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Hospitality Property Management Software Market Report 2024: Strategies And Recent Developments | Oracle Corporation, Amadeus IT Group S.A., Infor Inc., RealPage Inc., Agilysys Inc., eZee Technosys Pvt. Ltd
Hospitality Property Management Software Market Growth
The Business Research Company offers in-depth market insights through Hospitality Property Management Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
The main types of deployments included in hospitality property management software are on-premise and cloud. On-premise refers to a software or computing infrastructure deployment model where applications, data and hardware are located within the physical premises of an organization or individual. These are used in various types of organizations, including large enterprises and small and medium enterprises, for several applications, such as business hotels, resorts and spas and heritage and boutique hotels.
Hospitality Property Management Software Global Market Report 2023 provides data on the global hospitality property management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The hospitality property management software market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Rising Tourism And Travel Drive Growth In Hospitality Property Management Software Market
Increasing tourism and travel is expected to propel the growth of the hospitality property management software market going forward. 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. For instance, in January 2023, according to the United Nations World Tourism Organization (UNWTO), a Spain-based specialized agency of the United Nations, over 900 million tourists traveled internationally in 2022, twice as many as in 2021. Further, the Middle East experienced the most remarkable relative growth in tourists, with arrivals reaching 83% of pre-pandemic levels. Therefore, increasing tourism and travel are driving the growth of the hospitality property management software market.
Competitive Landscape:
Major players in the hospitality property management software market are Oracle Corporation, Amadeus IT Group S.A., Infor Inc., RealPage Inc., Agilysys Inc., eZee Technosys Pvt. Ltd., Northwind Software Inc., PAR Springer Miller Systems Inc., Hotelogix Pte. Ltd., innRoad Inc., Protel hotelsoftware GmbH, RMS Aust Pty Ltd., Atulyam Hotelline Solutions Pvt. Ltd., Checkfront Inc., Cloudbeds Inc., Guestline Ltd., Guesty Inc., InnQuest Software Corporation, ResNexus Inc., Cenium AS, Digital Arbitrage Inc., World Web Technologies Inc., Frontdesk Anywhere Inc., Skytouch Solutions LLC, Codebay Solutions Limited, Multi-Systems Inc., Resort Data Processing Inc., Sirvoy Limited, SutiSoft Inc., IQware Inc.
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Top Trend - Increasing Focus On Introducing Integrated Hotel Guest Engagement Solutions To Gain A Competitive Edge
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.
The Table Of Content For The Market Report 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. Hospitality Property Management Software Market Size And Growth
…..
27. Hospitality Property Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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