Press release
Strategic Forecast for the Smart Hospitality Industry: Market Outlook 2025-2034
Smart Hospitality Market Size
Smart Hospitality Market Size Growth Forecast: What to Expect by 2025?
Over the past few years, the smart hospitality market has experienced significant expansion. This sector is set to increase from a market size of $23.2 billion in 2024 to a value of $29.65 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 27.8%. The growth witnessed in the historic period can be associated with factors such as improved customer experiences, operational efficiency, leveraging data analytics, sustainability initiatives and energy efficiency, as well as evolving guest expectations.
How Will the Smart Hospitality Market Size Evolve and Grow by 2029?
In the coming years, the smart hospitality market is projected to register immense expansion, reaching a market size of $74.86 billion by 2029 with a compound annual growth rate (CAGR) of 26.1%. This anticipated growth during the forecast period may partly be due to the increased utilization of data analytics, initiatives towards sustainability and environment protection, high-end security and safety measures responses, growing demand for automation, and customized industry-specific solutions. Key trends over the forecast period are expected to comprise IoT integration, the adoption of contactless technology, voice-enabled user interfaces, improved sustainability, and predictive maintenance.
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What Drivers Are Propelling the Growth of Smart Hospitality Market Forward?
The escalation in the requirement for advanced, smart solutions based on IoT is predicted to accelerate the expansion of the smart hospitality industry. The Internet of Things (IoT) - a well-connected network, could potentially instigate a considerable transformation in the operations of hotels, resorts, cruise ships, s, restaurants, and various other leisure services. Marrying IoT with technological advancements such as user mobility and data analytics gives birth to a revolutionary hospitality realm where enterprises gather data, engage with users and streamline processes to enrich guest experiences. Implementing IoT-centric solutions enhances processes by reducing operational expenses, boosting productivity levels and introducing new services. For example, in line with IoT Analytics GmbH, a non-governmental organization based in Germany, by the end of 2023, a total of 16.6 billion IoT devices were interconnected, marking a 15% rise from the 2022 value. Their further projection predicted a 13% surge to 18.8 billion by the closure of 2024. Furthermore, the tally for interconnected IoT devices was forecast to attain a figure of 40 billion by 2030, staging a substantial leap from the last market update in 2023. As such, the escalating requirement for advanced, smart IoT-centric solutions will fuel the growth of the smart hospitality industry.
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Which Emerging Trends Are Transforming the Smart Hospitality Market in 2025?
Major advancements in technology remain a driving trend within the smart hospitality sector. Several leading companies in this market are concentrating on offering sophisticated tools and solutions to solidify their market standing. In a recent example, South Korean multinational conglomerate LG unveiled the LG CLOi ServeBot in January 2022. This world-first commercial service robot has UL 3300 certification, ensuring safe usage in complex commercial settings like retail stores, restaurants, and hotels. This CLOi ServeBot is semi-autonomous, offering businesses a platform to elevate their hospitality service.
What Are the Key Segments in the Smart Hospitality Market?
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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Who Are the Key Players Shaping the Smart Hospitality Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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