Smart hospitality management provides scalability, capability, and affordability to meet the demanding and changing business needs of hotels, event centers, cruise lines and travel organizations. It offers tools to manage housekeeping, maintenance, central reservations, club activities, and guest relationships. Factors such as growing deployment of internet of things (IoT) in the hospitality sector and increasing demand for enhanced guest experience are expected to drive market growth during the forecast period.
The smart hospitality management market has been segmented on the basis of software, service, hotel type, deployment type, and geography.
On the basis of software, the market has been segmented into hotel building automation system, hotel operation management system, guest service management system and integrated security system wherein the hotel building automation system segment is anticipated to grow with the highest CAGR during the forecast period, owing to the increasing demand for energy and facility efficient methods.
On the basis of service, the smart hospitality management market has been segmented into professional and managed services wherein the managed services segment is expected to hold the largest share during the forecast period.
On the basis of deployment model, the market has been segmented into, on-premises and on-demand. The on-demand segment is likely to register the highest CAGR as this deployment model enables hotels to deploy their software and services on the cloud.
On the basis of hotel type, the market has been segmented into business hotels, resorts & spas, heritage and boutique hotels, and others. Among these, the business hotels segment is anticipated to hold the largest share in the smart hospitality market, owing to the large customer base of business hotels, which includes guests for meetings and conferences and professionals traveling to connect with associates around the world.
Geographically, the smart hospitality management market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is the largest shareholder of the smart hospitality management market, followed by Europe. Availability of smart techniques and highly-developed infrastructure in the region are expected to further provide impetus to market growth in the years to come. Furthermore, many key players in the smart hospitality management market, such as Oracle Corporation, IBM Corporation, BuildingIQ, Honeywell International, Cisco Systems, Inc., Infor, Inc, and Johnson Controls are expected to contribute to the region’s market growth.
Europe is expected to dominate the smart hospitality management market, due to the region’s strong tourism industry and high acceptance to new technologies. Market growth in the region can also be attributed to the development of smart cities and infrastructure across several countries. In addition, increasing demand for smart technology in hotels for room management and other technology-based services is also expected to boost market growth during the forecast period.
Asia Pacific is estimated to grow with the highest CAGR during the forecast, due to the region’s wide network of contact centers and ability to handle outsourcing solutions. Also, adoption of technology related to smart hospitality is also expected to propel market growth in the region.
The LAMEA smart hospitality management market has been recording health growth as UAE hotels are among the global leaders in terms of smart hospitality. In order to enhance guest experience, hotels in the region are deploying smart hospitality solutions such as back-end, including check-in kiosks and loyalty programs, in-room climate control and broadcast, and physical and cyber security.
Schneider Electric (France), Siemens AG (Germany), Oracle Corporation (U.S.), IBM Corporation (U.S.), BuildingIQ (California, U.S.), Honeywell International (U.S.), Winhotel Solutions (Spain), Cisco Systems, Inc. (U.S.), Huawei Technologies (China), Infor, Inc. (U.S.), NEC Corporation (Japan), and Johnson Controls (U.S.) are some of the key players identified in the smart hospitality management market.
Technological innovation is a game-changing strategy for many industry players and has catapulted customer convenience to the next level. On the other hand, hotel owners will leverage the advantages of analytics and intelligence technologies to gain strategic insights into their guests' preferences.
In June 2018, Honeywell launched INNcontrol 5, energy management and guestroom automation control system, and showcased it at HITEC 2018.
In March 2018, Schneider Electric, Danfoss and Somfy announced partnerships to create a Connectivity Ecosystem with an aim to accelerate connectivity adoption in residential, mid-size building, and hotel markets.
Smart Hospitality Management Market
By Deployment Model
By Hotel Type