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Hospitality Property Management Software Market Growth Accelerates: Strategic Forecast Predicts $1.79 Billion by 2029
Hospitality Property Management Software
What Will the Hospitality Property Management Software Industry Market Size Be by 2025?
There has been a robust growth in the market size of hospitality property management software in the past few years. The market, which stood at $1.22 billion in 2024, is projected to surge to $1.31 billion in 2025, representing a compound annual growth rate (CAGR) of 7.4%. The historical period growth is associated with an increasing demand for online travel agencies, the globalization process in the hospitality sector, heightened focus on enhancing customer satisfaction and government-driven initiatives.
What's the Long-Term Growth Forecast for the Hospitality Property Management Software Market Size Through 2029?
The market for hospitality property management software is projected to witness significant expansion in the coming years, swelling to a size of "$1.79 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 8.2%. This growth during the forecast period can be credited to factors such as global expansion, preference for contactless check-ins, a growing emphasis on data-centric decision-making, the need for property management software in the real estate sector, and an uptick in the adoption of cloud-based solutions. The forecast period will also see emerging trends such as Augmented Reality (AR) and Virtual Reality (VR) integration, voice-activated services, an increased reliance on Artificial Intelligence (AI) and Machine Learning (ML), chatbots and virtual assistants, and blockchain for enhanced security.
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What Are the Key Growth Drivers Fueling the Hospitality Property Management Software Market Expansion?
The anticipated rise in tourism and travel is predicted to fuel the expansion of the hospitality property management software market. The escalation in tourism and travel pertains to the burgeoning tourism sector and the increased influx of people traveling for leisure activities, business needs, or other reasons. Hospitality property management software is instrumental in tourism, assisting hotels and other hospitality-related enterprises in systematizing their operations and improving guest services. As an illustration, in January 2023, the United Nations World Tourism Organization (UNWTO), a dedicated agency of the United Nations based in Spain, reported that over 900 million tourists journeyed internationally in 2022, marking a two-fold increase from 2021. In addition, the Middle East witnessed the most striking relative growth in tourist arrivals, reaching 83% of the levels before the pandemic. Hence, the upsurge in tourism and travel activities is steering the growth of the hospitality property management software market.
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What Are the Key Trends Driving Hospitality Property Management Software Market Growth?
Leading businesses in the hospitality property management software market are prioritizing the development and introduction of integrated hotel guest engagement services to secure a competitive advantage. These services consist of a series of strategies and technologies employed by hotels to maintain connection with their guests from the pre-booking stage, throughout their stay, and beyond. For example, Cloudbeds Inc., an American hospitality management system provider, unveiled Whistle for Cloudbeds, an all-inclusive hotel guest engagement solution, in September 2022. This improved solution gives hotels tools that can help them increase revenue, improve guest satisfaction, streamline internal operations, and provide a more personalized and impactful engagement with guests throughout their entire journey, from the discovery stage to post-stay. Whistle for Cloudbeds is incorporated into the Cloudbeds Hospitality Platform, allowing for an enhanced user experience. The smooth integration promotes greater interoperability, featuring a unified inbox, live chatting tools integrated into the website and booking platforms, digital registration cards, guest notes, and more.
How Is the Hospitality Property Management Software Market Segmented?
The hospitality property management software market covered in this report is segmented -
1) By Deployment: On-Premise Cloud
2) By Organization Size: Large Enterprises Small And Medium Enterprises
3) By Application: Business Hotels Resorts And Spas Heritage And Boutique Hotels
Subsegments:
1) By On-Premise: Standalone On-Premise Systems Integrated On-Premise Systems Customizable On-Premise Solutions
2) By Cloud: Public Cloud Solutions Private Cloud Solutions Hybrid Cloud Solutions
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Which Companies Are Leading the Charge in Hospitality Property Management Software Market Innovation?
Major companies operating in the hospitality property management software market are Oracle Corporation, Amadeus IT Group S.A., Infor Inc., RealPage Inc., Agilysys Inc., eZee Technosys Pvt. Ltd., Northwind Software Inc., PAR Springer Miller Systems Inc., Hotelogix Pte. Ltd., innRoad Inc., Protel hotelsoftware GmbH, RMS Aust Pty Ltd., Atulyam Hotelline Solutions Pvt. Ltd., Checkfront Inc., Cloudbeds Inc., Guestline Ltd., Guesty Inc., InnQuest Software Corporation, ResNexus Inc., Cenium AS, Digital Arbitrage Inc., World Web Technologies Inc., Frontdesk Anywhere Inc., Skytouch Solutions LLC, Codebay Solutions Limited, Multi-Systems Inc., Resort Data Processing Inc., Sirvoy Limited, SutiSoft Inc., IQware Inc, Shiji Group.
Which Regions Are Leading the Global Hospitality Property Management Software Market in Revenue?
North America was the largest region in the hospitality property management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in hospitality property management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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