of the hospitality property management software market segmented by application, accounting for 46.96% or $531.73 million of the total in 2023. Going forward, the resorts and spas segment is expected to be the fastest growing segment in the hospitality property management software market segmented by application, at a CAGR of 9.20% during 2023-2028.
North America was the largest region in the hospitality property management software market, accounting for 32.81% or $371.46 million of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the hospitality property management software market will be Asia-Pacific and Africa, where growth will be at CAGRs of 10.42% and 9.92% respectively. These will be followed by South America and the Middle East, where the markets are expected to grow at CAGRs of 9.22% and 8.38% respectively.
The global hospitality property management software market is fairly concentrated, with few large players in the market. The top ten competitors in the market made up to 27.50% of the total market in 2023. Shiji Enterprise Platform (PMS) was the largest competitor with a 5.16% share of the market, followed by Cloudbeds with 3.90%, Mews Systems BV with 3.15%, RealPage Inc. with 2.83%, Agilysys Inc. with 2.23%, Oracle Corp. (OPERA) with 2.18%, Amadeus IT Group with 2.12%, Protel Hotelsoftware GmbH with 2.09%, Maestro PMS with 1.80% and Infor Hospitality ManaInfor Hospitality Management Solution (HMS) with 1.59%.
The top opportunities in the hospitality property management software market segmented by deployment will arise in the cloud segment, which will gain $393.18 million of global annual sales by 2028. The top opportunities in the hospitality property management software market segmented by organization size will arise in the large enterprises segment, which will gain $285.52 million of global annual sales by 2028. The top opportunities in the hospitality property management software market segmented by application will arise in the business hotels segment, which will gain $240.46 million of global annual sales by 2028. The hospitality property management software market size will gain the most in the USA at $117.63 million.
Market-trend-based strategies for the hospitality property management software market include focus on introducing integrated hotel guest engagement solutions, developing cloud-enabled hotel management software, introducing next-generation hotel management software, adopting a strategic partnership approach for collision avoidance systems in space and developing advanced software solutions that simplify the multi-property booking administration process.
Player-adopted strategies in the hospitality property management software market include focus on enhancing operational capabilities through the launch of new products and strengthening market position through strategic partnerships.
To take advantage of the opportunities, the analyst recommends the hospitality property management software companies to focus on integrated hotel guest engagement solutions, focus on cloud-enabled hotel management software, focus on next-generation hotel management software, focus on streamlining multi-property booking administration, focus on the cloud segment for growth, focus on small and medium enterprises segment, focus on strategic partnerships for distribution channel expansion, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, focus on value-based pricing strategies, participate in trade shows and events, continue to use B2B promotions and focus on tailored training programs for business hotel staff.
Reasons to Purchase:
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- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 280 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $1.13 Billion |
| Forecasted Market Value (USD) by 2031 | $2.43 Billion |
| Compound Annual Growth Rate | 7.9% |
| Regions Covered | Global |
Companies Featured
- Shiji Enterprise Platform (PMS)
- Cloudbeds
- Mews Systems BV
- RealPage Inc.
- Agilysys Inc.
- Oracle Corp. (OPERA)
- Amadeus IT Group
- Protel Hotelsoftware GmbH
- Maestro PMS
- Infor Hospitality ManaInfor Hospitality Management Solution (HMS)
- HiRUM Software Solutions
- IBS Software
- Shiji Group
- DJUBO
- Hotelogix
- Stayflexi Inc
- Maestro Technologies Inc.
- mycloud Hospitality
- Jonas Software
- RoomRaccoon
- WebRezPro
- Protel PMS
- Hostaway
- Mews
- RMS Cloud
- FortuneNext
- Protel Cloud PMS
- Computools
- Infor
- Oracle
- Amadeus Hospitality
- StayNTouch
- Above Property Services
- ResortSuite
- WinHotel Solutions
- Hotelmanager
- TOTVS
- Neogestion
- GuestCentrix
- MyHotel
- DataHotel
- Despegar
- Stays.net
- IDS Next
- Al Muhaidib Group
- Ejada Systems
- Priority Software Ltd
- Silverbyte Ltd.
- ATCORE
- Smart Hotel Software
- Check Point Software
- HotelOnline
- HotelPlus
- GuestRevu
- NightsBridge
- Hotelerum
- Protel Solutions
- ResRequest
For more information about this report visit https://www.researchandmarkets.com/r/bamr9a
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