Rockville, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The up-to-date research on the Smart Hospitality market was conducted by Fact. MR. It reveals significant trends and opportunities in key segments such as material, source, application, and region. The report highlights exclusive insights into the market to assist key companies in developing in-depth approaches to gain a competitive edge.
As per this latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global smart hospitality market is valued at US$ 37.41 billion in 2023 and is predicted to expand rapidly at a CAGR of 22% from 2023 to 2033.
The use of automated software and other cutting-edge hospitality technologies is referred to as smart hospitality. Both hotels and cruise ships typically use this technology. It contributes to cost savings, boosts employee productivity, and provides guests with a distinctive experience that encourages them to return. Demand for advanced, smart IoT-based solutions across the hospitality industry, rising interest in automation, and increasing investments in opulent hotel projects are the primary drivers of market growth.
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By examining the guests' actual experiences, smart hospitality technologies assist hotels in raising the bar for customer service and increasing levels of customer satisfaction. Furthermore, many hotels are choosing integrated security systems, such as access control systems, video surveillance systems, and emergency incident management systems, to improve their security systems and elevate the standard for hotel management systems as a whole.
Why are providers of smart hospitality solutions focusing on the US market?
Fast-Growing Demand for Technologically Innovative BoatsIn North America, the market for smart hospitality solutions is dominated by the US.
Americans favour taking charter trips to places like cruises or yachts while travelling in a group. This is done in order to take advantage of group discounts provided by various yacht charter businesses and to lower individual prices through cost sharing.
Comfortable yachts are more appealing to Americans than yachts with superior propulsion systems. Additionally, yacht charter businesses prioritise providing customers with yachts that are outfitted with the latest cutting-edge technologies because the bulk of the population is tech-savvy, which draws in more consumers.
Key Takeaways from Market Study
- The global smart hospitality market is projected to reach US$ 273.27 billion by 2033.
- The smart hospitality market in China is predicted to expand at a CAGR of 22% during the forecast period (2023 to 2033).
- Demand for smart hospitality technologies in Canada is expected to rise at an impressive CAGR of 19%.
- Revenue from smart hospitality services is predicted to rise at a high-value CAGR of 24.5% from 2023 to 2033.
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Recent Market Developments
- Johnson Controls purchased FogHorn, a maker of edge AI solutions, in January 2022. This merger is expected to aid in advancing the development of sustainable, effective, and entirely autonomous space.
- Seven Feathers Casino and Infor formed a partnership in January 2022 to enhance customer service with embedded systems designed specifically for the hospitality sector.
- To manage client orders and enhance their dining experience, McDonald's and IBM announced a collaboration in October 2021.
Competitive Landscape
- Some of the key players in the smart hospitality market are Honeywell International Inc., Huawei Technologies Co. Ltd., IBM Corporation, Infor, Johnson Controls, NEC Corporation, and Oracle.
According to Fact.MR, a market research and competitive intelligence provider, several companies in the smart hospitality market are developing advanced hospitality solutions to avoid any data & information threats. They are also concentrating on enhancing supply chain management systems, collaborating with other regional players to enhance local supply marketing tactics, and more.
- Orient Jakarta and Oracle collaborated in May 2022 to develop the property management system. Due to travel restrictions, the solution helped them increase their online visibility in the COVID-19 scenario and trained workers online using Oracle Digital Learning technologies.
Key Segments of Smart Hospitality Industry Research
- By Type :
- Software
- Services
- By Hotel Type :
- Business Hotels
- Heritage & Boutique Hotels
- Resorts & Spas
- By Deployment Mode :
- On-premise
- Cloud
- By Application :
- Hotels
- Cruises
- Luxury Yachts
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global smart hospitality market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of type (software, services), hotel type (business hotels, heritage & boutique hotels, resorts & spas), deployment mode (on-premise, cloud), and application (hotels, cruises, luxury yachts), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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