The Smart Hospitality Market was valued at US$5.550 billion in 2018

Smart hospitality enables the hospitality industry to intensify their guest experience and various hotels are investing in this market to improve sustainability and to provide their guests with a greater level of personalization.

According to the report, the Smart Hospitality Market is projected to expand at an impressive CAGR to reach a market size of US$5.550billion in 2018. The Smart hospitality market is expected to surge during the forecast period which can be attributed to the growing travel and tourism industry and increasing adoption of IoT in the hospitality industry. The market for these solutions and services is being shaped by the rapid growth of the hospitality industry in many regions. For instance, travel and tourism is an important industry in countries like Spain, Poland and Belgium among other European countries, in fact in 2016 Poland was regarded as the world’s 16th most popular tourist destination with an estimated 17.5 billion tourists visited the country. Besides, as competition in the hospitality industry is growing continuously, business owners in this industry are moving towards advanced solutions to efficiently manage their business functions aiming to prevent losing customers to their rivals due to improper management while offering the best possible experience to their guests. However, a lack of skilled workforce coupled with a limited budget of some players in the hospitality industry is anticipated to restrain the growth of the market in the coming years.

The Growing Investment By Market Players

The market also witnesses a significant number of competitive strategies like collaboration, mergers, and acquisitions which further benefit the growth of the market during the forecast period. For instance, In August 2018, Amadeus confirmed the acquisition of hotel technology provider Travel Click for US$1.52 billion. Also, in October 2019, Zaplox signs an agreement with Woodlands resorts in Texas, under which hotel guests will be benefited from mobile check-in/mobile keys and can even access to concierge services directly from their phone with the option of kiosk-based self-service solutions.

Geographically, Europe is expected to hold a significant share in the market and there has been a rapid surge in the popularity of smart hospitality in the region. An increasing number of international tourism in the region coupled with established internet infrastructure is anticipated to drive the growth of the market during the forecast period. For instance, according to The World Bank, the number of international tourist arrivals in Spain has increased from 52,677 thousand in 2010 to 81,786 thousand in 2017. Furthermore, the rapid growth of the Internet of Things (IoT) on account of rising investments by major market players into research and development is bringing a wider range of innovative and affordable solutions for the hospitality industry into the market is driving the North America region. Furthermore, the untapped potential of the BYOD application is anticipated to open up the growth opportunities in both Europe and the North American region.

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The major players profiled in the Smart hospitality market include NEC Corporation, Huawei Technologies Co.Ltd, IBM Corporation, Cisco Systems, Inc., Oracle Corporation, Infor, SmartHOTEL, Intel Corporation, Accenture, Schneider Electric, Siemens AG, Johnson Controls, and Honeywell International, Inc.

This report segmented the smart hospitality market on the basis of the following terms:

  • By Component

    • Hardware
    • Software
    • Services
  • By Deployment Model

    • On-Premise
    • Cloud
  • By Geography

    • North America

      • USA
      • Canada
      • Mexico
    • South America

      • Brazil
      • Argentina
      • Others
    • Europe

      • United Kingdom
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa

      • Saudi Arabia
      • Israel
      • Others
    • Asia Pacific

      • China
      • Japan
      • Australia
      • India
      • Others