Knowledge Sourcing Intelligence announces the publication of a new report on “Global Smart Hospitality Market - Forecasts from2020 to 2025" to their offering.
Smart hospitality involves the integration of smart technologies in order to enhance offerings to customers. It includes solutions such as contact center, room automation, video integration and services, and automated lighting management.
According to the report, the Global Smart Hospitality Market is projected to increase at a CAGR of 13.14% in the coming years.
Growing global travel and tourism industry
The major factor responsible for the growth of global smart hospitality market is the rapidly growing global travel and tourism industry. According to the World Bank Group data, the number of international tourist arrival globally has surged from 1.272 billion in 2016 to 1.442 billion in 2018. Growing middle class population and inclination towards traveling to exotic places around the world is encouraging hotel industry to offer the best experience to their customers.
However, the recent COVID-19 pandemic outbreak has severely hit the global travel and tourism sector. With temporary ban on movement of people from one country to another in order to curtail the spread of the coronavirus, this sector has faced a drastic decline in revenues, with hotels and restaurants being shut down. The impact of this pandemic is projected to remain during the short and medium term. As such, the global smart hospitality market will also face a decline in the growth during this period.
By offering, the global smart hospitality market is segmented into software and services. The software segment is expected to witness a fast growth during the forecast period with new software being launched by market players. For example, in June 2018, Oracle Hospitality announced its latest OPERA Reporting and Cloud Service analytical tool in order to provide hoteliers with critical insights for improving the operational efficiency and create a remarkable guest experience.
By geography, the global smart hospitality market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America accounts for the significant share in the global hospitality market during the forecast period. The growth of this regional market is attributed to the early adoption of advanced technologies in the Unites States. Increasing number of hotels are incorporating technologies like artificial intelligence (AI) and Internet of Things (IoT) to make their customers’ experience better. For example, Hilton is one of the hotel companies in the U.S. which delivers smart, hyper-personalized hotel rooms to its customers. The company spent more than US$100 million to develop and install a digital key technology that allows guests to open their rooms with their smartphones. Europe also holds a noteworthy market share owing to the high adoption of smart technologies across the growing hospitality sector. Asia Pacific (APAC), however, will witness a substantial CAGR during the forecast period. This high growth is majorly attributed to the rapid rise in investments by global hotel chains in countries like China and India. Supportive government policies to boost the domestic travel and tourism sector is another factor that is projected to drive the smart hospitality market across this region during the next five years. Middle East and Africa regional market will also experience significant CAGR between 2020 and 2025 on account of rapidly growing number of international tourists coupled with expanding smart hotel chains and brands in this region.
The major players covered as part of the report are Schneider Electric, Siemens, Honeywell International Inc., NEC Corporation of America, Oracle, Huawei Technologies Co., Ltd., Cisco Systems, Inc., and Mitel Networks Corp.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/smart-hospitality-market
This report has segmented the Global Smart Hospitality marketon the basis following terms: