Press release
IoT-Driven Transformation In Hospitality Experiences: An Emerging Driver Transforming The Smart Hospitality Market Landscape
Smart Hospitality
What Is the Projected Growth of the Smart Hospitality Market?
The size of the smart hospitality market has significantly increased in the past few years. The market, which is expected to be worth $23.2 billion in 2024, is predicted to escalate to $29.65 billion in 2025 which corresponds to a compound annual growth rate (CAGR) of 27.8%. This progress during the historic period is credited to improvements in customer experience, operational efficiency, the use of data analytics, sustainability and energy efficiency as well as evolving guest expectations.
The size of the smart hospitality market is likely to experience remarkable expansion in the upcoming years, with a projected value of $74.86 billion by 2029, following a compound annual growth rate (CAGR) of 26.1%. Factors contributing to this growth in the predictive period encompass increased use of data analytics, a focus on sustainability and environmental initiatives, upgraded safety and security measures, a surge in automation needs, and custom-made solutions specific to the industry. Over the forecast span, significant trends foreseen include the incorporation of IoT, the adoption of contactless technology, voice-activated interfaces, improved sustainability, and predictive servicing.
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What Are the Different Smart Hospitality Market 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 Yachts, Other End-users
Subsegments:
1) By Solutions: Property Management Systems (PMS), Guest Experience Management, Revenue Management Systems, Energy Management Solutions, Mobile Applications, Internet Of Things (IoT) Solutions, Contactless Technology
2) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Training Services, Managed Services
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What Are the Primary Drivers Shaping the Smart Hospitality Market?
The rise in demand for improved IoT-based smart solutions is set to fuel the expansion of the smart hospitality market. The Internet of Things (IoT), a network of interconnection, has the capability to dramatically transform the workings of hotels, resorts, cruise lines, casinos, eateries, and other recreational services. By integrating IoT with user mobility and data analytics, a unique hospitality approach is fostered, where enterprises gather data, communicate with users, and automate operations to enhance guest experiences. These IoT-based smart solutions foster process improvement by reducing operating expenditures, boosting productivity, and creating new services. For instance, IoT Analytics GmbH, a German non-governmental organization, stated in September 2024 that there were 16.6 billion connected IoT devices at the end of 2023, a 15% increase from 2022. It also predicted a further 13% increase to 18.8 billion by the end of 2024. Furthermore, the count of connected IoT devices is expected to hit 40 billion by 2030, a substantial increase from the previous market update in 2023. Thus, the escalation in the demand for improved IoT-based smart solutions will stimulate the growth in the smart hospitality market.
Which Companies Are Leading in the Smart Hospitality Market?
Major companies operating in the smart hospitality market 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, NTT Security, Onity Inc., Shiji Group, Comcast Business, AT&T Inc., Verizon Communications Inc., T-Mobile US Inc., Ubiquity LLC, Zebra Technologies Corp., Altronix Systems Inc.
What Are the Major Trends Shaping the Smart Hospitality Market?
The surge of technological advancements has become a leading trend in the smart hospitality sector. To solidify their standings in this market, key corporations are investing in the creation of sophisticated tools and solutions. A case in point is the LG CLOi ServeBot, the world's premier commercial service robot, released by the South Korean multinational conglomerate LG in January 2022. The UL 3300-certified bot assures safe operation in diverse commercial settings including restaurants, retail outlets, and hotels, presenting businesses with an efficient means to deliver superior hospitality service.
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What Are the Top Revenue-Generating Geographies in the Smart Hospitality Market?
North America was the largest region in the smart hospitality market share in 2024. The regions covered in the smart hospitality market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Hospitality Market?
2. What is the CAGR expected in the Smart Hospitality Market?
3. What Are the Key Innovations Transforming the Smart Hospitality Industry?
4. Which Region Is Leading the Smart Hospitality Market?
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