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Hospitality Property Management Software Market Report 2023: Market Analysis, Size, Share, Growth, Trends And Forecast To 2032
Hospitality Property Management Software Market Report
The Business Research Company's Hospitality Property Management Software Global Market Report 2023 identifies increasing tourism and travel as the major driver for the hospitality property management software market's growth in the forecast period. Increasing tourism and traveling refers to the development and expansion of the tourism industry and the rising number of people traveling for leisure, business, or other purposes. Hospitality property management software plays a crucial role in tourism by helping hotels and other hospitality businesses streamline their operations and enhance guest experiences.
The hospitality property management software market size has grown rapidly in recent years. It will grow from $1.13 billion in 2023 to $1.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to growing demand for online travel agencies, globalization of the hospitality industry, growing emphasis on customer satisfaction, government initiatives.
The hospitality property management software market size is expected to see strong growth in the next few years. It will grow to $1.81 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to global expansion, demand for contactless check-ins, increasing importance of data-driven decision-making, demand for property management software in the real estate industry, increasing adoption of cloud-based solutions. Major trends in the forecast period include augmented reality (AR) and virtual reality (VR) integration, voice-activated services, increased use of artificial intelligence (AI) and machine learning (ML), chatbots and virtual assistants, blockchain for security.
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Major competitors in the hospitality property management software market are Oracle Corporation, Amadeus IT Group S.A., Infor Inc., RealPage Inc., Agilysys Inc.
A key trend in the hospitality property management software market includes increasing demand for automation. Major companies operating in the hospitality property management software market are increasing their focus on introducing integrated hotel guest engagement solutions to gain a competitive edge in the market. Integrated hotel guest engagement solutions refer to a set of strategies and technologies that hotels use to interact with their guests throughout their stay, from pre-booking to post-stay. For instance, in September 2022, Cloudbeds Inc., a US-based hospitality management system provider, launched Whistle for Cloudbeds, a fully integrated hotel guest engagement solution. Whistle for Cloudbeds is an enhanced guest engagement solution that provides hotel organizations the tools to generate additional revenue, boost visitor happiness, optimize internal processes and provide more personalized and meaningful touch with guests across their entire guest journey, from discovery to post-stay. The Cloudbeds Hospitality Platform incorporates Whistle for Cloudbeds for a more convenient user experience. Its seamless union makes Greater interoperability possible, which also provides a single inbox, live chat tools with website and booking engine interfaces, digital registration cards, guest notes and more.
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The hospitality property management software market is segmented -
•By Deployment: On-Premise, Cloud
•By Organization Size: Large Enterprises, Small And Medium Enterprises
•By Application: Business Hotels, Resorts And Spas, Heritage And Boutique Hotels
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the hospitality property management software market.
The Business Research Company's "Global Hospitality Property Management Software Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Hospitality Property Management Software Market Include:
1. Executive Summary
2. Hospitality Property Management Software Market Characteristics
3. Hospitality Property Management Software Market Trends And Strategies
4. Hospitality Property Management Software Market - Macro Economic Scenario
5. Global Hospitality Property Management Software Market Size and Growth
……
32. Global Hospitality Property Management Software Market Competitive Benchmarking
33. Global Hospitality Property Management Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hospitality Property Management Software Market
35. Hospitality Property Management Software Market Future Outlook and Potential Analysis
36. Appendix
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