Global Smart Hospitality Market is projected to grow at a CAGR of 13.14%

Global Smart Hospitality Market is projected to grow at a CAGR of 13.14%

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new report on Global Smart Hospitality Market from 2020 to 2025 to their offering.

Smart hospitality is the incorporation of technology for hospitality. The Expansion of the travels and travelling industry is initiating the smart hospitality market in order to provide the guests with better hospitality services. This will improve the customers' impressions and satisfaction.

Smart hotel automation technology enables every smart device to communicate with each other giving a world-class in-room experience to guests without even touching or moving your finger. The main benefit with this incorporation is that it reduces costs and human errors and increase the efficiency of the employees. The smart hospitality not just provides comfort and warm staying experience to the guests but also is equally economical to the hotel industry in the term of energy-efficiency and sustainability. 

After covid-19, the hospitality is modernizing to ensure that there is contactless, exceptional and no interruptions experience. Some hotels have launched robotics for room cleaning and room service operations or to deliver room service, this is adding the ‘wow’ factor.

Global Smart Hospitality Market is trendy mainly due to the popularity of the internet and preference of the consumers for IoT. The Hospitality are using artificial intelligence, machine learning or internet of things and futuristic technologies to give exceptional experience to the consumers with hope it will not only attract the guests but also to retain the guests.

Due to increase in disposable income of the people and the improvement of the lifestyle are also causing to increase the demand for the resorts and spas.

The smart hospitality market is using cloud computing and are innovating the hotels that can work on different technology to provide seamless experience.  The increase in the usage of the software is driving the segment of software and services. The hotel industry is collaborating with the tech companies to streamline the hotels, for instance, in April 2019, InterContinental Shenzhen signed a strategic cooperation agreement with Huawei and Telecom to create the world’s first 5G smart hotel. The software such as on-premise and cloud are also being used for hotel’s security, parking, water and energy which are expected to further reduce the expense, provide energy-efficient solutions and increase the efficiency.

Some of the updates to enhance the guest experiences includes setting temperature, ambience and controlling the lights via voice command, use smart devices for check-in, booking spa sessions, room services or other room related queries. The solutions adopted by the smart hospitality are assisting the guests with advanced communications technologies that helps the guests to connect around the world without interference. The rooms are going to be remodelled to be comfortable and luxurious in 2021. To encourage people to travel, virtual tours are being launched which are the cause of delight among the travellers in 2021.

Rise in adaption of IoT and energy management systems are contributing the growth of the global smart hospitality market, low operation costs and energy management systems. Hospitality industry is also realising the importance of sustainability, eco-friendly activity and rising focus on CSR. Hotels have now committed to deliver sustainable hospitality by using least amount artificial powers. They have changed menus to include organic and vegan choices and are also replacing plastics with the compositable or reusable alternatives.

However, the hospitality industry is facing some challenges such as the people are preferring staycations or short distance tours and are avoiding the longer holidays or journey.  To encourage more footfall in tourism destinations, Tourism Ministry of India has launched ‘Dekho Apna Desh’ campaign that will ask Indians to pledge that by the end of year 2022, they will visit at least 15 different tourism locations. There are also other factors that is hindering the growth of the smart hospitality market is the high initial cost of deployment and the lack of technically skilled professionals

By region, the global smart hospitality market is classified into North America, South America, Europe, Middle East and Africa, and Asia Pacific. In North America and Europe, due to the existence of the giant hospitality companies that are rigorously innovating with the use of advanced technologies and smart technology for better services, they occupy significant amount of market share of the global smart hospitality market.

While in APAC, the growth of the smart hospitality market is predicted due to the rise in investments by international hotel chains in the developing countries like China and India. The other factors growing the market are favourable government initiatives and policies, internet infrastructures, technological developments, increasing applications of IoT and efficient energy consumption among others.  

As a part of the report, the major players operating in the global smart hospitality market, which have been covered are Schneider Electric, SiemensHoneywell International Inc., NEC Corporation of America, Oracle, Huawei Technologies Co., Ltd., Cisco Systems, Inc., 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 segmented the Global Smart Hospitality Market on the basis following terms:

  • By Offering
    • Software
    • Services
  • By Deployment Model
    • On-Premise
    • Cloud
  • By End-User
    • Hotels
    • Resorts & Spas
    • Restaurants
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Others