According to a research report "Smart Hospitality Market by Offering (Solutions, Services), Solution (Property Management System, Network Management System, Integrated Security Management System), Deployment Mode, End User and Region - Global Forecast to 2027" published by MarketsandMarkets, the global smart hospitality market size is expected to grow from USD 13.6 billion in 2022 to USD 49.9 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 29.8% during the forecast period.
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By offering the services segment to have the highest growth rate during the forecast period
The services segment is expected to have a higher growth rate during the forecast period. The smart hospitality market, by service, is segmented into professional services and managed services. The services segment is expected to witness fast growth in the future . The rise in the number of smart hotels is driving software and services used for integration, maintenance, and training will drive the growth of smart hospitality services in the market.
By end-user, the hotels segment to have the highest market share during the forecast period
The hotels segment is expected to have the highest market share during the forecast period. The hotel type is segmented into four categories: commercial, heritage & boutique hotels, resorts & spas, and other hotel types. The need to provide smart guest experience using smart hospitality solutions and services in the hotels will drive the segment during the forecast period.nAlsonthe increasing standard of living, the number of luxury hotels, and a notable enhancement in the guest service will drive the market.
Europe region to account for highest market share in smart hospitality market
Europe is one of the prominent regions the smart hospitality market. The relatively robust internet infrastructure, openness to new technology, and presence of a strong domestic cloud provider have all contributed to the growth of the smart hospitality market. The European market for Internet of Things (IoT) solutions is growing. Germany, the United Kingdom, France, Italy, Spain, and the Netherlands are leading European IoT adoption. The hospitality sector in Europe is undertaken strong efforts to raise resource efficiency and reduce its greenhouse gas emissions. The government’s modern industrial strategy sets out a long-term plan to boost the productivity and to earn the power of people throughout the region.
Key and innovative vendors in the smart hospitality market are NEC (Japan), Huawei ( China), Schneider Electric (France), Cisco (US), IBM (US), Honeywell (US), Legrand (France), Siemens AG (Germany), Oracle (US), Johnson Controls (Ireland), Samsung (South Korea), Infor (US), Leviton (US), Sabre (US), Springler-Miller Systems (US), Control4 (US), Global Business Solutions (Saudi Arabia), Wisuite (US), Qualsoft Systems (India), Hospitality Network (US), Guestline (UK), Cloudbeds (US), Frontdesk Anywhere (US), Chris Lewis Group (UK), Xie Zhu (China), BuildingIQ (US), Stayntouch (US)
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