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Hotel And Hospitality Management Software Market Share, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Hotel And Hospitality Management Software Market Share
According to The Business Research Company's, 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 growth in the historic period can be attributed to increased adoption of SaaS, growth in demand for automation, rise in emphasis on customer experience, globalization of the hospitality industry, and rise in regulatory compliance requirements.
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%. The growth in the forecast period can be attributed to the expansion of IoT and smart technologies, the rise of contactless solutions, increasing demand for data analytics solutions, the growing focus on sustainability, shift towards hybrid work models. Major trends in the forecast period include integration of artificial intelligence (AI) and machine learning, Internet of Things (IoT) integration, adoption of contactless solutions, use of advanced data analytics capabilities, and adoption of cloud-based management software solutions.
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Hotel And Hospitality Management Software Market 2024 Key Insights:
• 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%.
• The Synergy Of Tourism And Hotel And Hospitality Management Software
• The Impact of AI in Hotel Management Software
• North America was the largest region in the hotel and hospitality management software market in 2023
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