MarketsandMarkets forecasts the Smart Hospitality Market size 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. The increase in adoption of smart hospitality solutions and services is driven by the need to reduce operational costs and look for high revenue growth opportunities. Furthermore, the growing demand for guest-oriented, hyperconnected personalization and real-time optimized experience will drive the smart hospitality market. The presence of various key players in the ecosystem has led to a competitive and diverse market.
Various globally established players such as NEC (Japan), Schneider Electric (France), Cisco (US), IBM (US), and Huawei (China) are dominating the smart hospitality market. In this market various strategies such as enhancements; partnerships, expansions, new product launches, collaboration, agreements, and acquisitions; and other growth strategies adopted by the top key players.
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IBM has added new AI based features in the Watson Assistant to enhance customer experience by offering new voice agents, live agents. This new intelligent virtual agent helps to resolve customer queries, issue quickly in first contact. The company also partnered with MediaMat to help brands proof their future strategies and support weather-based targeting to increasing customer engagement and occupancy. IBM Watson Advertising Weather Targeting will help the MediaMath to boost their marketing strategies and improve customer conversion with more personalized messages
Cisco launched The Meraki Video Analytics a smart hospitality solution. It helps to capture more data driven insights with the help of MV smart cameras. It detects people and vehicle, monitor guest actions, ensure their safety and privacy. The company also partnered with Openpath to provide remote cloud-based management system, real-time video surveillance and touch-less access control to customers and guest to control their environment as per need.
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
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