Smart Hospitality Market Forecasts to 2028 – Global Analysis By Type (Service, Software, Hardware), Deployment Model (On-Demand, On-Premises), and By Geography
According to Stratistics MRC, the Global Smart Hospitality Market is accounted for $13.44 billion in 2020 and is expected to reach $73.68 billion by 2028 growing at a CAGR of 23.7% during the forecast period. Some of the key factors propelling the market growth include rising need for instantaneous and enhanced guest experience management, increasing adoption of IoT and energy management systems, and advanced technological developments. However, lack of technically skilled personnel or IT department is likely to hamper the market.
Hospitality refers to the integration of technology such as automated software and smart solutions for hospitality. It enables hotels to enhance their guest experience and increase revenue with digital In-room entertainment systems. It is widely used in hotels & cruises. It provides HD free-to-guest channels, Interactive TV, IPTV services and Wi-Fi for hotels. It helps to reduce the cost and also improves the efficiency of staff and gives a unique experience to the guest so which they want to come again.
By type, the guest service management system segment is anticipated to grow at a significant rate during the forecast period, due to the increase in digitization across the globe. The smart solutions enable the administrator to manage the guest room by automating the lights, temperature, curtains, and other indoor components while monitoring the security & safety infrastructure and overseeing the outdoor components, such as water supervision, parking premises, waste supervision, inventory, and network infrastructure.
On the basis of geography, Europe region is expected to have considerable market growth during the forecast period, owing to the technological advancements, rising tourism industry in the region, robust internet infrastructure, and inclination towards IoT.
Some of the key players in Smart Hospitality Market include Cisco Systems, Inc., NEC Corporation, Siemens AG, Johnson Controls, CONTROL4 Corporation, Honeywell International, Oracle Corporation, Samsung, Schneider Electric, Qualsoft Systems Pvt. Ltd., Huawei Technologies, Infor, Inc., IBM Corporation, Winhotel Solution SL, Buildingiq Inc., Mitel Networks Corp., Peach Technologies Ltd, and Blazon Hotels.
Estimated Market Size in 2020:
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 73.68 billion
Tables, Graphs& Figures
Type, Deployment Model, Hotel Type, Solution, Application and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Deployment Models Covered:
Hotel Types Covered:
• Commercial Heritage
• Business Hotel
• Resorts and Spas
• Boutique Hotel
• Bring Your Own Device (BYOD) for Customers
• Smart Display
• Property Management Systems (PMS) Connectivity
• Virtualization & Hosted Delivery
• Luxury Yachts
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Smart Hospitality Market is majorly driven by the rising need for instantaneous and enhanced guest experience management and increasing adoption of IoT and energy management systems.
The guest service management system segment is growing at a highest CAGR due to the increase in digitization across the globe while monitoring the security & safety infrastructure and overseeing the outdoor components.
Europe dominated with a significant market share owing to the technological advancements, rising tourism industry in the region, robust internet infrastructure, and inclination towards IoT.
Asia Pacific market is growing at a highest CAGR due to the technological advancements in the region. Furthermore, the strong internet infrastructure and the preference towards IoT will further boost the growth of the smart hospitality market in the region.
Key players in Smart Hospitality Market include Cisco Systems, Inc., NEC Corporation, Siemens AG, Johnson Controls, CONTROL4 Corporation, Honeywell International, Oracle Corporation, Samsung, Schneider Electric, Qualsoft Systems Pvt. Ltd., Huawei Technologies, Infor, Inc., IBM Corporation, Winhotel Solution SL, Buildingiq Inc., Mitel Networks Corp., Peach Technologies Ltd, and Blazon Hotels.
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