Press release
Global Smart Hospitality Market Comprehensive Study: Forecasted Market Size And Growth Rate | Cisco Systems Inc., Honeywell International, IBM Corporation, Johnson Controls, NEC Corporation, Oracle Corporation
Smart Hospitality Market Trends
The Business Research Company offers in-depth market insights through Smart Hospitality 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 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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Market Segmentation:
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
Major Driver - IOT-Driven Transformation In Hospitality Experiences
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.
Competitive Landscape:
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
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Top Trend - Revolutionizing Hospitality Through Technological Marvels
Technological innovations are the key trend gaining popularity in the smart hospitality market. Major companies operating in the smart hospitality market focus on providing advanced solutions and tools to strengthen their market position. For instance, in January 2022, LG, a South-Korea based multinational conglomerate corporation, launched the LG CLOi ServeBot. This serveBot is the world's first commercial service robot certified by UL 3300 for safe operation in multifaceted commercial environments such as restaurants, retail stores, and hotels. The semi-autonomous CLOi ServeBot provides businesses with an effective way to provide enhanced hospitality service.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Hospitality Market Characteristics
3. Smart Hospitality Market Trends And Strategies
4. Smart Hospitality Market - Macro Economic Scenario
5. Smart Hospitality Market Size And Growth
…..
27. Smart Hospitality Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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