Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The "Smart Hospitality - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Smart Hospitality was estimated at US$43.3 Billion in 2023 and is projected to reach US$171.6 Billion by 2030, growing at a CAGR of 21.8% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. 
What Factors Are Driving the Growth in the Smart Hospitality Market?
The growth in the Smart Hospitality market is driven by several factors, including the increasing demand for personalized and seamless guest experiences in the hospitality sector. The rise of digital transformation initiatives has accelerated the adoption of IoT, AI, and mobile technologies to enhance guest services and operational efficiency.
Advancements in AI-driven service automation and virtual assistants have improved service delivery and guest engagement, supporting wider applications across different hotel types. The growing focus on energy efficiency, safety, and sustainability has further fueled the demand for smart hospitality solutions. Additionally, changing guest preferences, such as the desire for contactless services and digital conveniences, have contributed to market expansion as hotels invest in innovative technologies to remain competitive.
How Is Smart Hospitality Enhancing Guest Experiences?
Smart hospitality solutions leverage IoT, AI, and big data to create personalized, efficient, and seamless experiences for hotel guests and staff. These technologies include smart room controls, virtual assistants, mobile check-ins, and AI-driven service automation, offering enhanced convenience, safety, and tailored services.
From luxury hotels to budget accommodations, smart hospitality solutions enable real-time room management, energy efficiency, and personalized services, transforming the traditional guest experience into a more digital and connected one. As the hospitality industry seeks to meet evolving guest expectations, smart solutions are becoming a key driver of competitiveness and customer satisfaction.
What Are the Key Segments in the Smart Hospitality Market?
Major technologies include IoT, AI, and mobile apps, with IoT holding the largest share due to its ability to connect and automate hotel devices and systems. Applications cover guest experience management, energy management, safety and security, and hotel operations, with guest experience management representing a significant segment as hotels focus on delivering personalized services and seamless interactions. End-users include luxury hotels, budget hotels, and resorts, with luxury hotels leading the market as they adopt advanced technologies to enhance guest experiences and optimize operations.
How Are Smart Technologies Being Used in the Hospitality Sector?
In luxury hotels, IoT-enabled smart rooms offer features like automated lighting, climate control, and personalized entertainment, providing guests with a tailored stay experience. AI-powered virtual assistants are used to respond to guest inquiries, manage room service orders, and provide local recommendations, improving service efficiency and guest satisfaction.
Mobile apps allow guests to perform self-check-ins, access rooms via digital keys, and manage reservations, supporting a contactless and streamlined process. Energy management systems use sensors and data analytics to optimize energy consumption in guest rooms and common areas, contributing to sustainability and cost savings. Additionally, real-time analytics platforms are used to monitor guest preferences, enabling hotels to customize services and enhance loyalty programs.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Smart Hospitality Software segment, which is expected to reach US$101.3 Billion by 2030 with a CAGR of a 20.4%. The Smart Hospitality Services segment is also set to grow at 23.9% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $12.3 Billion in 2023, and China, forecasted to grow at an impressive 21.1% CAGR to reach $26.4 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global Smart Hospitality Market such as Blazon Hotels, BuildingIQ, Cisco, Cloudbeds, Control4Corporation and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 89 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $43.3 Billion |
| Forecasted Market Value (USD) by 2030 | $171.6 Billion |
| Compound Annual Growth Rate | 21.8% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Smart Hospitality - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Growing Demand for Personalized Guest Experiences Drives Adoption of Smart Hospitality Solutions
- Technological Innovations in AI-Enabled Concierge, Room Automation, and Contactless Services Propel Market Growth
- Increasing Focus on Smart Check-In, Digital Key Access, and Voice-Activated Room Controls Expands Addressable Market
- Expansion of Smart Hospitality Solutions in Hotels, Resorts, and Cruise Lines Fuels Market Growth
- Rising Adoption of Smart Hospitality in Co-Living Spaces, Airbnb, and Vacation Rentals Strengthens Market Opportunities
- Integration with IoT, Augmented Reality, and Smart TV Entertainment Drives Market Expansion
- Growing Use of AI-Driven Guest Insights, Real-Time Analytics, and Chatbots for Enhanced Service Drives Adoption
- Focus on Achieving Energy Efficiency, Smart Lighting, and Automated Climate Control Strengthens Business Case
- Technological Advancements in Voice Assistants, AI-Powered Room Service, and Smart Reservation Systems Propel Market
- Growing Demand for Health & Safety Compliance, Touchless Solutions, and Automated Cleaning Drives Adoption
- Rising Demand for Smart Security, Surveillance, and Fire Safety Systems in Hotels Expands Market Opportunities
- Integration with CRM, Cloud-Based PMS, and Data-Driven Decision Making Expands Market Potential
- Focus on Achieving Seamless Guest Journey, High Service Standards, and Real-Time Feedback Drives Market Expansion
FOCUS ON SELECT PLAYERS:Some of the 33 companies featured in this Global Smart Hospitality market report include
- Blazon Hotels
- BuildingIQ
- Cisco
- Cloudbeds
- Control4Corporation
- Frontdesk
- Guestline
- Honeywell International Inc.
- Huawei Technologies Co. Ltd.
- IBM Corporation
- Infor
- Johnson Controls
- NEC Corporation
- Oracle
- Qualsoft Systems Pvt. Ltd.
- Samsung
- Schneider Electric
- Siemens
- Winhotel Solution SL
- WiSuite
For more information about this report visit https://www.researchandmarkets.com/r/t4y95k
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