The Global Smart Hospitality Market size is expected to reach $58.3 billion by 2028, rising at a market growth of 28.4% CAGR during the forecast period
Smart hospitality is a new technology, which is utilized in hotels and other accommodation locations to use internet-connected equipment that can interact or communicate with each other. It is similar to the internet of things, or IoT, which allows extremely common appliances or equipment in hotels to send and receive data and make intelligent decisions.
New York, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Smart Hospitality Market Size, Share & Industry Trends Analysis Report By Offering, By Deployment Mode, By End User, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06322335/?utm_source=GNW
Benefits of smart hospitality technologies include improved guest safety with alarming and mobilization, high-speed Wi-Fi, guest voicemail & wake-up, operator & visitor reservation solutions, increased staff mobility, and operator & guest voicemail & wake-up.
One of the major forces behind the expansion of India’s services sector is the tourism and hospitality sector. Given the country’s extensive natural beauty, diverse environment, and rich cultural as well as historical legacy, tourism in India has a lot of promise. India, like many other countries, depends heavily on tourism for its foreign exchange. According to the Indian Brand Equity Foundation, foreign exchange earnings increased at a CAGR of 7% from 2016 to 2019 but declined in 2020 as a result of the COVID-19 pandemic.
Additionally, by knowing that a Facebook user lists their marital status, Google can more precisely tailor advertisements for that user on its search engine. In order to make hotel visitors feel satisfied and special, this specific data can also be used to offer them a service that is personalized to their needs. An IoT platform may remember a visitor’s varied comfort preferences and then automatically set the room’s lighting, temperature, window coverings, and TV channels for their subsequent stay. To make the visitor feel unique, the TV may even welcome and greet them by name when they enter the room.
Covid-19 Impact Analysis
The poor economic effects from COVID-19 have compelled several individuals to adopt a work-from-home lifestyle. Government-imposed lockdowns forced businesses operating in the hospitality sector, including those working in hotels, resorts, restaurants, spas, and casinos, to temporarily shut down their operations. For a brief period of time, travel and tourism restrictions prompted the hospitality industry to close its doors. In addition, international arrivals decreased by a significant rate due to travel restrictions. As a result, the hospitality industry has seen a loss in revenue and numerous hotels, fast-food restaurants, and spas have closed permanently.
Market Growth Factors
Rising penetration of 5G in the hospitality sector
With new digital tools and platforms, hotel owners are continually looking for methods to streamline the guest experience. Operators may be able to completely transform their offers with cutting-edge in-room and cross-facility services due to 5G. Through the provision of the fundamental framework for tying together wireless devices, applications, and people, 5G has the ability to propel digital transformation in the hospitality sector. Hotel owners should be able to communicate with their customers more effectively and learn more about their journeys owing to 5G technology.
Increasing emphasis on personalized services for better customer experience
Hoteliers can create a long-lasting, value-driven connection with every guest and increase the likelihood that they will leave a good review by providing a more individualized travel experience. Organizing a unique visitor experience boosts brand reputation and customer loyalty in addition to generating income. New smart hospitality solutions give hoteliers access to data-backed insights and behavior that can be used to create a 360-degree perspective of every visitor and improve their experience through better customer care.
Market Restraining Factors
High cost of deployment, maintenance, and training
The deployment of complex and advanced hospitality systems, like Property Management Systems (PMS), Guest Experience Management Systems, etc. is expensive, whether they are installed physically or online. Budget restrictions can make it difficult for any hotel to install a smart hospitality solution because the hospitality industry is still recovering from a pandemic-related financial loss of enormous proportions. The majority of hotels that used smart hospitality technologies found that maintaining them was also very expensive. The cost of deployment is primarily based on the complexities and advancements of the system or service.
Offering Outlook
On the basis of Offering, the Smart Hospitality Market is segmented into Solution and Services. In 2021, the services segment acquired a significant revenue share of the smart hospitality market. The expansion of smart hospitality services in the market is being driven by the increase in the number of smart hotels, which is fueling services and software used for integration, management, and training.
Solution Type Outlook
Based on Solution Type, the market is segmented into Property Management System, Guest Experience Management System, Integrated Security Management, Facility Management Software, Network Management Software, and Point of Sale Software. In the solution segment, the Guest Experience Management Systems segment recorded a substantial revenue share of the market. The adoption of smart hospitality solutions will be driven by the rising demand to optimize customer service operations and build a strong brand. Moreover, nowadays, the major focus of hotels along with other hospitality facilities is to enhance their customer experience.
Deployment Mode Outlook
Based on Deployment Mode, the Smart Hospitality Market is bifurcated into Cloud and On-premises. In 2021, the cloud segment procured the biggest revenue share of the smart hospitality market. Modern hotels are deploying cloud-based solutions that are adaptable to the shifting business and market dynamics. The market would be driven by the demand for a better guest experience, improved cost optimization, as well as universal access to hoteliers from any remote place.
End User Outlook
By End-User, the Smart Hospitality Market is segregated into Hotel, Cruise, Luxury Yatches, and Others. In 2021, the hotels segment witnessed the highest revenue share of the smart hospitality market. The growth of the segment is being driven by the demand to create smart guest experiences through smart hospitality services and solutions in the hotels. The market will also be driven by the rising level of living, the abundance of five-star hotels, and a substantial improvement in guest service.
Regional Outlook
Region-wise, the Smart Hospitality Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Europe accounted for the largest revenue share of the smart hospitality market. The presence of a major domestic cloud provider, openness to new technology, and relatively robust internet infrastructure have all helped the smart hospitality business in expanding. The demand for Internet of Things (IoT) products is rising across Europe. Leading European IoT adoption includes the countries of Germany, France, Italy, the United Kingdom, Spain, and the Netherlands.
The major strategies followed by the market participants are Partnership. Based on the Analysis presented in the Cardinal matrix; Huawei Technologies Co., Ltd. and Samsung Electronics Co., Ltd. is the forerunners in the Smart Hospitality Market. Companies such as NEC Corporation, Honeywell International, Inc., and Johnson Controls International PLC are some of the key innovators in Smart Hospitality Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NEC Corporation, Huawei Technologies Co., Ltd., Oracle Corporation, Samsung Electronics Co., Ltd., IBM Corporation, Cisco Systems, Inc., Siemens AG, Johnson Controls International PLC, Honeywell International, Inc. and Legrand S.A.
Recent Strategies deployed in Smart Hospitality Market
Partnerships, Collaborations and Agreements:
Jul-2022: NEC partnered with Project Management Institute, a leader in project management. Through this partnership, NEC aimed to become a Disciplined Agile Consulting Partner in order to deploy its own business transformation and leverage its experience to launch a consulting business intending to address customer problems.
Jul-2022: Huawei came into an agreement with Rabat, a Tourism Engineering Company in Morocco. Following this partnership, the companies would accelerate digital transformation across Morocco with the aim to aid small businesses and tourism startups to grow.
Jun-2022: Siemens signed a memorandum of understanding with El Attal Holding and Sigma. Following this partnership, the companies aimed to develop an electronic platform to minimize energy consumption, handle operating errors, and predict malfunctions by deploying a BMS control system for commercial and residential buildings as well as the SCADA system.
Jun-2022: Samsung entered into a partnership with Stratix, a leader in providing Managed Mobility Services across the US. Under this partnership, the companies would offer SmartMobile technology solutions to hospitality, which would transform operations, develop enhanced guest experiences, and address industry challenges.
Oct-2021: HUAWEI partnered with Trivago, a leader in accommodation dealing. Under this partnership, the companies would develop solutions for the accommodation of the paid hotel search function over Petal Search and Petal Maps of Huawei.
Sep-2021: Johnson Controls partnered with Atos, a French multinational information technology service provider. Under this partnership, the companies aimed to introduce a robust range of complementary decarbonization solutions as well as open technology platforms in order to help businesses and customers in reducing carbon emissions while also creating a healthy environment.
Jul-2021: IBM came into a partnership with Bangalore International Airport, an airport in Bangalore, India. Following this partnership, IBM would offer IT solutions to BIA in order to enable the development of the Airport in a Box platform to completely transform the end-to-end travel experience for customers at BLR Airport.
Dec-2020: Honeywell partnered with Signify, a leader in lighting solutions. With this partnership, the companies aimed to enhance the customer experience by emphasizing on productivity as well as well-being by deploying integrated smart lighting solutions for smart buildings. In addition, the companies would also focus on lowering energy consumption.
Jan-2020: Honeywell entered into a partnership with Verizon, an American wireless network operator. Under this partnership, the companies would aid businesses in accelerating and facilitating the deployment of the latest communication-enabled intelligent sensors and controls for the smart electric grid. Moreover, this partnership would drive energy savings by rapidly bringing smart electric grid technologies.
Acquisition & Mergers:
Mar-2022: Johnson Controls took over Envision Intelligent Solutions, technology-enabled remote monitoring, and perimeter protection services company. With this acquisition, Johnson aimed to integrate its technological expertise and OpenBlue solutions into the security solutions of Envision to offer an optimal blend for future growth and prospects. It would enhance several existing customer relationships of Johnson Controls and modernize their technology-led estate strategies.
Dec-2020: NEC took over Avaloq, a global leader in digital banking solutions. With this acquisition, the company aimed to enter and acquire domain knowledge within the digital finance sector.
Product Launches and Product Expansion:
Sep-2021: Legrand India rolled out Living Now, a line of electric controls. The new product range encompasses extreme purity of design as well as the accuracy of its dimensions to fit all homes. Moreover, the new Living Now products can be deployed to demonstrate their innovative potential in combination with connected smart systems.
Jan-2020: NEC launched its new Smart Hospitality Service leveraging facial recognition technology for Sequence. Through this launch, the company aimed to streamline the process of check-in for customers through a tablet featuring facial recognition technology. The new launch would also enable guests to access their rooms through face recognition, eliminating the requirement for keys.
Scope of the Study
Market Segments covered in the Report:
By Offering
• Solution
o Property Management System
o Guest Experience Management System
o Integrated Security Management
o Facility Management Software
o Network Management Software
o Point Of Sale Software
• Services
By Deployment Mode
• Cloud
• On-premises
By End User
• Hotels
• Cruise
• Luxury Yatches
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• NEC Corporation
• Huawei Technologies Co., Ltd.
• Oracle Corporation
• Samsung Electronics Co., Ltd.
• IBM Corporation
• Cisco Systems, Inc.
• Siemens AG
• Johnson Controls International PLC
• Honeywell International, Inc.
• Legrand S.A.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06322335/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001