July 28, 2020
According to the research report titled ‘Global Smart Hospitality Market Size study with COVID-19 Impact, by Software (Hotel Operation Management System, Hotel Building Automation System, Integrated Communication Technology Solutions, Guest Service Management System), Service (Professional, Managed), Hotel Type (Business, Heritage & Boutique, Resorts & Spas) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global smart hospitality market was worth USD 11.43 billion in 2019 and is expected to expand with a CAGR of 21.21% during 2020-2026.
The growth of global smart hospitality market is majorly attributed to the increasing number of connected devices and easy access to smart solutions owing to rising usage of smart phones. These smart solutions allow customers to pre-plan and pre-book their accommodations and travel as per their need. Thus, increasing adoption of smart phones has compelled market contenders to adopt smart hospitality solutions. Furthermore, growing demand for real time and better customer experience management systems is also contributing to the market growth.
Notably, smart hospitality refers to the usage of advanced technologies to support the operations of the hospitality industry. These smart solutions allow customers to plan their trips as well as book hotel rooms as per their choice.
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Shifting focus towards guest satisfaction among hospitality players has impelled the demand for solutions to serve the consumers not only as per their requirements, but also on time, which in turn is stimulating the industry outlook. However, hefty cost associated with the deployment and limited availability of smart hospitality solutions may hamper the market growth over 2020-2026.
Additionally, the unexpected spread of COVID-19 is negatively influencing the growth of global smart hospitality industry since the pandemic has compelled governments to impose travel bans in order to flatten the curve, which in turn has majorly disrupted the tourism sector.
In fact, the World Tourism Organization states that over 96% of tourist destinations across the globe have declared travel restrictions due to the coronavirus pandemic as of 6 April 2020, of which up to 90 destinations are partially or completely closed for tourists. This has resulted in the reduction of number of check-ins and other bookings in the hotels, thereby inhibiting the market expansion.
From a regional point of view, North America currently holds a significant share in global smart hospitality market and is expected to grow considerably during the forecast period, primarily driven by the presence of leading companies and rapid technology adoption. Meanwhile, Asia Pacific market is projected to grow substantially over the anticipated timeline, owing to surging disposable income, improving living standards, and rising demand for smart phones in the region.
Major players in global smart hospitality market are Johnson Controls International plc, Huawei Technologies Co. Ltd., Oracle Corporation, Cisco Systems Inc., Winhotel Solution, Honeywell International Inc., BuildingIQ, IBM Corporation, Siemens AG, and Schneider Electric SE among others.