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Hotel and Hospitality Management Software Market Size, 2033
Hotel and Hospitality Management Software Market Size
As per the report, the hotel and hospitality management software market size has grown strongly in recent years. It will grow from $3.23 billion in 2023 to $3.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The hotel and hospitality management software market size is expected to see strong growth in the next few years. It will grow to $4.43 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
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The Synergy Of Tourism And Hotel And Hospitality Management Software
Rapid tourism growth is expected to propel the growth of the hotel and hospitality management software market going forward. Tourism refers to the activity of traveling for pleasure or leisure purposes. It involves visiting different places, experiencing various cultures, and engaging in recreational activities away from one's usual environment. The rise in tourism can be attributed to economic growth, improved transportation, and the growing interest in cultural exchange, fueling the demand for innovative hospitality technology solutions. Hotel and hospitality management software streamlines operations and enhances the overall guest experience for tourists by facilitating seamless booking processes, personalized services, and efficient communication, ensuring a comfortable stay. For instance, in May 2023, according to the World Tourism Organization, a Spain-based specialized agency, international tourism hit the $1 trillion mark in 2022, growing 50% in real terms compared to 2021. Additionally, an estimated 235 million tourists traveled internationally in the first quarter of 2023, more than double the same period in 2022. Therefore, rapid growth in tourism is driving the growth of the hotel and hospitality management software market.
The Impact of AI in Hotel Management Software
Major companies operating in the hotel and hospitality management software market are focusing on developing advanced technological solutions, such as SaaS-based hospitality management platforms, to gain a competitive edge in the market. A software-as-a-service (SaaS)-based hospitality management platform refers to a cloud-based software solution designed to streamline and optimize various aspects of managing operations within the hospitality industry. For instance, in December 2023, Revivo Technologies, an India-based deep tech company, launched Hotel X, a SaaS-based hospitality management and growth platform aiming at revolutionizing the hotel industry by providing a comprehensive solution for automating workflows and enabling growth for hotel businesses. The platform leverages AI capabilities for real-time reporting, monitoring, and data-driven feedback, empowering hotel businesses to future-proof profitable growth. Hotel X integrates with prominent online travel agencies (OTAs) and utilizes AI and ML algorithms to accelerate revenue maximization through rate optimization and increased sales channels. Additionally, it enhances the guest experience with digitized onboarding processes, single-click or QR-based check-ins, and centralized service ordering features.
The hotel and hospitality management software market covered in this report is segmented -
1) By Type: Hotel Operation Management System, Integrated Security System, Hotel Building Automation System, Guest Service Management System, Integrated Communication Technology Solutions
2) By Deployment Type: On-premises, SaaS-Based
3) By Services: System and Integration, Professional Services, Managed Services, Other Services
4) By Hotel Type: Business Hotel, Resorts and Spas, Boutique Hotel, Other Hotels
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Major companies operating in the hotel and hospitality management software market are Oracle Corporation, Schneider Electric, NEC Corporation, Amadeus Hospitality Inc., Infor Hospitality, Sabre Corp., Choice Hotels International Inc., Travelclick Inc., Guesty Corp., eZee Technosys Pvt. Ltd., SiteMinder Limited (Little Hotelier), Protel Hotel Software GmbH, Hotelogix PTE, Newhotel Software, StayNTouch Inc., Trawex Technologies Pvt Ltd, ResNexus, WebRezPro-World Web Technologies Inc, The ASSD Software Company, Clock Software Solutions Pvt.Ltd, Hoteliga International Sp. z o.o., RoomRaccoon B.V., Winhotel Solution Ltd, MyAllocator, Clarity Hospitality Software Solutions
Contents of the report:
1. Executive Summary
2. Hotel And Hospitality Management Software Market Report Structure
3. Hotel And Hospitality Management Software Market Trends And Strategies
4. Hotel And Hospitality Management Software Market - Macro Economic Scenario
5. Hotel And Hospitality Management Software Market Size And Growth
…..
27. Hotel And Hospitality 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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