The global smart hospitality market is expected to rise at a significant CAGR during the forecast period. Smart hospitality is a growing sector that leverages the hospitality segment via smart solutions and automated software using digital technology through mobile devices and apps to enhance customer services. Such technologies enable a great hospitality experience and empowering the guests to select the room, room types, and room numbers through their mobile phones.
In some hotels, the mobile can act as room environmental control, enabling the guest to remotely open and close the window blinds and regulate the room temperature. Therefore, smart hospitality is all about ‘digital hospitality’. Smart hospitality thus enables catering to serve excellent customer service. The driving factors responsible for the growth of the smart hospitality market include upsurge in demand for hospitality software and services include the rising demand for real-time optimized guest experience management and lower operational costs and growing inclination towards IoT.
On the basis of software, the global market is segmented into the hotel operation management system and hotel building automation system. Hotel building technology is widening its scope such as building automation for facility & emergency response management, building energy optimization, parking management, and water management. The adoption of the hotel automation system is fueled by the growing demand for energy and facility-efficient methods. On the basis of service, the global smart hospitality market is segmented into professional and managed. Professional services are growing at a higher CAGR during the forecast period owing to advanced technology.
On the basis of hotel type, the global market is segmented into business heritage, boutique, resort & spas. Business hotels primarily cater to business travelers, tour groups, individual tourists, and small conference groups. The business hotels, therefore, serve their guests with advanced communication capabilities that assist their guests to conduct meetings, conferences, and connect to associates on a global scale.
On the basis of the deployment model, the global market is segmented into on-cloud and off-cloud deployment. On-cloud deployment referred to as SaaS and PaaS enable deployment in a virtual environment. The segment is growing at a higher CAGR owing to reduced costs and significant experience for boarding customers.
On the basis of geographic segmentation, the global market spans North America, Europe, Asia Pacific, and the Middle East and Africa. Europe dominates the global market owing to technological developments, robust internet infrastructure, and inclination towards IoT. The need for better operational efficiency at a low cost is expected to bring continuous growth in the smart hospitality market. North America is the second-largest market in the global smart hospitality sector owing to the availability of advanced techniques and the region houses various small and large software companies. APAC regions are estimated to grow at a higher CAGR owing to the capability of handling outsourcing solutions and a vast set up of contact centers.
The key players in the global market include Schneider Electric, Siemens AG, IBM Corporation, BuildingIQ, Honeywell International, Winhotel Solutions, Cisco Systems, Inc., Oracle Corporation, Huawei Technologies, Johnson Controls, NEC Corporation, and Infor Inc.
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