DUBLIN, March 8, 2023 /PRNewswire/ — The “Smart Hospitality Market by Component, Solution Type, Deployment Mode, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031” report has been added to ResearchAndMarkets.com’s offering.
According to the report the smart hospitality market was valued at $18.82 billion in 2021, and is estimated to reach $133.7 billion by 2031, growing at a CAGR of 22% from 2022 to 2031.
Key factors driving the growth of the smart hospitality market include growth in tourism and an increase in investments in hotels projects, and surge in demand for real-time optimized guest experience management. Rapid adoption of advanced technologies like IoT and energy management systems globally. Growing investments in technology like IoT and energy management systems is improving the hotel experience and is driving the growth of the market.
For instance, in June 2020, hoteliers aim to provide guests with the best possible experience in the ultra-connected world, and the incorporation of more high-tech services, like mobile check-in, improves the guest experience. Furthermore, hoteliers are also investing in smart technologies, by using everyday items like smartphones and helping hotel operators to reduce overhead staff costs while also freeing up staff to focus on guest needs is aiding the market growth.
Smart home services are often the most prominent and emerging technologies in the IoT age, which has transformed modern household appliances into more intelligent, remotely controlled, and networked devices. These characteristics of IoT solutions are enabling them to be adopted into almost every aspect of everyday devices, which in turn is improving their adoption rates in more critical infrastructures such as building control and management. Such factors are promising great opportunities for the future of the smart hospitality market over the foreseen period.
The market also offers growth opportunities to the key players in the market. Evolving market conditions combined with technology innovations such as AI, edge computing and 5G are accelerating digital transformation in the hospitality industry. Based on deep experience and a broad portfolio of end-to-end products and technologies, companies such as Intel has developed a smart hospitality edge computing reference architecture. Thus, such initiatives will provide a wide variety of smart hospitality solutions, which eventually driving the market growth.
Furthermore, hotel operators constantly seeking ways to streamline the guest experience with new digital tools and platforms. 5G can enable operators to revolutionize their offerings with innovative in-room and cross-facility services. 5G has the potential to drive digital transformation in the hotel industry by providing the foundational platform for connecting wireless devices, applications, and individuals.
With 5G technology, hotel operators should be able to deliver more personalized messages to their guests and get a deeper understanding of the guest journey. Also, 5G and complementary technologies such as edge computing, will enable guests to proactively receive customized travel tips and recommendations based on individual preferences.
Market Dynamics
Drivers
- Growth in Tourism and An Increase in Investments in Hotel Projects
- Surge in Demand for Real-Time Optimized Guest Experience Management
- Rapid Adoption of Advanced Technologies Like IoT and Energy Management Systems Globally
Restraints
- High Implementation, Maintenance, and Training Cost
- Data Security and Information Sharing Threats
Opportunities
- Evolving 5G to Transform the Smart Hospitality Industry
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the global smart hospitality market forecast along with the current & future trends to explain the imminent investment pockets.
- information about key drivers, restraints, & opportunities and their impact analysis on global smart hospitality market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Solution Type
- Hotel Operation Management
- Hotel Automation Management
- Guest Service Management System
- Security Management System
- Others
By Component
- Solution
- Services
By Application
- Hotels
- Cruises
- Luxury Yachts
- Others
By Deployment Mode
- On-Premise
- Cloud
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Infor
- Oracle Corporation
- Cisco Systems, Inc.
- Honeywell International Inc.
- Huawei Technologies Co., Ltd.
- IBM CORPORATION
- NEC CORPORATION
- Schneider Electric
- Siemens AG
- Johnson Controls
Key Market Insights
- By component, the solution segment was the highest revenue contributor to the market, and is estimated to reach $ 84.17 billion by 2031, with a CAGR of 21.5%. However, the services segment is estimated to be the fastest growing segment with the CAGR of 22.9% during the forecast period.
- By solution type, the h
- Hotel operation management segment dominated the global market, and is estimated to reach $ 28.26 billion by 2031, with a CAGR of 18.4%. However, the guest service management system segment is expected to be the fastest growing segment during the smart hospitality Market Forecast.
- Based on deployment mode, the on-premises segment was the highest revenue contributor to the market, with $ 15.98 billion in 2021, and is estimated to reach $ 108.49 billion by 2031, with a CAGR of 21.5%.
- Based on Application, the hotels segment was the highest revenue contributor to the market, with $ 9.56 billion in 2021, and is estimated to reach $ 54.31 billion by 2031, with a CAGR of 19.3%.
- Based on region, Europe was the highest revenue contributor, accounting for $ 7.33 billion in 2021, and is estimated to reach $ 45.45 billion by 2031, with a CAGR of 20.4%.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART HOSPITALITY MARKET, BY COMPONENT
CHAPTER 5: SMART HOSPITALITY MARKET, BY SOLUTION TYPE
CHAPTER 6: SMART HOSPITALITY MARKET, BY DEPLOYMENT MODE
CHAPTER 7: SMART HOSPITALITY MARKET, BY APPLICATION
CHAPTER 8: SMART HOSPITALITY MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/5yl4u6
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