Press release
Hotel Automation System Market Insights 2024: Transforming Hospitality with Smart Technologies
Hotel Automation System Market Insights
The new report published by The Business Research Company, titled Hotel Automation System Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the hotel automation system market size has grown strongly in recent years. It will grow from $17.39 billion in 2023 to $18.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The hotel automation system market size is expected to see strong growth in the next few years. It will grow to $23.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
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What Is Driving The Growth Of The Global Hotel Automation System Market?
Rapid Growth In The Tourism And Hospitality Industry
The rapid growth in the tourism and hospitality industries is expected to propel the growth of the hotel automation system market going forward. The tourism and hospitality industry refers to the sector that encompasses businesses and services related to travel, accommodation, food and beverage, entertainment, and recreation for travelers and guests. The rapid growth in the tourism and hospitality industries is driven by increased disposable income, allowing more people to afford travel and leisure. Additionally, advancements in international travel and innovations such as online booking platforms, travel apps, and digital marketing have made trip planning and booking more accessible and convenient. Hotel automation systems enhance the tourism and hospitality industries by simplifying and streamlining guest experiences while also helping hotels control costs, enforce operational standards, and ensure the comfort and safety of their guests. For instance, in January 2023, according to a report published by the American Hotel and Lodging Association, a US-based trade association representing the hotel and lodging industry, the hotel occupancy rate in the United States reached 62.7%, with a 9% increase in April 2022 compared to 2021. Moreover, the average hotel occupancy rate in the United States is expected to reach 63.8% by 2023. Therefore, increasing growth in the tourism and hospitality industries is driving the hotel automation system market.
What Is The Key Trend In The Global Hotel Automation System Market?
Technological Advancements In Hotel Upselling Solutions Drive Revenue And Efficiency
Major companies operating in the hotel automation system market are focusing on data analytics for personalization solutions, such as hotel upselling software, to enhance guest experiences, boost revenue through increased upsell opportunities, streamline operations, and differentiate their offerings in a competitive hospitality landscape. Personalized hotel upselling software solutions improve the ability of hotels to upsell additional services and upgrades to their guests in a targeted and customized manner. For instance, in April 2023, Oaky, an Amsterdam and Singapore-based company specializing in upselling software explicitly designed for hotels, launched a new front desk upsell automation solution to revolutionize hotel revenue strategies by transforming front desk agents into effective upselling specialists. Oaky provides real-time prompts and recommendations during guest check-ins, streamlines segmentation, offers dynamic pricing capabilities, and delivers comprehensive reporting. This solution significantly boosts upsell revenue (3-9 times more for hotels), supports employee retention with higher commissions and gamification, and simplifies operations by reducing manual work.
How Is The Global Hotel Automation System Market Segmented?
The hotel automation system market covered in this report is segmented -
1) By Type: Software, Hardware
2) By Deployment Type: Cloud Based, On Premises
3) By Application: Independent Hotel, Chain Hotel
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How Is The Competitive Landscape Of The Global Hotel Automation System Market?
Major companies operating in the hotel automation system market are Oracle Corporation, Infor Hospitality Solutions, Sabre GLBL Inc., Urmet SpA, ASSA ABLOY Global Solutions, Pacific Controls, Agilysys Inc., Guestline Ltd., Maestro PMS, MSI Solutions, Springer-Miller Systems (SMS), protel hotelsoftware GmbH, SkyTouch Technology, Hotelogix Inc., StayNTouch Inc., RMS Cloud, InnQuest Software Corporation, RoomRaccoon Hotel Tech, Rezlynx by Guestline, SuitePad GmbH, Quore Systems LLC, BuildTrack, Frontdesk Anywhere, Clock Software Ltd., Hotello by Mingus Software Inc., StayFlexi Inc., Fastnet IoT, AutoClerk Inc., RoomKeyPMS
Contents Of The Global Hotel Automation System Market
1. Executive Summary
2. Hotel Automation System Market Report Structure
3. Hotel Automation System Market Trends And Strategies
4. Hotel Automation System Market - Macro Economic Scenario
5. Hotel Automation System Market Size And Growth
…..
27. Hotel Automation System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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