Smart Hospitality Market Growing Rapidly With Growing CAGR of 8.7% To Reach a Value Of $ 133.7 Billion by 2031

According to a new report published by Allied Market Research, titled, "Smart Hospitality Market," The smart hospitality market was valued at $18.82 billion in 2021, and is estimated to reach $133.7 billion by 2031, growing at a CAGR of 22% from 2022 to 2031.

A hotel that uses internet-connected gadgets that can converse or interact with one another is referred to as a smart hotel. This phenomenon, also known as the Internet of Things (IoT), allows even commonplace gadgets and appliances to transmit and receive data, therefore turning them into "smart" devices. Moreover, users may be able to manage several devices from a single control device, such as a remote control, smartphone, tablet, or smart speaker, due to these devices' capacity to interact with one another.

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Furthermore, growth in tourism and an increase in investments in hotel projects and a surge in demand for real-time optimized guest experience management are rising the growth of the market. In addition, the rapid adoption of advanced technologies like IoT and energy management systems globally is propelling the growth of the smart hospitality market size. However, high implementation, maintenance & training cost, and data security and information sharing threats restraints the growth of this market. Conversely, evolving 5G to transform the smart hospitality industry are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.

Depending on the component, the solution segment dominated the smart hospitality market share in 2021 and is expected to continue this trend during the forecast period, as through digital in-room entertainment systems solution, hotels can improve the guest experience and increase revenue with smart hospitality industry, which helps in expanding the growth of the solution segment. However, the services segment is expected to witness the highest growth in the upcoming years, owing to the growing focus on improving faster digitalization and networking devices, requiring less engineering effort, which drives the segment growth worldwide.

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Based on solution type, the hotel operation management segment held the highest share in 2021, accounting for nearly one-third of the global smart hospitality market, and is expected to continue its leadership status during the forecast period. However, the Guest Service Management System segment is expected to register the highest CAGR of 25.0% from 2022 to 2031.

Region-wise, the smart hospitality market forecast was dominated by North America in 2021 and is expected to retain its position during the forecast period, due to growing technological advancements in field of smart hotels and increasing R&D activities regarding smart solutions in countries like India, Japan, South Korea, and more. However, Asia Pacific is expected to witness significant growth during the forecast period, due to the widespread adoption of smart hotels by hotel organizations to address the capacity and coverage challenges, which is expected to fuel the market growth in this region.

Based on application, the hotels segment accounted for the highest share in 2021, contributing to around half of the global smart hospitality market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the luxury yachts segment is expected to manifest the highest CAGR of 25.7% from 2022 to 2031.

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The global smart hospitality market is dominated by key players such as Cisco Systems, Inc., Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Infor, Johnson Controls, NEC Corporation, Oracle Corporation, Schneider Electric and Siemens AG. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Covid-19 Scenario:

• The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global smart hospitality market, owing to implementation of global lockdown which resulted to hamper the tourism industry.

• According to the Organization for Economic Co-operation and Development (OECD), it is estimated that the COVID-19 impact point to a 60% decline in international tourism in 2020. Hence, the smart hospitality market is witnessed a significant downfall in the wake of the pandemic period.

• However, the global smart hospitality market will grow drastically as spending on smart solutions is growing constantly in the hospitality sector.

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