Insights into Smart Hospitality Market: Size, Growth, Trends, Forecast 2033 || Cisco Systems Inc., Honeywell International, IBM Corporation

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Smart Hospitality Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The smart hospitality market size has grown exponentially in recent years. It will grow from $18.25 billion in 2023 to $23.39 billion in 2024 at a compound annual growth rate (CAGR) of 28.1%. The growth in the historic period can be attributed to customer experience enhancement, operational efficiency, data analytics utilization, sustainability and energy efficiency, guest expectations..

The smart hospitality market size is expected to see exponential growth in the next few years. It will grow to $59.78 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%. The growth in the forecast period can be attributed to deepening data analytics usage, sustainability and green initiatives, advanced security and safety measures , rising demand for automation, tailored industry-specific solutions.. Major trends in the forecast period include iot integration, contactless technology, voice-controlled interfaces , enhanced sustainability, predictive maintenance..

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Key Market Players:

Major companies operating in the smart hospitality market report are Cisco Systems Inc., Honeywell International, IBM Corporation, Johnson Controls, NEC Corporation, Oracle Corporation, Schneider Electric SE, Siemens AG, Infor, Huawei Technologies, Qualsoft Systems Pvt. Ltd., Samsung, BuildingIQ, WiSuite, Cloudbeds, Hotel Internet Services, GuestLogix Inc., NTT Security, Onity Inc., Shiji Group, Caterpillar Inc., Comcast Business, AT&T Inc., Verizon Communications Inc., T-Mobile US Inc., Sprint Corporation, Ubiquity LLC, Zebra Technologies Corp., Altronix Systems Inc., Advanced

Market Drivers:

The growing demand for enhanced smart IoT-based solutions is expected to propel the growth of the smart hospitality market. The Internet of Things (IoT) is a connected network that has the potential to significantly alter how hotels, resorts, cruise ships, casinos, restaurants, and other leisure services work. When IoT is combined with technologies such as user mobility and data analytics, a new paradigm in hospitality is created in which businesses collect data, interact with users, and automate processes to improve guest experiences. This adoption of IoT-based solutions improves processes by lowering operating costs, increasing productivity, and developing new services. For instance, according to an article published by McKinsey & Company, a management consulting company, the global number of IoT-connected devices is expected to increase to 43 billion by 2023, nearly tripling from 2018. Therefore, the increase in the growing demand for enhanced smart IoT-based solutions will drive the smart hospitality market.

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The smart hospitality market covered in this report is segmented -

1) By Offering: Solution, Services
2) By Deployment Mode: Cloud, On-premises
3) By End User: Hotel, Cruise, Luxury Yatches, Other End-users

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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