Global Smart Hospitality Market
Market Size in USD Billion
CAGR :
% 
 Forecast Period |
2024 –2031 |
 Market Size (Base Year) |
USD 28.89 Billion |
 Market Size (Forecast Year) |
USD 187.06 Billion |
 CAGR |
% |
| Major Markets Players |
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Global Smart Hospitality Market, By Type (Software and Services,), Hotel Type (Business Hotels, Heritage and Boutique Hotels, Resorts and Spas, and Others), Deployment Mode (On-Premises and On-Demand), Application (Hotels, Cruise, Luxury Yachts, and Others) – Industry Trends and Forecast to 2031.
Smart Hospitality Market Analysis and Size
The smart hospitality market is experiencing significant growth, driven by the increasing adoption of IoT technologies, rising demand for personalized guest experiences, and the need for operational efficiency in the hospitality industry. The market is characterized by integrating various technologies such as IoT, AI, cloud computing, and mobile applications to enhance guest satisfaction and streamline hotel operations. Hotels increasingly use IoT devices and AI-powered solutions to personalize guest interactions, from room preferences to customized offers and services. This is expected to continue driving market growth as hotels seek to differentiate themselves and enhance guest loyalty.
The global smart hospitality market size was valued at USD 28.89 billion in 2023 and is projected to reach USD 187.06 billion by 2031, with a CAGR of 26.3% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
|
Report Metric |
Details |
|
Forecast Period |
2024 to 2031 |
|
Base Year |
2023 |
|
Historic Years |
2022 (Customizable to 2016 - 2021) |
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Quantitative Units |
Revenue in USD Billion, Volumes in Units, Pricing in USD |
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Segments Covered |
Type (Software and Services,), Hotel Type (Business Hotels, Heritage and Boutique Hotels, Resorts and Spas, and Others), Deployment Mode (On-Premises and On-Demand), Application (Hotels, Cruise, Luxury Yachts, and Others) |
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Countries Covered |
U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America |
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Market Players Covered |
NEC Corporation (Japan), Huawei Technologies Co., Ltd. (China), IBM (U.S.), Cisco Systems, Inc. (U.S.), Siemens (U.S.), Schneider Electric (France), Johnson Controls (Ireland), Honeywell International Inc. (U.S.), Oracle (U.S.), Infor. (U.S.), Winhotel Solution (Spain), BuildingIQ (U.S.), WiSuite (U.S.), Qualsoft Systems Pvt. Ltd. (India), SAMSUNG (South Korea), BLAZON HOTELS (U.A.E.), Control4 Corporation (U.S.), Guestline (U.K.), Cloudbeds (U.S.), Frontdesk Anywhere (U.S.) |
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Market Opportunities |
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Market Definition
Smart hospitality refers to integrating technology and automation to enhance the guest experience and streamline operations in the hospitality industry. This concept encompasses a range of technologies, including Internet of Things (IoT) devices, artificial intelligence (AI), mobile apps, and data analytics, that are used to create connected and efficient hotel environments.
Smart Hospitality Market Dynamics
Drivers
- Rising Demand for Personalized Guest Experiences
The hospitality industry is witnessing a shift towards personalized experiences driven by guests who seek more than just a place to stay. They seek customized experiences that align with their preferences, whether it involves adjusting room temperature, lighting, or receiving personalized recommendations for dining and activities. Smart hospitality solutions, such as AI-powered services, are crucial in delivering these personalized experiences. Hotels can enhance guest satisfaction and loyalty by utilizing guest data and preferences to create personalized experiences. This rising demand for personalized experiences is driving the adoption of smart hospitality technologies.
- Growing Adoption of IoT Technologies
The adoption of IoT technologies is rapidly increasing across industries in the hospitality sector. IoT devices such as smart thermostats, lighting systems, and occupancy sensors enable hotels to collect real-time data on guest behavior and preferences. This data can be used to optimize operations, improve energy efficiency, and enhance guest experiences. The growing adoption of IoT technologies is driving the demand for smart hospitality solutions as hotels recognize the benefits of these technologies in improving operational efficiency and enhancing guest satisfaction.
Opportunities
- Increasing Competition in the Hospitality Industry
The hospitality industry is becoming increasingly competitive, with hotels facing pressure to differentiate themselves and attract more guests. In this competitive landscape, smart hospitality solutions are emerging as a way to be different. These solutions enable hotels to offer unique and personalized experiences that set them apart from their competitors. By leveraging these smart hospitality solutions, hotels can attract more guests and enhance guest loyalty and satisfaction, creating new market opportunities.
- Sustainability Initiatives
The hospitality industry increasingly focuses on sustainability, and smart hospitality solutions play a crucial role in this effort. These solutions can help hotels reduce their environmental impact by optimizing energy usage and reducing waste. By embracing smart hospitality solutions, hotels can reduce their environmental impact and attract a growing segment of environmentally conscious travelers, which can be an opportunity for market growth.
Restraints/Challenges
- High Initial Costs
Implementing smart hospitality solutions often entails substantial initial costs, encompassing the purchase of hardware and software, installation, and staff training. For smaller hotels operating within limited budgets, these upfront expenses can pose a significant barrier to adopting smart technologies. Such financial constraints may deter smaller establishments from investing in these solutions, which is a major challenge for the market.
- Data Privacy and Security Concerns
Collecting and storing guest data in smart hospitality solutions raise concerns about data privacy and security. Hotels need to ensure that they have robust data protection measures in place to safeguard guest information from unauthorized access or breaches. This includes implementing encryption, access controls, and regular security audits to identify and mitigate potential vulnerabilities. The concerns related to data privacy can be a huge challenge for the market.
This smart hospitality market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart hospitality market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In August 2022, the Ministry of Education, Culture, Research, and Technology (MoECRT) of the Republic of Indonesia and Oracle Indonesia renewed an agreement focusing on safety issues. This agreement aims to integrate the Oracle Academy curriculum and technology resources into MoECRT’s Directorate General of Vocational Education (DGVE) initiatives for the next four years. The collaboration aims to train 2,000 educators and their 50,000 students across Indonesia
- In November 2022, Infor formed a partnership with Rosen Hotels & Resorts to implement essential back-of-house hospitality solutions. This collaboration includes the automation of critical business functions such as financials, human resources, talent management, analytics, and workforce management
Smart Hospitality Market Scope
The smart hospitality market is segmented on the basis of type, hotel type, deployment mode, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Software
- Hotel Operation Management System
- Staff Mobility and Workforce Management
- Inventory and Logistics Management
- Revenue Management
- Integrated Security System
- Video Surveillance System
- Access Control System
- Emergency Incident Management System
- Hotel Building Automation System
- Energy Management Platform
- Facility Management System
- Guest Service Management System
- Centralized Reservations Systems
- Room Automation and Control System
- Guest Experience Management System
- Integrated Communication Technology Solutions
- Network Management System
- Unified Communications and Collaboration
- Mobile Device Management System
- Hotel Operation Management System
- Services
- Professional Services
- Managed Services
Hotel Type
- Business Hotels
- Heritage and Boutique Hotels
- Resorts and Spas
- Others
Deployment Mode
- On-Cloud
- On- Demand
Application
- Hotels
- Cruise
- Luxury Yachts
- Others
Smart Hospitality Market Regional Analysis/Insights
The smart hospitality market is analyzed and market size insights and trends are provided by country, type, hotel type, deployment mode, and application as referenced above.
The countries covered in the market are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.
Europe is expected to dominate the market due to technological advancements. The region benefits from a robust internet infrastructure and a growing adoption of IoT, which will contribute to further market growth.
Asia-Pacific is expected to be the fastest growing in the market due to the region's capacity for handling outsourcing solutions. The rapid establishment of contact centers is also expected to drive market growth.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Hospitality Market Share Analysis
The smart hospitality market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart hospitality market.
Some of the major players operating in the smart hospitality market are:
- NEC Corporation (Japan)
- Huawei Technologies Co., Ltd. (China)
- IBM (U.S.)
- Cisco Systems, Inc. (U.S.)
- Siemens (U.S.)
- Schneider Electric (France)
- Johnson Controls (Ireland)
- Honeywell International Inc. (U.S.)
- Oracle (U.S.)
- Infor. (U.S.)
- Winhotel Solution (Spain)
- BuildingIQ (U.S.)
- WiSuite (U.S.)
- Qualsoft Systems Pvt. Ltd. (India)
- SAMSUNG (South Korea)
- BLAZON HOTELS (U.A.E.)
- Control4 Corporation (U.S.)
- Guestline (U.K.)
- Cloudbeds (U.S.)
- Frontdesk Anywhere (U.S.)
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.
