Press release
Global Hospitality Property Management Software Market 2024 - Business Opportunities, Industry Growth, Regional Analysis And Forecast To 2033
Global Hospitality Property Management Software Market
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.
Market Overview -
Hospitality property management software refers to a comprehensive and specialized software solution designed to efficiently manage various operations within hotels, resorts and other hospitality establishments. It is the central hub for managing day-to-day tasks, streamlining workflows and enhancing guest experiences. Hospitality property management software is used for front desk operations, online bookings, guest communication, compliance and security.
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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.
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.
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Key Segments -
The hospitality property management software market covered in this report is segmented -
1) By Deployment: On-Premise; Cloud
2) By Organization Size: Large Enterprises; Small And Medium Enterprises
3) By Application: Business Hotels; Resorts And Spas; Heritage And Boutique Hotels
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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