Smart Hospitality Global Market Report 2024 - By Size, Share, Trends, Demand, Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Smart Hospitality Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $59.78 billion In 2028 At A CAGR Of 26.4% :
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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Smart Hospitality Market Major Segments
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

Key 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.

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Prominent 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.

Smart Hospitality 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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the smart hospitality market share in 2023. The regions covered in the smart hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Hospitality Market Report Structure
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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