Smart Hospitality Market 2024 : Industry Analysis, Trends, Segmentation, Regional Overview And Forecast 2033

Posted by Amruta Pritam on May 7th, 2024

Overview and Scope

The smart hospitality market refers to hospitality services in which smart electronic devices powered by the Internet of Things (IoT), automation, and artificial intelligence are used to control various functions and activities. It allows users to handle and control multiple services remotely. The primary purpose is to increase employee efficiency and advance guest service facilities and experiences.

Sizing and Forecast

The smart hospitality market size has grown exponentially in recent years. It will grow from .25  billion in 2023 to .39  billion in 2024 at a compound annual growth rate (CAGR) of 28.1%.  The  growth in the historic period can be attributed to customer experience enhancement, operational efficiency, data analytics utilization, sustainability and energy efficiency, guest expectations..

The smart hospitality market size is expected to see exponential growth in the next few years. It will grow to .78  billion in 2028 at a compound annual growth rate (CAGR) of 26.4%.  The growth in the forecast period can be attributed to deepening data analytics usage, sustainability and green initiatives, advanced security and safety measures , rising demand for automation, tailored industry-specific solutions.. Major trends in the forecast period include iot integration, contactless technology, voice-controlled interfaces , enhanced sustainability, predictive maintenance..

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Segmentation & Regional Insights

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 Yatches, Other End-users

North America was the largest region in the smart hospitality market share in 2023. 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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Major Driver Impacting Market Growth

The growing demand for enhanced smart IoT-based solutions is expected to propel the growth of the smart hospitality market. The Internet of Things (IoT) is a connected network that has the potential to significantly alter how hotels, resorts, cruise ships, casinos, restaurants, and other leisure services work. When IoT is combined with technologies such as user mobility and data analytics, a new paradigm in hospitality is created in which businesses collect data, interact with users, and automate processes to improve guest experiences. This adoption of IoT-based solutions improves processes by lowering operating costs, increasing productivity, and developing new services. For instance, according to an article published by McKinsey & Company, a management consulting company, the global number of IoT-connected devices is expected to increase to 43 billion by 2023, nearly tripling from 2018. Therefore, the increase in the growing demand for enhanced smart IoT-based solutions will drive the smart hospitality market.

Key Industry Players

Major companies operating in the smart hospitality market report 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, GuestLogix Inc., NTT Security, Onity Inc., Shiji Group, Caterpillar Inc., Comcast Business, AT&T Inc., Verizon Communications Inc., T-Mobile US Inc., Sprint Corporation, Ubiquity LLC, Zebra Technologies Corp., Altronix Systems Inc., Advanced

The smart hospitality market report table of contents includes:

1. Executive Summary

2. Market Characteristics

3. Market Trends And Strategies

4. Impact Of COVID-19

5. Market Size And Growth

6. Segmentation

7. Regional And Country Analysis

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27. Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis

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