Press release
Top Market Shifts Transforming the Smart Hospitality Market Landscape: Key Insights
Smart Hospitality
What Is the Expected CAGR for the Smart Hospitality Market Through 2025?
The expansion of the smart hospitality market has been marked by an exponential surge in recent times. The projected growth from a value of $23.2 billion in 2024 to a considerable $29.55 billion in 2025 implies a compound annual growth rate (CAGR) of 27.4%. The phenomenal growth during the historic phase can be credited to a range of contributing factors such as improving customer experiences, optimization of operation efficiency, the harnessing of data analytics, focus on sustainability and energy efficacy, as well as evolving guest expectations.
What's the Projected Size of the Global Smart Hospitality Market by 2029?
The market size for smart hospitality is predicted to experience significant expansion in the upcoming years, reaching a size of $74.12 billion in 2029 with a compound annual growth rate (CAGR) of 25.8%. The anticipated growth during the forecast period can be ascribed to the expanded application of data analytics, emphasis on sustainability and eco-friendly initiatives, advancement in security and safety protocols, surging automation demand, and customized solutions for specific industries. Future tendencies in the forecast period comprise the integration of the Internet of Things (IoT), the adoption of contactless technology, the utilization of voice-controlled interfaces, increased focus on sustainability, and proactive maintenance.
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Top Growth Drivers in the Smart Hospitality Industry: What's Accelerating the Market?
The escalating need for advanced smart IoT-based solutions is projected to stimulate the smart hospitality market's expansion. The Internet of Things (IoT) is a connected network that can drastically transform the operations of hotels, resorts, cruise ships, casinos, restaurants, and other recreational services. The union of IoT with components like user mobility and data analytics fashions a fresh paradigm in hospitality where businesses collect data, engage with consumers, and automate procedures to enrich guest experiences. Concerning this, IoT-based solutions' integration increases efficiency by reducing operational costs, escalating productivity, and inaugurating new services. For example, IoT Analytics GmbH, a non-governmental organization based in Germany, reported in September 2024 that by the close of 2023, there were 16.6 billion connected IoT devices, indicating a 15% advancement from 2022. They have also forecasted a subsequent 13% surge to 18.8 billion by the end of 2024. Moreover, the count of connected IoT devices is anticipated to touch 40 billion by 2030, signifying a substantial elevation from the last market update in 2023. Therefore, the rising demand for improved smart IoT-based solutions is set to fuel the growth of the smart hospitality market.
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What Trends Will Shape the Smart Hospitality Market Through 2029 and Beyond?
Technological advancements are emerging as a major trend in the smart hospitality market. The primary strategy of leading companies in this market is to offer cutting-edge tools and solutions in an effort to consolidate their market presence. An example of this is the South Korean multinational conglomerate corporation, LG, which introduced the LG CLOi ServeBot in January 2022. The ServeBot, which holds the distinction of being the world's first commercial service robot to receive UL 3300 certification for safe use in diverse commercial settings like restaurants, retail shops, and hotels, provides businesses with a powerful tool to improve hospitality service.
What Are the Main Segments in the Smart Hospitality Market?
The smart hospitalitymarket 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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Which Top Companies are Driving Growth 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.
Which Regions Will Dominate the Smart Hospitality Market Through 2029?
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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